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Medicare FAQs: What Are Insurance Carriers & Brokers?

In order to trust someone with your health coverage, you need to be certain of their credibility.  Working with a company who genuinely cares about you and wants to find the right plan for you is very important when choosing your Medicare plan.

Finding the right Medicare plan starts with understanding how the industry works. At RetireMed, that’s our strength. Our clients think so, too. We’ve been in business for over 15 years and have a strong working knowledge of Medicare. 

Here’s what you need to know about insurance carriers and brokers.

What Is Medicare?

Medicare is the United States’ federal health insurance program for individuals age 65 and older. In addition, some younger individuals with certain disabilities and End-Stage Renal Disease also qualify for Medicare. 

Medicare divides health 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 (also known as Medigap) provide additional coverage for those on Original Medicare. Medicare Part C (also called Medicare Advantage) includes Original Medicare plus additional benefits. Many Medicare Advantage plans include Medicare Part D prescription drug coverage. Part D coverage can also be purchased separately. 

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

What Are Insurance Carriers?

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

Your plan costs will vary based on the type of plan you choose. Third-party brokers can help you find and enroll in Medicare coverage.

What Is a Broker?

A broker is licensed to represent and sell plans from multiple insurance carriers to Medicare beneficiaries. RetireMed is a broker, though we consider ourselves advisors first and foremost. We partner with you as you transition to Medicare and we’re here for you year-round after that.

You may be wondering about cost. There is no cost to use RetireMed. As a broker, we are paid by the insurance carrier you choose. There is no extra cost whether you decide to go through RetireMed or enroll in a plan on your own. 

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 carriers—empowering you to choose the right one for your needs.

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