How to Choose the Right Insurance Agent for Your Needs
Let’s be honest: health insurance is far from simple in the United States.
The best way to understand all of your coverage options is to work with an experienced agent – but not all are created equally. You need to know how to choose an insurance agent who has your best interests at heart and is capable of navigating complex, evolving policies and regulations.
The question is, how do you find this insurance agent – especially if you’re in your 50s, 60s, or beyond?
As a professional insurance agency, that’s what we aim to explain in this blog. Whether you’re in Nevada or another U.S. state, this step-by-step guide will teach you how to find an insurance agent you can trust to guide your decisions.
(1) Examine & Understand Your Requirements
You don’t have to know which specific policy you’re interested in before finding an agent. However, you do need to have some idea of your healthcare needs and what you’re looking for in a strong coverage option.
To help you out, here’s a brief overview of the types of insurance you might want to discuss with your agent:
Type of Insurance Coverage
Medicare
Medicare is a federal health insurance program for people aged 65 and older, as well as some younger individuals with disabilities. It consists of different parts, including Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage), and Part D (prescription drug coverage).
As of 2024, over 67.2 million Americans are enrolled in Medicare. If you think this might be a fitting solution for your situation, you’ll want to look for an insurance agent that specializes in Medicare coverage and education.
Medicare Supplement Insurance (Medigap)
This type of insurance consists of policies offered by private insurers to help cover some of the costs after Medicare, such as copayments, coinsurance, and deductibles.
In other words, Medicare pays first, but your supplement plan could help cover those leftover expenses. Most Medicare insurance agents will help you evaluate if this is a suitable choice for you.
Long-Term Care Insurance
If you’re looking to cover long-term care needs, you may need to look beyond the coverage options offered by Medicare. Long-term care insurance includes nursing home care, assisted living, or in-home care.
According to the nonprofit organization KFF, only about 28% of those between the ages of 50-64 say they have set aside money that could be used to pay for future living assistance expenses. This share is higher among adults ages 65 and older (48%), but half of adults in this age group also say they have not put any money aside for this purpose.
If you’re in a similar situation, long-term care insurance could offer an opportunity to prepare for your later years and ensure the financial burden does not fall solely on your loved ones.
Life Insurance
Have you thought about the legacy you’ll leave? Life insurance provides financial protection for beneficiaries upon the policyholder’s death. You can choose from different types, including term life, whole life, or universal life insurance.
Budget Considerations
Once you’ve considered the type of insurance you’re interested in, you’ll need to assess your financial limits and what you are willing to spend on premiums. This will help you find a policy that fits your budget and still offers adequate coverage.
Additionally, you’ll have more productive conversations with insurance agents if you’re prepared to answer their questions about your spending capabilities.
Specific Needs or Preferences
Beyond your insurance type and budget, you’ll also need to consider any unique requirements you might have, such as the availability of online tools and resources or a preference for face-to-face interactions.
These might seem like minor things, but we’re firm believers that you should feel comfortable and enjoy working with your insurance agent. Different setups work for different people, so think about what arrangement you might prefer.
(2) Inquire About the Agent’s Qualifications
Just because someone is a professional “insurance agent” doesn’t mean they necessarily have the same skills, abilities, or qualifications as another agent.
As you begin your hunt for a good agent, evaluate each candidate closely. Here are some things to consider:
Independent Agents vs. Captive Agents
Independent agents work with multiple insurance companies and can offer a variety of options and policies. This flexibility allows them to tailor recommendations to your specific needs.
Captive agents, on the other hand, work exclusively for one insurance company. They often have deep knowledge of their company’s products but cannot offer expanded knowledge on other options available to you through other carriers. As a result, their options are also limited to what their company offers.
If you want to evaluate all of your potential options from different insurance companies, you’re better off working with an independent agent.
Verifying Licenses and Credentials
Another great tip is to ensure the agent is actually licensed in your state and has the appropriate credentials. You can verify licenses through your state’s insurance department.
Experience in Your Specific Insurance Needs
We recommend looking for an agent with experience in the specific type of insurance you require. This expertise can be invaluable when navigating complex policies and coverage options, especially when dealing with Medicare plans.
Get Expert Insurance Advice
(3) Research & Evaluate
Once you know what you’re looking for and who you’re looking for, it’s time to gather information and evaluate potential agents through research.
Ask friends, family, or colleagues for recommendations based on their experiences with insurance agents. Then, check reputable websites for online reviews and ratings of agents. Pay attention to feedback regarding their service, professionalism, and responsiveness. Reviews speak volumes.
You should also ensure the agent is accessible and communicates in a manner that suits your preferences, whether that’s via phone, email, or in-person meetings. After all, you’ll be working closely with this person.
(4) Make an Informed Decision
After evaluating your options, you’ll finally be ready to make a decision that aligns with your needs and comfort level.
At the end of the day, you should select an insurance agent that makes you feel comfortable and confident in their ability to get you the coverage you need. This is your health, and you deserve a partner who has your full trust.
Explore Your Insurance Options
In Summary
Learning how to choose an insurance agent is a vital step in securing the protection you need for your assets and loved ones. Whether you’re looking for Medicare guidance or a long-term care plan, you need an insurance professional to help you navigate the process.
Have Questions About Senior Insurance Services? We’re Here to Help
At Senior Insurance Agency, we are dedicated to helping Nevada residents find insurance solutions tailored to their unique needs. We’ve been working with local individuals and families since 1986, and we’re proud to offer unparalleled support.
Contact us today to speak with one of our experienced insurance agents in Sparks, NV. We’re happy to answer all of your questions and work toward the best-suited solution for your health, financial goals, and long-term needs.