What's the Difference Between a Medicare Broker and a Medicare Agent?

You have probably heard that using a local Medicare insurance agent is one of the best ways to ensure you choose a Medicare plan that is right for you, but have you ever heard of a “Medicare Broker”? Medicare brokers and Medicare agents are actually two different distinctions in the world of insurance agents. They may seem similar at first glance, but they have some crucial differences that can impact your Medicare experience. In this article, we will explore these differences to help you make an informed decision when choosing the right professional to assist you with your Medicare needs, highlighting the strengths of both brokers and agents.

So what's the difference?

Medicare Broker: A Medicare broker is an independent professional who represents multiple insurance companies. Their primary role is to assist beneficiaries in comparing and choosing the most suitable Medicare plan from a variety of options. They work only on behalf of the client and are not employed by any specific insurance company. 

Medicare Agent: A Medicare agent is an licensed professional who is employed or contracted by a specific insurance company. They represent the interests of the insurance company and are tasked with selling only their employer's Medicare plans to prospective clients.

Is a Medicare broker better than a Medicare agent?

No, not necessarily. They both have interesting and unique advantages. The obvious upside of using a Medicare Broker that they are able to offer unbiased advice based on the needs and preferences of those seeking coverage because they don't represent any one single carrier. The advantage of using a Medicare agent is that they have the often have more in-depth knowledge about their company's specific plans, allowing them to more effectively address questions and concerns about the plan's unique benefits and features. In most cases, either one will be able to effectively help you choose a great Medicare plan.

Ongoing support

As the years roll on, renewing or changing your Medicare plan will be something that becomes routine. Medicare Brokers and Medicare agents are both able to assist you with this process. Even if you are happy with your current plan and don't mind automatically renewing coverage, having an insurance agent to make sure you always have the best coverage for your changing needs is crucial.

Medicare Brokers: Medicare brokers can help clients review plan options annually and compare amongst a wide variety of carriers, ensuring they continue to have the best coverage for their current lifestyle. Brokers can also assist clients with plan changes or updates, providing ongoing support throughout the entire Medicare journey.

Medicare Agents: As representatives of a specific insurance company, Medicare agents can provide exceptional support and assistance for clients enrolled in their company's plans. They are knowledgeable about the company's resources and support systems, and can help clients make the most of their plan's benefits. Agents often have access to company-specific tools and resources to help clients manage their coverage and stay informed about any updates or changes.

Which one should I choose?

Ultimately, the choice between a broker and an agent will depend on your individual needs and preferences, as well as your personal relationship with your insurance Expert. If you need help finding a local Medicare broker or agent, you can use our the zip code agent locator at Medicare Agents Hub. And remember, both brokers and agents are dedicated to helping you find the right plan for your needs!