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What is a Medicare Advisor?

What is a Medicare Advisor?

October 26, 2021

In 1960, healthcare costs took up $27.2 billion, or 5%, of the United States’ gross domestic product (GDP). By 2018, U.S. healthcare hit an astonishing $3.5 trillion, which was 17.7% of the country’s GDP.

In the United States, healthcare expenses are continuing this upward trajectory and are expected to maintain this trend of inflation at an annual cost increase of 5.9%. This means that on average, a healthy 65-year-old couple retiring in 2021 will spend $662,156 on healthcare costs throughout their retirement.

When you choose to work with a Medicare insurance advisor you take the guesswork out of Medicare. Clients receive hands-on, personalized assistance when navigating everything from Medicare enrollment to potential future rate adjustments.

The goal of a Medicare advisor is to help you maintain comprehensive coverage and offset future costs throughout your retirement, but what does working with a Medicare advisor really look like?

What is a Medicare Advisor?

A Medicare advisor is an experienced professional with familiarity and knowledge in both the healthcare industry and the financial sector. Their goal is to help you not only understand the basics of Medicare and how it works, but also advise you on enrollment, supplementation, and the ongoing maintenance of your healthcare coverage throughout your retirement. Together, you and your advisor will explore your individual needs in order to keep costs down while maintaining full coverage. How an advisor does this is by:

Offering Personalized Guidance During Medicare Enrollment

Medicare is notorious for being complex. With multiple plans, plan combinations, benefits, rules, and exceptions to consider, it can be difficult to find the right combination of coverage and benefits that meet your unique needs.

A Medicare advisor can help cut down on that confusion and efficiently and effectively find the plan that is the best value for your money.

During your enrollment, a good Medicare advisor should be able to help you answer the following questions:

  • When can someone apply for Medicare supplement coverage?
  • Will additional medical screenings be needed to qualify for coverage?
  • How much will Medicare supplement coverage cost?
  • Will healthcare rates change throughout retirement?
  • Will the Medicare policy cover spouses?
  • With so many Medicare supplement plans available; how do you know which one is right the right one?

Assisting with Medicare Supplement Plans

Medicare supplement insurance, or Medigap, helps fill policy "gaps" in standard Medicare coverage. The cost of these plans can vary greatly, depending on the amount of healthcare a Medicare enrollee needs.

When you work with a Medicare advisor, it is their responsibility to consider your specific medical conditions, doctor-hospital utilization, current health network, and prescription drug use in order to research multiple carriers and compile a variety of plan options that fit your unique supplemental coverage needs and budget.

Acting as the Point of Contact for Medicare Benefits

Individuals retiring in 2021 can expect to need another 20+ years of health insurance coverage. Throughout those years, benefits, policies, healthcare regulations, and even your individual health status can fluctuate dramatically.

Medicare advisors are required by the Centers for Medicare & Medicaid Services to take annual examinations to ensure that advisors are up to date on Medicare rules and regulations, as well as plan details and changes. When you work with one of these advisors, you can be confident that you’re getting the most relevant and timely advice on your specific insurance plan and coverage.

The average American can expect to spend 68% of their Social Security benefits on healthcare costs. That is why it is crucial to make sure you are optimizing your coverage for long-term financial health. A qualified Medicare advisor will walk you through how Medicare Parts A & B work as well as a comprehensive breakdown of the healthcare costs that Medicare doesn’t cover, including copayments, coinsurance, and deductibles. They will then help you navigate Medigap insurance and any additional supplemental plan coverage you may need.

How to Find a Medicare Advisor?

The right Medicare advisor will want to work with you to find a comprehensive, holistic health coverage plan that works for you as well as your budget. At JL Smith, our expert team has helped countless individuals make the right choice to get the health coverage they need. To start your journey towards a happy and healthy retirement, request a complimentary consultation today. You can also call us at (440) 934-9181. Together, we can make your future goals a reality.