While MarketWatch columnist Brett Arends raises legitimate concerns about the complexities surrounding Medicare enrollment and the insurance brokers who assist beneficiaries (“The Medicare scandal hiding in plain sight,” Oct. 16), he unfairly paints a broad picture of financial professionals as profit-driven actors without considering the critical role brokers play helping consumers navigate the Medicare Advantage marketplace, which now accounts for more than half of all eligible Medicare beneficiaries. Agents and brokers educate consumers on how Medicare works, both broadly and in conjunction with other products such as Part D prescription drug plans, to simplify a complex decision-making process.

Arends’ focus over commission-driven behavior disregards critical facts. For instance, many insurance professionals build their careers on doing what is right for their clients to maintain positive reputations in their communities and to achieve long-term success. The portrayal of financial professionals as actors prioritizing their bottom line over consumer welfare is not the norm but rather the exception. Agents and brokers, rather than the nefarious actors Arends portrays, offer personalized services that help Medicare beneficiaries select the plans that best meet their healthcare and prescription drug needs.  

Arends also raises the idea that beneficiaries could turn to their state’s State Health Insurance Assistance Program, known as SHIP, because “these are genuinely independent advisory bodies, funded by the federal government, who are there to help us navigate the minefield.” This also requires clarification. While SHIP is funded by the government, it is staffed by volunteers—volunteers who do not have specialized training in insurance and are not licensed insurance professionals. Without the extensive training and experience, SHIP volunteers may not be equipped to offer the nuanced, informed advice necessary for making the best insurance decisions for consumers.

With more than 11,200 baby boomers turning 65 every day (that’s over 4.1 million every year between now and 2027),  more Americans will need informed guidance navigating the complex world of Medicare from experienced, ethical financial professionals. Far from being the villains painted by Arends, insurance professionals serve as vital resources who are committed to ensuring their clients’ financial security as they reach and live through their golden years.