P&C Agents and Financial Advisors. How can you assist your clients with Medicare coverage?

Planning for Financial & Property coverage concerns involves much more than making smart choices among stocks and mutual funds and the type of policy you need to cover your client’s important assets.

Your clients need to organize their financial and property coverage to preserve income and manage their money to ensure they have enough to live on through an increasingly optimistic life span.

A significant financial burden, especially for the senior population, will be medical expenses. Insurance premiums, deductibles, and copays can cut into retirement earning, but having to manage without insurance can be devastating when the inevitable health problem arises. For these reasons, every financial advisor & Property Casualty agents should include Medicare information and options for clients.

Cost Burdens for Aging Seniors

As we get older, our bodies can become time bombs. It’s not a matter of whether a health issue will occur but when. For an aging population, the potential cost is astronomical.

This is a critical area for financial advisors and Property Casualty agents to address. Giving advice to clients on what to do with the money and expenses they already have may not be that demanding, but your greatest value comes in helping people prepare for the unknown.

By providing information on Medicare, you educate your clients about the best available government programs to manage these health care cost burdens. You have to make time to learn about the options and understand both how the cost structure works and what Medicare does and does not cover.

Understanding Medicare Options

Medicare coverage includes mandatory sign-up periods for which you need to prepare your clients. Also, many people get confused when trying to understand the differences between Part A, Part B, Part C, and Part D. The premium structures, the coverage, and the limitations on coverage can start to overlap. As agents, your job is to provide clarity for your clients.

Before you can do any of this, though, you need to understand the options. By keeping a copy the Medicare & You handbook close, you can study and learn how best to advise your clients on what coverage they require, and what coverage they may need in the future.

From here, you need to learn how to handle the areas in which Medicare will not help. Clients will probably need eye care, foot care, hearing care, and even long-term care that Medicare does not cover. You need to find Medicare Advantage plans or supplemental coverage options for the policyholders whose needs extend beyond what basic Medicare plans provide.

Do You Want to Learn About Medicare?

You’re busy – we all are – and you may not have the interest or the time to learn something new. You do have options and you should still have an overall understanding, but if you don’t want to learn the ins and outs of Medicare, consider partnering with a senior market agent. That’s where NorthWest Medicare Solutions can assist with your Medicare-eligible clients. We are appointed with all of the major health and life insurance companies in Oregon, Washington. We have our AHIP certification for Medicare plans and can provide you with Medicare coverage information and guidance to assist in reviewing the options for your clients. We have been providing these services for over 9 years, so we know about the changing landscape.

As we all know all agents and brokers must be prepared for the certainty that their clients will be utilizing Medicare eventually. So by working with NorthWest Medicare Solutions, you can be ready to advise and use us as a valuable tool that keeps you up to date with changes on Medicare and the critical elements on which you need to provide guidance. One way we accomplish this is by offering the Medicare Minute Program.

The Medicare Minute™ program consists of monthly community presentations throughout the country that help older adults and people with disabilities understand Medicare and related health insurance coverage. We can also offer this to your clients and agents in a group presentation.

Medicare Minute was developed by the Medicare Rights Center, a national
nonprofit consumer service organization that for over 30 years has worked to ensure access to affordable health care for older adults and people with disabilities.

Check out our Medicare Solutions web page: NorthWest Medicare Solutions

Contact us: jp@northwestbenefitssolutions.com


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