Medicare advisor acting as fiduciary(?)

[NameTaken2]

Recieved an "Introducing Via Benefits" mailing from their Medicare advisor service-

Fine print notes that Via "receives compensation in the form of commissions from insurance companies from the sale of insurance products and services we offer."

Expected that -but statements that followed appeared intended to portray their services as essentially fiduciary in nature:

"Whether or how much insurers may pay in such compensation does not play any role in the Via Benefits' insurance recommendations."

"Via Benefits also may receive other compensation from third parties, such as for selling or referring the sale of other products or services"

"Individual benefit advisors are compensated the same whether you pick a Medicare Advantage or Medicare Supplement plus PDP plan and regardless of which carrier you choose. For other kinds of products, the compensation they receive may vary based on the kind of product you purchase, but does no change based on carrier"

Hard to believe -their profits are based on compensation by insurance companies, but that they don't consider that when advising clients(?)
ie: they essentially act as fiduciaries?

Do all Medicare advisors/brokers make similar claims, apparently intended to create a level of trust where clients see little need to be cynical in questioning and comparing their expert advice to other options?

Would be great to push the Trust Button, saving a lot of time. Hard to believe that would be a smart thing to do.

Appreciate any related perspective/experience-

Thanks for your time!

 

[OldShooter]

There is a reason the word "fiduciary"does not appear.

 

[gauss]

If this is through your (former) employer, like our dealing with Via Benefits is, I suspect that the employer is getting a nice bit of compensation, from Via Benefits, for allowing access to their employees.

I purposely go out of our way to purchase our Health Insurance outside of Via Benefits.

-gauss

 

[NameTaken2]

If this is through your (former) employer, like our dealing with Via Benefits is, I suspect that the employer is getting a nice bit of compensation, from Via Benefits, for allowing access to their employees.

I purposely go out of our way to purchase our Health Insurance outside of Via Benefits.

-gauss

Correct -through former employer. Via is their administrator for a Health Reimbursement Arrangement (HRA). The HRA makes purchasing outside of Via appear not worth exploring.

 

[NameTaken2]

There is a reason the word "fiduciary"does not appear.

I get that.

Just odd regarding their acknowledging the compensation from insurers, then basically saying, "move on, nothing to see here" regarding any concern about conflicting interests.

 

[OldShooter]

I get that. Just odd regarding their acknowledging the compensation from insurers, then basically saying, "move on, nothing to see here" regarding any concern about conflicting interests.

Oh, IMO not odd at all. This is a compromise between the VP Sales and the legal department. For amusement, you could ask them (in writing) for a letter confirming that they have a fiduciary relationship with you.

As is especially true in insurance relationships, caveat emptor.

 

[Another Reader]

First page that appeared when I started to sign up at Via Benefits this year was a list of all the Advantage plans and a blurb on the benefits. Thought for a moment that was all they were offering this year. Had to look for the list of plans on another page, found the supplements there.

The year they stop offering supplement plans is the year I give up the bribe for using Via Benefits.

 

[Sue J]

For DHs retiree medical HRA, he has to use VIA benefits to enroll in his Medicare plan in order to get the HRA money. You lose it if you don't enroll through VIA Benefits.

They want to have an appointment for a phone call where they will ask many questions and advise you as to what they think your best options are. Instead, DH and I learned about Medicare on our own and when he had his phone interview he told the advisor what he wanted and then proceeded to enroll.

For him it was just a one time event when he turned 65 and started Medicare. After that he automatically stays in the same plan unless he needs to make a change. His HRA used to be $330/mo but his pension plan made some adjustments and it's been reduced to $220/mo. So it's worth the hassle to deal with enrolling through VIA.

His monthly direct deposit from the HRA happens automatically. It's a nice retiree benefit.

Be aware when dealing with VIA, they may not offer every plan that you see on Medicare.gov. For example, there is an Aetna SilverScript SmartSaver Part D plan that is available on Medicare.gov but is not shown on DHs VIA Benefits offering. It's the very lowest price one and I've read that it is "non-commissionable" to brokers. There may be other plans like that, this is the one that applied in our situation. DH has to enroll for his Medigap through VIA but can go outside of VIA for his Part D so it's not a problem. Just be aware that there are plans on Medicare.gov that may not be offered by your VIA.

 

[NameTaken2]

They want to have an appointment for a phone call where they will ask many questions and advise you as to what they think your best options are. Instead, DH and I learned about Medicare on our own and when he had his phone interview he told the advisor what he wanted and then proceeded to enroll.

DH has to enroll for his Medigap through VIA but can go outside of VIA for his Part D so it's not a problem. Just be aware that there are plans on Medicare.gov that may not be offered by your VIA.

Appears that I should to all the research and decision-making, then disregard Via's recommendations.

Appreciate recommendations for the best resources for a NY State resident to get educated on the Medicare decision.
Goal: minimize time down the Internet Info Rabbit Hole!
Websites I found:

https://aging.ny.gov/programs/medicare-and-health-insurance

https://www.dfs.ny.gov/consumers/health_insurance/information_for_medicare_beneficiaries

https://www.medicare.gov/basics/get-started-with-medicare/medicare-basics

Have seen positive reviews for Boomer Benefits and some other providers of Medicare info/guidance. These resources are apparently also compensated by insurers, therefore is there any reason to think they would put my best interests first more than Via will?
ie: are they worth contacting?

 

[Teacher Terry]

I get the 195/month for using via benefits also. If you go outside the plan you lose it permanently for us. I choose my plan online after spending a lot of time reading.

 

[omni550]

Have seen positive reviews for Boomer Benefits and some other providers of Medicare info/guidance. These resources are apparently also compensated by insurers, therefore is there any reason to think they would put my best interests first more than Via will?
ie: are they worth contacting?

Yes, they are absolutely worth contacting!


omni

 

[teej1985]

Yes, they are absolutely worth contacting!


omni

Not if you lose the $200/mo subsidy, they're not.

 

[NameTaken2]

Not if you lose the $200/mo subsidy, they're not.

Regarding contacting providers of Medicare advisement services, such as Boomer Benefits-
Is there a contractual agreement or something required to get their advice?

ie: If a substantial HRA is provided for using Via, is there a problem with contacting Boomer Benefits or similar services to give them an opportunity to win my business, however unlikely?

Or should I use only state/federal sources to get info needed to make Medicare decisions?

 

[teej1985]

Regarding contacting providers of Medicare advisement services, such as Boomer Benefits-
Is there a contractual agreement or something required to get their advice?

ie: If a substantial HRA is provided for using Via, is there a problem with contacting Boomer Benefits or similar services to give them an opportunity to win my business, however unlikely?

Or should I use only state/federal sources to get info needed to make Medicare decisions?

I can't imagine why a broker would make you sign some type of agreement to receive their recommendations.