Everything is bigger in Texas. Did you know that it’s closer from El Paso to Los Angeles than it is from El Paso to Beaumont? Texas is home to the world’s largest pecan and the largest fire hydrant. How did we get so lucky? It feels like we are also the not so proud owners of the largest highway system in the world. Thank TxDOT.
According to the Texas Department of Insurance, there are around 60 different insurance companies selling Medicare supplements and/or advantage policies. These include Blue Cross Blue Shield, Aetna, United Healthcare, Humana, Cigna, AFLAC, and more. For comparison purposes, Florida, who is home to more bocce ball courts than any other state, has about 30 insurance companies in the Medicare market. So, how are you supposed to pick which company to do business with?
First, talk to a reputable broker. As independent brokers, we work for our customers and no one else. Period. We have no allegiance to any insurance company, and we don’t report to Downtown Dave – the vice president of ABC Insurance company who graduated high school 6 years ago and somehow thinks that he knows the market because his Uncle Stan gave him a job with a fancy title. Our allegiance is to our customers, and we are fiercely loyal to them. We believe that the most respectable and trustworthy brokers work to serve their customers’ needs. An independent broker will be able to assist you in researching which company will be the best fit for your needs. If a broker is selling you a policy, ask them, “Why this company?”
Time works against us in terms of insurance premiums. It costs more to insure people and property as it ages. Talk to your broker about price stability in the Medicare plans they are advising. See if there has been volatility in rate adjustments or if the rise has been stable and manageable over time. Ask your broker about past price hikes and expectations for the future.
Check the insurance company credit ratings. Like your time in school, A’s are better than B’s. You can also check on companies with the individual state departments of insurance. Ask your broker or search AM Best: https://web.ambest.com/home
Like your personal physician or attorney, ask a lot of questions and trust your broker with their advice. Your relationship with your broker will hopefully prove to be valuable.
Obligatory legal asterisk * – Once you become Medicare eligible, you will be bombarded with Medicare options. Do business with people that you know, like and trust and follow their advice. Ask a bunch of questions so you can make informed and educated decisions for yourself. If you would like more information or have questions, call us or come by. We have a very average coffee selection that we would love to share with you. Let’s talk soon.
