Medicare Salespeople

[Packman]

Are Medicare salespeople a trustworthy source for choosing a Medicare insurance provider? I know they receive a commission from the insurance company, but do the commissions vary, thereby creating a conflict of interest? I would think a local salesperson would be a good source for how different insurance companies do in a local market. I will do my own research as well, but need to know if these salespeople bring something to the table that would benefit me. Thanks.

[REWahoo]

I cannot speak to whether or not "Medicare salespeople" are trustworthy or not. However, my personal experience is those who primarily sell Medicare Advantage plans vs. Medigap (Supplement) plans are paid higher commissions and may be influenced to sell you what makes them the most money rather than what might fit your needs best.

We ended up using an independent Medicare Supplement sales group called Boomer Benefits to purchase a Medigap policy and were very happy with our experience. Several posters on the forum have also used them and speak highly of their services.

[CardsFan]

I have a neighbor who is an insurance salesman. We have talked, and he was very helpful. He does get more commission from an MA plan. I would have used him, except, in order to get a retiree supplement, I needed to use VIA benefits.

In any event, you need to educate yourself, particularly regarding the difference between Advantage plans and Supplements. Supplements are the same no matter where you buy them, or who you buy them from (some do have a few add-on features, but no major differences). There are different supplements, so you do need to look at those, but most common is plan G.

MA plans vary greatly by supplier and by region. Some have wide networks, some are only very local.

FWIW, we chose Plan G. $150 to $175 each (men pay more)

Good Luck.

[Wille]

My concern with commissioned salespeople is that they are not fiduciaries to you. Even if they mean well, they are trained by insurance companies to promote those policies that are profitable to them or themselves. They drink the Kool-Aid and aren't necessarily looking for what is best for you.

[OldShooter]

Quote:

Originally Posted by Wille My concern with commissioned salespeople is that they are not fiduciaries to you. ...

This is more the rule than the exception. Dentists and Veterinarians are also commissioned salespeople who really believe in their products.

You just have to be wary. I avoid insurance salespeople who only rep one company. Independent agents are better and can offer more choices. For medical insurance, I will never know if they have shown me all possible alternatives but I can compare features and costs of the plans they do show me and ask about any other options. We are lucky in that the agent that handles our medical insurance is an old family friend of probably 40 years. So, a pretty high trust level.

[Packman]

I should have used the term Medicare broker instead of salespeople. I think Boomer Benefits is a broker that has a national following whereas the guys I've talked to are local. I know they can sell all types of policies. I will definitely ask if the commissions on MA policies are higher than supplemental policies. And I will educate myself. My only thought is that with so many insurance providers out there the local guy might have some good perspective about who provides the best service in the local area. Right now we have a no-name ACA provider and they are awful. I can't wait for Medicare!

[Kathe555]

Quote:

Originally Posted by Wille My concern with commissioned salespeople is that they are not fiduciaries to you. Even if they mean well, they are trained by insurance companies to promote those policies that are profitable to them or themselves. They drink the Kool-Aid and aren't necessarily looking for what is best for you.

No one who sells Medicare insurance is a fiduciary. The agents that work for the company are selling the company plan, and brokers are often selling the plan where they earn the highest compensation.

And financial advisors who are fiduciaries rarely know anything about Medicare.

[DektolMan]

I used Christopher Westfall at https://seniorsavingsnetwork.org/


Here is his YouTube channel which I found helpful.
https://www.youtube.com/c/ChristopherWestfall/featured

[Kathe555]

Before you meet with a broker, get informed so that you aren't sold something that you don't understand.

My husband was told by a Medicare insurance guy that he didn't need a drug plan because he didn't take any drugs. Now he pays a penalty that is more than what the drug plan costs. Every month.

Arm yourself with info prior to walking into the lion's den. But when you are ready, use a broker because they can help you with issues. The insurance companies see brokers as their client. You're just a little guy compared to them.

Disclaimer: I'm a Medicare insurance broker now.