MEDICARE SUPPLEMENT PLANS

Reliable Medicare Supplement Insurance Brokers

As a licensed insurance agent, your primary role is to help your clients compare Medicare supplement insurance plans by understanding their coverage, needs, and budget.

EMG offers a well-rounded portfolio of competitive products, ancillary products, and is a distributor of some of the nation’s top Medicare Advantage carriers. In addition, we offer an exclusive enrollment platform at no cost to the agent.

We will show you how working with us can make the insurance sales process easier and how to choose the right plan for your clients.

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What Are Medicare Supplement Insurance Plans?

Medicare supplement insurance plan options are known as Medigap. These plans are offered by private insurance companies and are designed to work with original Medicare (Part A and Part B).

The main function of this plan is to help pay for the medical expenses that Medicare coverage doesn’t allow, such as co-payments, deductibles, and coinsurance.

Original Medicare doesn’t cover all major expenses, so medical expenses can suddenly skyrocket. This is where the Medicare supplement plan comes in handy.

For people over 65 with a qualifying disability, especially those living on a fixed income, these insurance plans provide peace of mind and help avoid unexpected expenses.

A Medicare supplement insurance plan will cover your clients’ needs anywhere in the United States. This insurance system will help your client get medical care wherever Medicare is accepted.

How a Brokerage May Help You Compare Medicare Supplement Plans for Your Client

A Medicare broker doesn’t just help you choose a Medicare plan for your client; they build trust with your client. They ask simple questions—what kind of health care your client has, what doctors they see, what medications they take, and how much your client can afford each month.

After listening to their answers, a broker compares Medicare insurance options from different companies. They compare each plan’s benefits, monthly costs, and out-of-pocket costs to help your client understand what care is covered and what isn’t.

The broker determines for your client if the doctors and prescription plans your client needs are in their coverage network. And if you’re new to Medicare insurance, a broker can walk you through the real differences between Medicare insurance and private insurance, so you have a good idea of how they work together.

Once decisions are made, your broker can help you complete all the necessary paperwork for your client. This will help you avoid mistakes on paperwork and delays in getting coverage.

How to Find the Best Medicare Supplement Insurance Brokers for Your Client

Start by asking your network to provide referrals. This can help you find licensed Medicare brokers with a good reputation and experience.

If that is impossible, you can use a trusted Medicare agent directory, such as the National Council on Aging or the American Association for Medicare Supplement Insurance. You can use this directory to search for brokers in your zip code and see which ones have the best policies and service standards.

As you consider your options, remember insurance brokers are independent and work with multiple insurance companies, while others represent only one company.

A skilled insurance broker will highlight the differences between Medicare plans, helping insurance agents choose the best options that align with their clients’ needs and concerns.

On the other hand, don’t hire someone who is only interested in the company’s profits. To be sure, it’s a good idea to ask a few simple questions before you start working with any broker.

How to Identify a Trustworthy Medicare Broker

A professional broker can provide their agent clients with educational materials, enrollment tools, and compare Medicare plans.

What Can Your Client Pay on a Medicare Claim Without Extra Coverage?

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Not all medical expenses are covered once your client enrolls in Medicare. Many assume everything is covered, but that’s not the case. Original Medicare (Part A and Part B) has loopholes that can leave your client with large bills, especially if they need to be hospitalized or receive repeated treatments.

These costs may not be seen initially, but when clients start claiming, they will see the obvious costs. They must pay these additional costs if they don’t have Medicare supplement insurance.

Many Medicare beneficiaries seek the help of a good Medicare insurance broker agent to avoid significant unexpected expenses.

So, it’s essential to understand the real costs of Medicare in advance. Below is what your client may have to deal with if they don’t have a supplement plan.

Part A: Hospital Inpatient Deductible and Coinsurance

Medicare Part A usually covers some of the costs of hospitalization. But it doesn’t cover all the costs. Let’s say your client is hospitalized. The costs they’ll pay each benefit period are:

$1,484 deductible (this starts over each benefit period)
First 1-60 days: They will pay $0 coinsurance
61-90 days: $371 per day
Starting 91 days: $742 per day (this uses their 60-day lifetime reserve days)

Finally, remember that your client has to pay all the remaining costs after these reserve days are up.

Part B: Deductible and Coinsurance

Medicare Part B generally covers doctor visits and the use of medical equipment. But it also adds to out-of-pocket costs:

Your client has to pay a $203 deductible each year.
Your client then pays 20% of all Medicare-approved expenses. For example: Doctor visits (including in-hospital), Outpatient physical therapy
Medical equipment, like a walker or oxygen tank

This 20% may not sound like much now, but extra costs will add up when your client has to go to regular appointments, have expensive tests, and need specialized care.

