6 Reasons To Use a Medicare Advisor in Retirement, According to Ramsey Solutions
Written by
Nicole Spector
Edited by
Zuri Anderson
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Regardless of your age, you’re probably familiar with Medicare. The health insurance program for people aged 65 or older and for younger people with disabilities, it provides coverage for well over 64 million people — the vast majority of which are senior citizens.
But how much do you really know about Medicare? Perhaps you’re in a position where you feel you don’t have to think about it just yet, or perhaps you’re already enrolled and feel you have it all figured out. Regardless of your situation, you should know about a potentially powerful resource: A Medicare advisor.
The team at Ramsey Solutions, of which financial expert Dave Ramsey is the owner and CEO, recently posted an article exploring the benefits of working with a Medicare advisor. GOBankingRates highlighted six key benefits.
They Know the Medicare System Inside and Out
Though Medicare is accessible to anyone aged 65 or older, enrolling can be confusing and at times overwhelming depending on your level of expertise with how the system works. A Medicare advisor knows the system inside and out and can help provide a direct and concise breakdown of a complicated process.
“A Medicare advisor is someone who’s made it their job to know everything there is to know about Medicare,” the Ramsey team wrote. “All the little intricacies and extremely important details you can only find in some 900-page PDF file on a government website.”
You’ll Get a Personalized Experience
When you work with a Medicare advisor, you have access to a more personalized experience. This helps ensure that you get exactly what you need for your situation. After all, we are all unique and health coverage isn’t a one-size-fits-all situation.
The team at Ramsey Solutions highlighted that if you have complex medical needs (like, say, a chronic condition that requires specific medications) or needs that could qualify for Medicaid, a Medicare advisor will walk you through your needs and help you get you what you need in a one-on-one manner.
They’ll Compare Plans For You
Like all health insurance providers, Medicare has a few plans available, but they can be challenging to navigate, particularly if you’re new to it all. A Medicare advisor will compare plans for you with the goal of getting you the right one.
“Advisors can help you compare different Medicare plans (such as Original Medicare, Medicare Advantage, and Medicare Supplement plans) from several insurers,” the Ramsey team wrote. “They can explain the differences in coverage, costs and provider networks, allowing you to make an informed decision.”
They’ll Conduct an Annual Review
Your Medicare needs may change over time — and Medicare, in itself, may change. A Medicare advisor will conduct an annual review on your behalf to keep you informed and on track.
“Medicare plans can change annually, including costs, coverage and the list of drugs covered (called a formulary),” the Ramsey team explained. “A Medicare advisor can review your plan each year during the open enrollment period to make sure it still meets your needs and recommend adjustments if necessary.”
They Help With Claims
The Ramsey team said one of the most confusing issues with Medicare is using your benefits and navigating claims. A Medicare advisor can guide you here.
“If you need help with a claim or you’ve been denied coverage, an advisor can help you navigate the ins and outs of these including figuring out the appeals process and resolving issues with your Medicare plan,” the Ramsey Solutions team noted.
They Can Help You Save Money — And Time
Perhaps the biggest perk of working with a Medicare advisor is that they can potentially save you money.
“Advisors can help you put together a cost-effective plan by finding options with lower premiums, copays and deductibles while making sure it still gives you enough coverage for your situation,” the Ramsey team said.
By doing all this work for you, a Medicare advisor can also save you time, which is arguably as precious as money.
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