Important Things Insurance Agents Need to Know About Medicare Advantage Plans

Finding the right career can be a very challenging process.

TUT Staff

Finding the right career can be a very challenging process. If you love helping people and dealing with the general public, becoming an insurance agent may be a good idea. The United States is home to over 1 million insurance agents. The key to becoming successful in this industry is educating yourself on all of the health insurance policies on the market.

One of the most popular health insurance options on the market is the Medicare Advantage plan. If you are going to be helping your clients with selecting these plans, then you need to find out as much about them as possible. The more you know about the Medicare Advantage plan, the easier it will be for you to guide your clients through the policy selection process. Read below to find out more about this popular health insurance option.

Medicare Advantage Plans Do Have Networks

One of the main things a consumer will want to know about a particular health insurance plan is how extensive their network of medical providers is. The biggest misconception some people have about Medicare Advantage plans is that they are not set up like traditional health insurance plans. In reality, these health insurance plans are set up as health maintenance organizations (HMO) or preferred provider organizations (PPO). Regardless of what type of plan structure a client chooses, there will be a list of pre-approved providers.

You need to let your clients know that staying within the network will help to save them money. Attempting to get care outside of the pre-approved list of providers will cost a person a lot of money out of pocket. Before you advise a client on which Medicare Advantage plan to choose, let them take a look at the provider list to ensure their existing primary care physician is on that list. Neglecting to do this can lead to your client having a case of buyer’s remorse in the future.


These Plans Have The Same Coverage As Medicare Part A and B

When a client comes in to talk about Medicare Advantage plans, they may have a number of misconceptions that need to be addressed. For instance, some people fail to realize that Medicare Advantage offers the same coverage as Medicare Part A and B plans. This means you will be able to get both hospital and run of the mill medical care.

The difference between these plans is generally the deductible and the cost of the monthly premium. Before your client arrives, you need to ask them to develop an idea of how much they can afford to spend on health insurance each month. Having this information will allow you to start narrowing down the list of available Medicare Advantage plans at their disposal.

Pre-Existing Conditions are Usually Covered by Medicare Advantage Plans

The biggest worry most people have when trying to find a new health insurance policy is whether or not their pre-existing conditions will be covered. An overwhelming number of Americans deal with health problems like high blood pressure and diabetes. In most cases, all pre-existing conditions are covered under a Medicare Advantage.

Generally, the only condition that this policy will not cover is end-stage renal disease. The pre-existing condition coverage a policy offers varies, which is why you need to check the fine print of a policy before recommending it to a client. The time and effort you put into researching the details of a Medicare Advantage plan for your clients will be worth it in the long run.


Medicare Advantage Plans Can Leave the Medicare System

When discussing Medicare Advantage plans with a client, you need to let them know that there is a chance the plan in question could leave the Medicare system. Each of the plans currently in the Medicare Advantage system is under a contract. These contracts come up for renewal each year. The people at Medicare can void a policy contract if they want to. If this happens, a consumer will have the opportunity to enroll in another Medicare program.

Focus on Making Your Clients Happy

Providing your insurance clients with the best customer service is a must. By doing this, you can keep them happy and loyal for a long time to come.