Medicare FAQs: What Are Insurance Providers & Brokers?

In order to trust someone with your health care coverage, you need to understand their credibility. How do you know if a company genuinely cares about you or if they just want to sell to you?

Finding the right Medicare plan starts with understanding the industry. At RetireMed, we simplify Medicare. Here’s what you need to know about insurance providers and brokers.

What Is Medicare?

Medicare is the United States’ federal health insurance program for individuals 65 years and older. In addition to seniors, some younger individuals with disabilities and End-Stage Renal Disease also qualify for Medicare. Medicare divides health care coverage into four parts: Part A, Part B, Part C, and Part D.

Medicare Part A and Part B are considered Original Medicare. Medicare Supplement plans (Medigap) provide additional Original Medicare coverage. Medicare Part C is also called Medicare Advantage, and it includes Original Medicare plus additional benefits. Medicare Part D covers prescription drugs.

The majority of Americans qualify for Medicare Parts A and B when they turn 65. In addition, you may purchase Supplement, Part C, and Part D plans for further coverage. Hundreds of Medicare plan options are offered by a variety of insurance providers.

What Are Insurance Providers?

Insurance providers (also called insurance companies or insurance carriers) offer health care plans for purchase. Depending on the medical service, the carrier covers all or part of a given medical expense. Insurance providers offer both Medicare Advantage plans and Supplement (Medigap) plans.

Note: When reading your plan information, be sure to clarify what “provider” means in context. Your document may be referring to a “health care provider,” such as a physician, or an insurance provider.

Your plan costs will vary based on whether you choose a Medicare Advantage plan or Medicare Supplement plan. Third-party brokers can find and enroll you in Medicare coverage.

What Is a Broker?

A broker is licensed to represent and sell plans from multiple insurance providers to Medicare beneficiaries. RetireMed is a broker, though we consider ourselves advisors first and foremost.

We want to simplify Medicare by providing you with guidance, evaluating your options, and helping you enroll. Since we are an independent agent, we offer Medicare plans from multiple insurance providers—empowering you to choose the right one for your needs.

Local Advisors, Expert Advice

Turning 65 and curious about Medicare? Schedule a call with a program advisor. We’ll give you guidance on your health care coverage at no cost to you.

Already a client and have further questions about your plan? Schedule a call with a client advisor. We’re here to help!

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