What are the red flags I should look for when interviewing agents? I want to make sure I'm not just getting sold to but genuinely advised.
Answered by 16 licensed agents
I would find out how long they have been selling Med supps and Medicare Advantages and why they like this market. I would also have them explain the difference between the two. Can they do it in a way that you understand stand it. I would also like to know how many companies they represent. If just one then that's all you will get told about. They should also be asking you questions about your doctor's, like their names. Plus the drugs you are taking and what your specific health situation is. They should be asking questions to find out what your enrollment situation is. The health situation will tell them what you may or may not qualify for. By getting these questions asked hopefully it will give you a better feel of the agent and if they can assist you or not.
Someone that’s been doing it awhile. I’m in this business 36 years now. A new agent doesn’t have a lot of experience. Someone who is a captive agent, meaning they work for one company, they can only offer the one or possibly two companies. That’s not enough. You need someone you feel comfortable with.
Experience matters. Ask your agent how long they've been in business? What percent of their business is Medicare (important!). Have your agent provide you with the names of the states where they're licensed and list the Medicare plans they are licensed / appointed to sell in your resident zip code.
Good afternoon. Make sure the agent is listening to what you are looking for in a plan. Make sure they are explaining how Medicare works and showing all of your options, this way you can make an educated decision. A big red flag would be if they are just pushing one company or plan.
Personally, when I sit with someone, I adopt the attitude that I'm not trying to sell you, but rather to have a thoughtful conversation, address your questions and concerns, and provide answers through information and real-life examples. By the time I'm finished with our appointment, you will have found the information on me as the agent, the company I represent, the product(s) recommended for your situation, the pricing for that decision, and the differences between my company and my competition. At that time, you choose to buy that from me or not. If you feel you are being sold, then you probably are.
Also, I try not to disparage any of my competitors. Although I feel my company is superior, I am confident in my servicing and the support I receive from the policies I sell through my company are the best; there are some very good companies out there. I don't like working with someone who puts down others.
Lastly, are they willing to show you rate sheets of how their company has performed over the past number of years, and their ratings with AM Best, which is how you measure Insurance companies.
Instead of looking for red flags (If one is a hammer one tends to look for nails.), instead I would focus on important attributes. Are they an EXPERIENCED agent - how many years have they been in business? Does the agent have access to MULITPLE COMPANIES and access to multiple plan types? Is the agent LISTENING to your concerns? Ask yourself, would you invite them to your home or would you hire them if you were an employer?
Building trust starts at the first call. Let the Broker know your concerns then sit back and listen. The Broker should share their background…show their License when requested…offer references if necessary. The “rede flags” are failing to produce their License, failure to explain how the process works to obtain Medicare and then ask the appropriate questions of the client.
A key “red flag” is if the Broker only works with one or two Insurance Carriers…the key to getting the best Plan for yourself is to work with a Broker Licensed and Certified by all of the Major Carriers in your area so you are not pushed into a Plan not right for you. And a Broker should never ask for or accept any fee for helping you as the Carriers will pay his or her fee.
The biggest red flag when you're interviewing agents is to ask them what other types of insurance do they provide. If they tell you that they can do multiple types of insurance, you're not dealing with a specialist. Secondly, you have to make sure that they are an INDEPENDENT agent...meaning they are contracted with many insurance companies and not tied to one or two. You want a SPECIALIST not a GENERALIST
I would focus on the agents that educate first, sell second. Education is very empowering when it comes to which plan you must choose upon being eligible for Medicare.
Always look for an agent with high recommendations by friends and family first and foremost. Then make sure they are contracted with the majority of the companies offered in your area to ensure an adequate review. Finally, make sure they are not pushy like a typical sales person. Those types of agents/brokers only have themselves in mind. You want to work with an agent/broker that takes plenty of time to explain everything and answer your questions. As well as someone who offers year round service after enrollment.
The # one thing I tell people is make sure they are educating you on ALL of your Medicare choices, not ONLY Medicare Advantage or ONLY Medicare Supplement plans. 2. Find someone who is broker and represents EVERY plan in your area so that they can really help you find the one best suited to you. 3. Make sure they provide a lifetime of free customer service. It's important! The last thing you want to deal with is a confusing bill while you are trying to recover from a painful surgery. 4. Make sure they help you review your policy yearly so that you can be confident knowing you have great coverage despite yearly changes. 5. Lastly, check reviews! It's important to know that they have a good reputation and that they actually do what they tell you they do.
I would look for someone who asks you more questions about your needs than anything else, like, do you travel often? are you having trouble paying for anything specific? When they show you top three options from different carriers is also a good indication that they are a good advisor.
A responsible agent in my opinion will educate first and then let you decide what's best for you. They need to learn about you a bit first as to what's important to you in a plan, what you expect, and then present the advantages and disadvantages of each type of plan. Once you decide whether medicare advantage or medicare supplement, then the selections can whittle down to something more manageable. You should never be pushed; if you don't understand something then you need to get answers until you feel comfortable. And after you enroll, that agent needs to be your right hand person to help answer questions, provide suggestions, or help mediate a solution if needed.
You should avoid agents that do not do a needs analysis to help you determine the best plan for you. A good agent will ask about your health concerns, your doctors, medications and any services you utilize. They will also discuss your financial situation and disclose out of pocket costs with you. Your appointment should be about educating you on your choices and giving you all of the information required to make an informed decision about your healthcare. Red flags are someone who does not educate, does not want to give you time to think about your choice and does not ask the needed questions to get a clear picture of your situation.