Why You Shouldn’t Ignore These Costs

Many people don’t realize these are real costs until they get their bills. That’s why many people seek the help of a good Medicare agent before enrolling in Medicare.

A broker can show Medicare agents Medicare supplement plans (like Plan G or Plan N) that cover most of these extra costs, so their client no longer has to worry about it.

A broker explains which insurance policies cover deductibles, which ones will cover co-payments, and which one best fits the client’s budget and health needs. That’s why it’s not a good idea to ignore these costs and instead seek the help of a broker.

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What Are the Most Popular Supplement Plans?

When finding Medicare supplement insurance plans for clients, it’s natural to get confused. There are many terms and conditions, and each plan has slight differences. These three plans strike a good balance between cost and coverage.

Plan 1: Plan F

This plan covers almost all medical expenses that original Medicare doesn’t cover. There are no deductibles, copays, or unexpected extra bills.

If Medicare approves a service, Plan F pays the rest of the cost that Part A or B doesn’t. However, this plan is only for people who became eligible for Medicare before January 1, 2020. So if your client recently turned 65, Plan F is no longer an option.

Plan 2: Plan G

This plan offers almost the same coverage as plan F, but doesn’t cover the plan B deductible. This deductible is a small fixed amount (about $240). Once your client pays it, Plan G covers everything else. This small difference is common for many people because Plan G’s monthly premium costs are usually lower than Plan F’s.

Plan 3: Plan N

This is a good option for those who want to save a little on their monthly premium costs and are willing to make small expenses occasionally. Like Plan G, your client has to pay the Part B deductible, but they also have to pay some copays. This amount is up to $20 for doctor visits and up to $50 for each visit if they’re not hospitalized.

Another thing to keep in mind is that Plan N does not cover one thing, which is part B excess charges. This means some doctors charge a little more than Medicare approves, and Plan N does not pay that extra.

How Is Medicare Supplement Insurance Different From Other Healthcare Insurance Policies?

Medicare Supplement Insurance is designed for people who want financial control over their health care, without considering the extra costs.

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What makes it different? First, Medigap doesn’t replace your client’s Medicare benefits but supplements them. They have full access to any hospital, and they won’t need a referral and don’t have to worry about provider networks.

Medigap plans are standardized, so coverage is the same across all providers, making it easier to get consistent emergency medical care. However, this can vary based on your client’s career and location.

Finally, Medigap offers predictability. Even though the monthly cost may be a bit higher, many people find it worth it because they pay less when they need care, especially if they see doctors often.

Frequently Asked Questions About Medicare Supplement Plans

How Do I Get Started Helping My Clients With Their Medicare Supplement Options?

Before quoting or enrolling clients in a Medicare policy, contact an FMO for a list of carriers. Familiarize yourself with the rules and deadlines for new Medicare enrollees to ensure smooth enrollment.

When Should I Start Reaching Out to My Clients About Medicare Supplement Plans?

Start by reaching out to clients turning 65. They’re the easiest to assist with Medicare enrollment, and it’s free to them. They have a 7-month window around their 65th birthday to sign up. As you help clients explore their options, you may find more opportunities.

What Happens If Your Client Misses The 65th Birthday Window to Sign Up?

If they do not have credible group coverage and miss the sign-up window, they must wait for the enrollment window, which occurs around January 1st through March 31st. Coverage starts on July 1st. The individual could potentially be uninsured for a year.

How Do I Find the Best Medicare Supplement Plan Broker?

One of the best ways to find brokers is to ask your network for referrals. As an insurance agent, you can also research by contacting several insurance brokers. By the way, we recommend looking for the following qualities in a broker::

Responsiveness and attentiveness. Are they knowledgeable about the products and solutions available to serve their agent clients’ needs?
Back-office support. What happens after an application is submitted?
A good broker team is better than just a good salesperson. Make sure that the service is as good as the pitch. Service can make or break a relationship.
Do the owners invest back into the agency and their agents?
What technology and features do they provide to simplify their insurance agent job?

You can also learn a lot about the brokerage by calling them up and asking pertinent questions, such as:

For how long have you sold Medicare supplement plans?
Who are your primary carriers?
What are the carrier ratings?
What types of products are the affiliate carriers selling?

How EMG Insurance Brokerage Can Help

At EMG, we don’t just answer questions for the agent; we help agents find the right Medicare insurance for their clients with confidence, ease, and less hassle. We have over 30 years of experience in the Medicare world, and our dedicated team of licensed health insurance brokers is always by your side. Our expert broker will provide personalized support for your client every step of the way.

As your trusted FMO partner, we connect you with top-rated Medicare Supplement, Medicare Advantage, and Part D carriers. We provide real-time case support to agents and their clients and advise them on the best strategies for navigating complex situations.