You Can Get Your Own Medicare Supplement Quote for Free, But It Does Not Come Without a Cost
People are becoming more self sufficient online. The amount of information we have access to grows by the year. This is particularly helpful when it comes to getting prices or quotes on various items from bank account fees, to Nike shoes, to insurance quotes.
Lately, consumers have been able to use the quoting features of the Medicare.gov site to quote all aspects of Medicare such as Medicare Adantage Plans and Prescription Drug Plans.
Now the capability of quoting your own Medicare Supplement plan exists. This is great in terms of price transparency, especially for Medicare Supplements because all like plans contain the same features and benefits. It really is an "apples to apples" comparison.
With all of this self quoting apparatus at hand, many consumers feel they can do an adequate job of selecting and enrolling in their own plans without the need of a licensed and experienced agent.
> But what is the cost, to you the consumer, of interfacing directly with the insurance carrier and bypassing the help and advice of an experienced agent?
Taking just Medicare Supplements as an example, consider the following situation:
Bob is 67 years old and wants to add a Medicare Supplement to his Original Medicare coverage to augment his benefits and reduce his out of pocket liability. He goes to a self quoting link to look at the various Supplemental plans. Naturally, he sorts them by "price" and sets his sights on the cheapest 3 plans. So far, so good.
After a few minutes, his decision has been made: he's going with Company X for $120/mo. Excellent choice.
He applies with Company X and a few weeks later receives a decline notification in the mail. (What he didn't know is that his health did not qualify him for that company's plan.)
Disapointed, he goes back online, repeats the process, and now chooses Company Y. Price: $130. Bob applies and is told the price is not $130... it's $250! That changes things! He assumed "the price was the price", but this company "rated" his policy upward due to underwriting. He didn't realize that he would have to go through an underwriting process with this plan as well.
I won't belabor the scenario but use the above to illustrate the point: there is a reason why an insurance agent goes through state licensing, national certifications, state certifications, insurance carrier training, testing, and certifications, etc.
That is because medical insurance is complicated. You don't rush out to a store and purchase Home Insurance off the shelf. It takes someone experienced with all the various aspects and liabilities to help you select the coverage right for your situation.
Health insurance is similar, and the consequences of a poor selection can reap just as many hazards. It is worth noting that is doesn't cost a penny extra to enroll with the help and advice of a licensed agent. To insist on self service in such a complicated and important decision that can greatly affect your financial future is not advised for most people.
Sure, there are times when making your own selection with no outside help makes sense. Maybe you know Medicare like the back of your hand, you keep up with the latest changes, and you're in your Initial Enrollment Period where you can automatically be accepted for any plan without going through underwriting. You will not be risking as much by not consulting with a licensed agent.
You also won't have the "sales pressure" or other manipulation to deal with by an agent who is trying to steer you into a plan that best serves them instead of you. Totally understandable.
But if you find an agent you know, like, and trust... who is experienced, certified, licensed... and has dealt with a myriad of situations and is an expert on all aspects of coverage, then allow that agent to help you navigate this vast landscape of Medicare. Sure the agent gets a commission...but it's not costing you anything extra, and you're getting personal expertise on your case and your situation. It's a win-win.