There are a few reputable brokers that have been mentioned by Bogleheads consistently, such as Medicare Nationwide and Boomer Benefits.adamthesmythe wrote: ↑Fri Jan 21, 2022 7:58 pm Several posters have said that it is helpful to have a broker for Medigap policies. But I didn't see WHY...can someone say?
Since brokers are paid by the insurance company- is there any incentive to push particular companies?
They represent a lot of insurance carriers and people have made numerous favorable comments about dealing with them.
It is hard to get pricing information on Medigap plans (some states do offer this) and it is very difficult to find out what the price increase history is for particular insurance companies for the different Medigap plans, but the brokers can provide this. The insurance brokers know who has a history of smaller price increases over time and who has a history of largest premium increases.
Some of the insurance companies are known for playing games - start an insurance pool, then as participants start to age and premiums are increased, close that pool to new participants, and then start a new pool under another subsidiaries name with lower premiums.
The problem is that the closed pool will continue to age and see large premium increases going forward and the participants who can’t pass medical underwriting are stuck.
A broker can steer you away from such companies.
As there are three different pricing methodologies for Medigap plans (attained age, issued age, and community pricing), it is very helpful to work with someone who understands the ins and outs of these different methodologies.
In addition, if you have any sort of issues with your Medigap provider going forward, your agent can assist you.
Also, when making your initial decision, and then going forward, the broker can answer all your questions.
I have received excellent service from the broker that I have used and would recommend using a broker. Otherwise, you are just re-inventing the wheel,