The Transition to Medicare Podcast Giardini Medicare

 Are you curious about how Medicare brokers earn their living and how this may impact you, the consumer? In this enlightening episode, we pull back the curtain on the commission structures for selling Medicare products, shedding light on the often-misunderstood world of Medicare commissions.

We unravel how brokers are paid, from selling Medicare Advantage and Medigap plans to hidden incentives that add to their earnings. Learn the distinction between initial and renewal plans and how commission rates differ for various products. Get an in-depth understanding of the Medicare Advantage and Medigap commission structures, backed by real-world examples and precise calculations. We'll also compare these two plans to see which is more lucrative for brokers.

Additionally, we'll expose the hidden incentives, including new carrier bonuses, underwritten bonuses, and reward trips, and discuss how they affect a broker's decision and earnings.  Join us as we debunk the mysteries of this industry, fostering transparency for Medicare beneficiaries.

Giardini Medicare is an independent insurance agency specializing in helping Medicare beneficiaries enroll in the Medigap or Medicare Advantage plan that fits their needs during their transition to Medicare. We are licensed and work virtually in the following states:  AZ, CA, FL,  IL, IN, KY, MI, MD, NC, OH, PA, SC, TX  If we do NOT work in your state, we can refer to agents that we know, like & trust across the country. Fill out the form linked to our map.

Check out our website at  https://gmedicareteam.com/

Also, see our additional educational content over on our YouTube Channel

You can also connect with and learn more on TikTok and our private Facebook Group and while you're at it, check out our Google Reviews!  And please get added to our mailing list so we can remain in touch with you.

Sources:

Senator Warren Hidden Incentives Report

CMS Broker Compensation Data

More Broker Commission Data

Agent Commission Impacting Consumer Choices

Example of Medicare Broker Incentive Reward Trips

Medicare supplement plans can be a great way to fill the gaps in your Medicare coverage, but there are common mistakes that can have costly consequences. In this episode, we'll cover mistakes such as not considering Medigap coverage during your open enrollment period, not considering the cost of the plan, choosing the cheapest plan, not understanding the coverage, and not comparing plans when you are first enrolling.

In this episode, we will provide valuable insights and tips for avoiding these mistakes and making informed decisions about your Medicare supplement plan. If you're looking for ways to optimize your Medicare coverage, tune in to this episode for valuable information that can save you time and money.

Giardini Medicare is an independent insurance agency specializing in helping Medicare beneficiaries enroll in the Medigap or Medicare Advantage plan that fits their needs during their transition to Medicare. We are licensed and work virtually in the following states:  AZ, CA, FL,  IL, IN, KY, MI, MD, NC, OH, PA, SC, TX  If we do NOT work in your state, we can refer to agents that we know, like & trust across the country. Fill out the form linked to our map.

Check out our website at  https://gmedicareteam.com/

Also, see our additional educational content over on our YouTube Channel

You can also connect with and learn more on TikTok and our private Facebook Group and while you're at it, check out our Google Reviews!  And, please get added to our mailing list so that we can remain in touch with you.

Sources:

Issue vs. Age vs. Community
Massachusetts Medigap Coverage
Choosing a Medigap
Medicare and You 2023
Humana: What is Part D?
Links to different states with unique Medigap underwriting rules: Washington, Oregon, California, Nevada, Idaho, Illinois, Missouri, Louisiana, Maryland,

In this podcast, we will be discussing the top five biggest mistakes people make when choosing a Medicare Advantage plan. Medicare Advantage plans can be confusing, and making the wrong choice can have costly consequences. We will cover common mistakes such as not checking if your doctor is in-network, not comparing plan costs, not reviewing prescription drug coverage, not taking advantage of additional benefits, and not reviewing the plan annually. We will provide tips and strategies for avoiding these mistakes and making the most out of your Medicare Advantage plan. If you or someone you know is considering a Medicare Advantage plan, this podcast is a must-listen!

Giardini Medicare is an independent insurance agency specializing in helping Medicare beneficiaries enroll in the Medigap or Medicare Advantage plan that fits their needs during their transition to Medicare. We are licensed and work virtually in the following states:  AZ, CA, FL,  IL, IN, KY, MI, MD, NC, OH, PA, SC, TX  If we do NOT work in your state, we can refer to agents that we know, like & trust across the country. Fill out the form linked to our map.

Check out our website at  https://gmedicareteam.com/

Also, see our additional educational content over on our YouTube Channel

You can also connect with and learn more on TikTok and our private Facebook Group and while you're at it, check out our Google Reviews!  And, please get added to our mailing list so that we can remain in touch with you.

Sources:

KFF Medicare Advantage Extra Benefits: https://www.kff.org/medicare/issue-brief/extra-benefits-offered-by-medicare-advantage-firms-varies/

CMS "What's a Medicare Advantage plan?": https://www.medicare.gov/sites/default/files/2018-07/11474.pdf

Why do Medicare Advantage plans have narrow networks?: https://www.urban.org/sites/default/files/publication/99414/why_do_medicare_advantage_plans_have_narrow_networks.pdf

KFF Medicare Advantage Landscape: https://www.kff.org/medicare/issue-brief/medicare-advantage-in-2022-enrollment-update-and-key-trends/

Are Medicare Advantage plans as bad as people on social media make them seem? Should you just enroll in a Medicare Supplement plan instead?

