I recently spoke to a client that had been on Medicare for a little over a year. She was interested in switching carriers, as she found out that she was paying $53.00 per month more than she should have been paying for a Plan G. At $53.00 per month that equals over $600.00 per year! She said when she spoke to the agent that signed her up for the policy he assured her this was the best option for her and she would be able to switch at any time. He went on to tell her the other companies were not as reputable and they do underhanded things to get business. This should have been her first red flag! It is okay to give the facts about the various companies out there, but the way she described it to me means he was downright trashing the other companies. I suspect this was because he was a captive agent, only able to offer the one company as opposed to an independent agent that can offer multiple options.
He was correct that she can change Medicare Supplemental plans at any time, but after you have been on Part B for more than six months, in most cases, you have to answer health questions! She had a heart attack a year and a half ago and she was diagnosed with COPD two years ago. She is not going to qualify to change plans, for a long time if ever! In my opinion that agent should not be allowed to help people with their insurance. He should have his license revoke if he truly told her those things. I really have no reason to doubt her. Now she is stuck paying entirely too much for her Plan G and she is not happy with the price she is paying, and rightfully so.
Your agent should take the time to go over all of the options available to you and explain it in a manner you understand. The goal is to help you make the best decision for you, not make the most money you can make off of a client. My approach is simple make sure the client is taken care of every step of the way and everything else will take care of itself. If you have any questions please call me at 803-562-8534 or shoot me an email at firstname.lastname@example.org.
I hated to be the messenger to her but we are currently exploring her options as to what we can do. Remember you are doing the agent just as big a favor as he is you.