Fair Square Medicare is a broker that can shop for Medicare Part D, Medicare Advantage and Medicare Supplement plans for you. It's a good choice if you want guidance while choosing your Medicare plans. The company's Medicare Advisors will recommend plans that cover your doctors, pharmacies and prescription drugs, and they'll review your options annually. Fair Square Medicare is relatively new and might not be a good choice if you feel more comfortable with an established broker.
Is Fair Square Medicare good?
Fair Square Medicare is a good company if you want help finding Medicare options.
Fair Square Medicare is a Medicare insurance broker, which means it sells plans from different health insurance companies. A Medicare broker can help you navigate your coverage options to find coverage for your situation.
Fair Square Medicare can help you find a Medicare Part D, Medicare Advantage or Medicare Supplement plan. Its Medicare Advisors can also help you decide when to sign up for Medicare Parts A and B.
Fair Square Medicare can recommend plans that cover your doctors and pharmacies. If you shop directly on Medicare.gov, you won't be able to see if your doctors are in a plan's network without doing additional research. Using a broker also lets you see plans from different health insurance companies to compare coverage and prices.
One of the biggest perks that Fair Square Medicare offers is an annual review of your account. Medical needs can change from year to year, which means your plan may no longer be your best option. Fair Square Medicare will review your plan and your needs every year to make sure you have the best coverage.
Plan options and types
Fair Square Medicare can help you find Medicare Advantage, Supplement and Part D plans.
Fair Square Medicare is an insurance broker. Instead of selling its own policies, Fair Square Medicare can help you buy policies from a range of different health insurance companies. Fair Square Medicare can help you get policies from the largest health insurance companies and many regional companies.
Depending on your needs, Fair Square Medicare can help you find and purchase three different types of policies.
- Medicare Part D: This provides coverage for your prescription drugs.
- Medicare Advantage: These policies bundle Medicare Parts A and B together, and they often come with prescription drug coverage and additional perks.
- Medicare Supplement: Also called Medigap plans, Medicare Supplement plans can be layered on top of Original Medicare (Parts A and B) and help to lower what you pay for health care.
The specific Medicare products available to you will depend on where you live in the country and what companies are available in that area.
Fair Square Medicare can also help you decide when you should enroll in Medicare Part A and Medicare Part B. You'll have to sign up for these Medicare parts yourself since they are sold by the government.
How Fair Square Medicare works
When you first start working with Fair Square Medicare, you'll go through four steps to find the right Medicare option for you.
- Consultation: The initial consultation is how Fair Square Medicare learns about you. You'll talk with a Medicare Advisor and learn about what types of Medicare coverage are available. You and the advisor will discuss your wants and needs from your Medicare coverage. The advisor will ask about your prescription drugs, what doctors you like to use and what pharmacies you go to.
- Review: After about two weeks, a Medicare Advisor will contact you again to review the plan options they think will work best for you. These options might include a Medicare Advantage plan, a stand-alone Part D drug plan or a Medigap plan combined with Original Medicare.
- Enrollment: Once you've chosen a plan, Fair Square Medicare will enroll you. You may need to work with your Medicare Advisor to fill out an application.
- Confirmation: Fair Square Medicare confirms with your insurance company that you've been enrolled in the plan. You'll get proof of the enrollment so you know you have coverage.
You can also shop for plans on the company's website. If you don't need as much guidance but still like the idea of a Medicare Advisor when you have questions, this could be a good option.
After the first time you buy a plan with Fair Square Medicare, the company will review your account annually to make sure your plan is still the best option for you. Only 29% of Medicare enrollees compare their policies to other options at open enrollment, according to a study by the Kaiser Family Foundation. Medical needs can change, so it's important to make sure your plan is still a good fit. Fair Square Medicare can help you decide if it's time for a plan change and can help you find a better policy if it is.
Cost of Fair Square Medicare
Fair Square Medicare doesn't charge a fee to find you a Medicare plan.
You'll still pay a monthly premium for your plan, though. The cost of your plan will depend on what company you choose, where you live and what kind of plan you buy.
Insurance companies pay a commission to Fair Square Medicare based on the plan you buy. That's how the company makes money since it doesn't charge a fee for its services. Fair Square Medicare says that it recommends plans based on which options are right for you, not on how much commission it makes.
The national average cost of a Medicare Advantage plan ranges from $7 per month to $42 per month for five of the companies that Fair Square Medicare works with.