Some of the "pros" of Medicare Advantage plans include:

- They often provide extra benefits that are not covered by Original Medicare
- Low monthly premiums (often $0/month)
- Prescription drug coverage is typically included in Medicare Advantage coverage
- Maximum out of pocket that Original Medicare does not have
- Ability to change from one Medicare Advantage plan to another Medicare Advantage plan without health questions

Some of the "cons" of Medicare Advantage plans include:

- Prior Authorization
- Potential referrals to see in-network specialists
- Networks of providers
- Potentially higher medical costs compared to Medigap plans
- Yearly contracts with benefits that can and will change every year

*Sources are at the bottom of the show notes*

Giardini Medicare is an independent insurance agency specializing in helping Medicare beneficiaries enroll in the Medigap or Medicare Advantage plan that fits their needs during their transition to Medicare. We are licensed and work virtually in the following states:  AZ, CA, FL,  IL, IN, KY, MI, MD, NC, OH, PA, SC, TX  If we do NOT work in your state, we can refer to agents that we know, like & trust across the country. Fill out the form linked to our map.

Check out our website at  https://gmedicareteam.com/

Also, see our additional educational content over on our YouTube Channel

You can also connect with and learn more on TikTok and our private Facebook Group and while you're at it, check out our Google Reviews!  And, please get added to our mailing list so that we can remain in touch with you.

Sources:

Understanding Medicare Advantage Plans PDF

How does Medicare Advantage plans work?

Services covered by Medicare Advantage

KFF Medicare Advantage in 2022 Study

Official CMS Medicare and You Handbook

KFF Study about Medicare Advantage Prior Authorization

Medicare.gov things to know about Medicare Advantage

Are Medicare Advantage plans more popular and better than Medicare Supplement plans now? Should you still consider enrolling in a Medicare Supplement plan?

Some of the "pros" of Medigap plans include:

- Freedom to see providers across the country that accept Original Medicare
- Low out-of-pocket medical costs
- Prior authorization is very rarely ever needed
- Plans are guaranteed to renew as long as you pay your monthly premiums
- Premium increases are not determined by your individual claims

Some of the "cons" of Medigap plans include:

- Medigap plans rarely cover services not covered by Original Medicare (like routine physicals)
- Higher monthly premiums than Medicare Advantage plans, and premiums increase over time
- Prescription coverage is not included and must be purchased separately
- You may not be able to change to a new Medigap plan in the future

*Sources are at the bottom of the show notes*

Giardini Medicare is an independent insurance agency specializing in helping Medicare beneficiaries enroll in the Medigap or Medicare Advantage plan that fits their needs during their transition to Medicare. We are licensed and work virtually in the following states:  AZ, CA, FL,  IL, IN, KY, MI, MD, NC, OH, PA, SC, TX  If we do NOT work in your state, we can refer to agents that we know, like & trust across the country. Fill out the form linked to our map.

Check out our website at  https://gmedicareteam.com/

Also, see our additional educational content over on our YouTube Channel

You can also connect with and learn more on TikTok and our private Facebook Group and while you're at it, check out our Google Reviews!  And, please get added to our mailing list so that we can remain in touch with you.

Sources:

Medicare and You Official Handbook

Official Choosing a Medigap Policy Guide

*Sources are at the bottom of the show notes*

Medication prices seemingly continue to increase year over year, so we want to provide as many solutions as we can to help you save money on your regular prescriptions. Part D and Medicare Advantage coverage are just one small part of the puzzle when it comes to what you might pay for prescriptions while on Medicare. Make sure you look at all options outside of your insurance coverage if you are prescribed expensive medications.

Giardini Medicare is an independent insurance agency specializing in helping Medicare beneficiaries enroll in the Medigap or Medicare Advantage plan that fits their needs during their transition to Medicare. We are licensed and work virtually in the following states:  AZ, CA, FL,  IL, IN, KY, MI, MD, NC, OH, PA, SC, TX  If we do NOT work in your state, we can refer to agents that we know, like & trust across the country. Fill out the form linked to our map.

Check out our website at  https://gmedicareteam.com/

Also, see our additional educational content over on our YouTube Channel

You can also connect with and learn more on TikTok and our private Facebook Group and while you're at it, check out our Google Reviews!  And, please get added to our mailing list so that we can remain in touch with you.

Sources for this episode (click on the link):

340B Pricing Program

Formulary Exceptions

Application for Low-Income Subsidy

Definition of Low-Income Subsidy

Waiver of Part D Penalty for those with LIS

KFF impacts of Inflation Reduction Acts on prescriptions

Overview of the 340B program

2023 income and resource limits for LIS qualifications

Medicare Interactive LIS Overview

Amazon RxPass eligible medications

Pharmaceutical assistance information from CMS

List of states with prescription assistance programs

340B Facility Location Finder

Pharmacychecker.com