Making comparison among Medicare Supplement Insurance Policies is a vital part of a securing financial future for individuals who signed up for Medicare. It’s easy to register for the initial plan – there are definitely many ways to do that. However, it requires a little more work to compare add-on plans so that you can make a choice that gives you maximum coverage for a cost effective price.
If you have researched the topic a lot, you will probably find that all Medicare Supplement plans, regardless of the company, are federally standardized. That is, every plan is the same from company to company. A plan F with a company is the same as a plan F from another company.
With that in mind, there are a few important guidelines to stay on top of your Medicare supplement comparison:
First and foremost, you should carefully consider what kind of Medicare insurance you currently have (if you already have Medicare insurance). Far too often, seniors think that their employer insurance or Medicare Advantage plan is an actual Medicare supplement. Supplements, however, are named after the letters A-J. If your plan is not named after one of these letters, it is not likely to be a true supplemental Medicare plan. Once you know what plan you have, you can compare apples to apples by looking for plans, knowing that the same letter plan has the same benefit.
Second, get quotes from as many plans as possible. Many people find it easiest to use a qualified broker, but you can do it yourself. However you do, make sure you are vigilant when receiving offers from as many (or all) companies as possible to ensure that you receive the lowest rates.
Finally, make a selection based on all available offers and company reputation. Do not let other factors interfere with your decision-making process. As already mentioned, supplements are standardized by the Federal Government. Cover and claim payments are the same from company to company. So, once you have all the information, make a selection from these plans based on price and business reputation.
How can timing lower your Medigap insurance premiums?
Most health insurance companies use medical underwriting to assess how likely you are to have health bills. The higher the risk, the higher your premiums. Medigap insurance usually goes this route as well, except during a special period that lasts only six months.
If you apply for a Medigap Plan during your Medigap open enrollment, your state of health will not be considered. This special period starts on the first day of the month you are at least 65 years old and you have signed up for Medicare Part B. This is the part of Medicare that covers out-of-hospital benefits and has a monthly premium. Open enrollment usually takes six months, but certain states may have additional periods for people under the age of 65.
During open registration, your right to purchase Medigap insurance is guaranteed. Insurance companies cannot refuse cover because of your health. They cannot even charge you higher than normal rates or limit coverage for any pre-existing conditions. This third way to get the best value in Medicare supplements can protect you from thousands of dollars in medical bills.