Find Cheap Medicare Plans in Your Area
Many Medicare Advantage plans have no monthly premium. Each company has its own selection of policies, and some policies have more perks than others. Your cost will change based on your needs. You'll pay the same cost for your plan if you buy it from Fair Square Medicare, another broker or Medicare.gov. The benefit of using Fair Square Medicare is that you'll get expert advice to help you choose the right plan.
Average cost of a Medicare Advantage plan
The average cost of a Medicare Part D plan is $49 per month, while a Medicare Supplement policy costs an average of $139 per month, although prices vary based on the plan you choose.
Remember to factor in your Medicare Part B rate as well. For most people, Part B costs $164.90 per month. You'll pay that in addition to the cost of a Medicare Advantage, Medicare Supplement or Medicare Part D plan.
Fair Square Medicare advertises that it recommends companies and plans regardless of the commission. As long as the product is right for you, the Medicare Advisors will recommend it, even if it means they make less money. The brokerage estimates that 55% of its clients are on low-commission plans.
Where can I buy Fair Square Medicare?
Fair Square Medicare can help you buy a Medicare policy in all 50 states and Washington, D.C.
The specific companies and plans that are available will vary based on where you are.
For example, Aetna Medicare Advantage plans with prescription drug coverage aren't available in Alaska, Hawaii, Montana or Vermont. If you're in one of those four states, Fair Square Medicare can still help you find a Medicare Advantage policy, but Aetna won't be an option.
Similarly, Cigna Medicare Supplement plans aren't sold in Massachusetts or New York. If you want a Medigap policy in one of those states, Fair Square Medicare will help you review the companies that are available.
Customer reviews and complaints
Fair Square Medicare has good customer reviews. But because Fair Square Medicare is only a few years old, it doesn't have many third-party reviews.
Better Business Bureau (BBB) gives Fair Square Medicare an A+ rating. BBB ratings are based on how likely a company is to interact with its customers. A high rating indicates that Fair Square Medicare stays in contact with its clients. However, there are no customer reviews on BBB about Fair Square Medicare yet. So far, customers have not reported any specific issues or problems to BBB.
According to its website, Fair Square Medicare has a Net Promoter Score (NPS) of 95 out of 100. These scores rate how likely a customer is to refer a business to someone else. A score of 95 means that a large number of Fair Square Medicare's customers say they would recommend the service. Fair Square Medicare also reports that 94% of its clients stay with the brokerage each year, instead of choosing another broker or working directly with a health insurance company.
Frequently asked questions
Is Fair Square Medicare legitimate?
Yes, Fair Square Medicare is a licensed Medicare broker. The company can help you understand Medicare and which options are right for you. A Medicare Advisor will then look at options from different health insurance companies to find the best policies.
Do I have to pay for Fair Square Medicare?
No, you will not pay a fee directly to Fair Square Medicare. The company earns a commission on the policies it sells and doesn't charge for its services. Fair Square Medicare advertises that it recommends the best policy options for each customer, regardless of how much the commission is.
How old is Fair Square Medicare?
Daniel Petkevich founded the company in 2020 after seeing how difficult it was for his parents to decide what Medicare plans were best for them.
Who are the competitors of Fair Square Medicare?
Alight Retiree Health Solutions, Chapter, Fidelity Medicare Services and Medicare Choice Group are all good options for Medicare brokers. These four companies have completed the National Council on Aging Standards of Excellence training. This helps ensure a company is working in your best interest. Additionally, many brokers are local, so you may be able to find a company in your area that can help you find a Medicare plan.
Methodology and sources
Medicare Advantage costs are from the Centers for Medicare & Medicaid Services (CMS) public use files for 2023. Average costs are not specific to plans sold by Fair Square Medicare. Rates are national and based on plans with prescription drug coverage. Our analysis excludes employer-sponsored plans, Special Needs Plans, Medicare-Medicaid Plans (MMPs), PACE plans, sanctioned plans and health care prepayment plans (HCPPs).
The average cost of Medicare Part D is also from CMS public use files. Employer-sponsored plans and sanctioned plans were excluded. The average cost of a Medicare Supplement policy is for a 65-year-old nonsmoking woman. A household discount was not applied. The cost is based on preferred pricing at initial enrollment and doesn't factor in medical underwriting.
Other sources for this article include Better Business Bureau, Fair Square Medicare, the Kaiser Family Foundation and the National Council on Aging.