Agent Broker Compensation
Because of the complexity of the plan selection process, many beneficiaries rely on independent insurance agents to help them identify the coverage and benefits options that may best meet their needs. Enrolling in a Medicare Advantage, Medigap or Medicare Part D prescription drug plan does not increase your premium or other costs for coverage. Since agents and brokers receive commissions from the insurers, their service is effectively free of charge to you. For instance, the commission can be a flat fee or a percentage of the premium. Regardless, you don’t pay for the agent’s or broker’s service directly. A Medicare agent or broker can help you narrow down your options and pick the best one. To do this, they’ll learn about your health goals and budget. They’ll present you with options to meet your goals within your budget. A Medicare insurance broker is just like an independent agent. Increasing transparency and reporting on carriers’ actual compensation payments — as opposed to th...