May 18, 2022

How Does a Broker Get Paid...... No Fee

After I meet with people turning 65 or at any age, I often here them say, "I feel like I owe you a consulting fee". That's mainly because I am very thorough in the advice that I provide to them.

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After I meet with people turning 65 or at any age, I often here them say, "I feel like I owe you a consulting fee".  That's mainly because I am very thorough in the advice that I provide to them.  My clients know exactly what they are getting when I enroll them into a health insurance plan whether it is a Marketplace plan, Medicare plan or private insurance.

Here's how a broker gets paid.

A Medicare insurance broker is an independent agent who represents multiple carriers.  They go through extensive annual testing and certifications every year.  

They are appointed by many different insurance companies.  We listen to which benefits that are important to you and find the right plan for you.  Conversely, someone working for one insurance carrier, will push only their products which may not be the best fit.

For Medicare products, we will be able to check your prescriptions against the database and also check to see that your doctors are in the network. Your Medicare broker will be able to review all of the options available and search for a plan that most closely fits your individual needs and budget.  This would also apply to the under age 65 folks.

The good news is that brokers get paid by the insurance companies they represent. The premium for the plans are the same with or without a broker. There is no extra fee or cost for enrolling through a broker.

However, we have extensive knowledge on the plans that are available and we can match your prescriptions against the database to find a plan that meets your criteria.  Therefore, it makes sense to use a broker to help you with the selection process.

The cost to you for this service is ZERO dollars for our help while experiencing expert advise on the Medicare Plan or health insurance selection process.  This same service applies to the under 65 age group.

As a licensed insurance counselor for health & life insurance, when someone asks me for a review of an existing policy they have purchased (IE Long term Care or Disability Insurance or Life Insurance), I provide that service for a fee.

Please let me know if you found this article interesting.

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Power of Medical Attorney:

Many questions come up about our medical needs during this pandemic.  What happens if we have a loved one in the hospital and you aren’t allowed to see them.  You need to know that there are legal parameters that we must abide by that allows for legal direction for our loved ones.  

There is a document called an ‘Election of Patient Advocate’ form that allows you to appoint someone to make medical decisions for you if you are unable to make them yourself. There are also powers of attorney for financial matters.

To better understand how these documents work you can call attorney Michael Ross  at 248-362-370(7)  or email him by clicking here.  He is willing to provide recipients of this news article a free initial consultation for reviewing their situation in preparation for medical events and other estate planning.

Oak Crest Insurance Services, an Essential Business

We are open.  Here at Oak Crest Insurance Services we provide health insurance products by representing a number of insurance companies.  According to the state of Michigan, we are an essential business.  We are saddened by the pandemic that we are all experiencing.

Our role during this time as an essential business is to provide and educate people on health insurance products that will limit their financial exposure in the event of a medical event, help people to get a plan with benefits that fit their needs and do so while helping our clients keep more money in their own pockets.  We are open.  Additionally, people need to know that there are options other than COBRA which will reduce health insurance premiums significantly.

Please feel free to share this article with your friends and family.

About the Author:  David Banet is a Licensed Insurance Counselor (Health & Life) and licensed in life, property and casualty insurance that helps people and small businesses with their health, life, business and retirement needs with insurance products. He has written over 100 articles on insurance. David is a family man residing in southeast Michigan, and is licensed in Michigan, Ohio, Florida, Illinois, Indiana, Pennsylvania and Tennessee.

He is an independent broker which means that he represents many insurance carriers. There is no charge to enroll in a health insurance plan for his services.  

David has given several educational seminars on Medicare Basics in the neighboring community.