Medicare Supplement Plans Made Easy!
Medicare Supplement Plans work alongside of Medicare, rather than taking the place of Original Medicare.
A Medicare Supplement Plan is an insurance policy issued by a private company, which “fills in the gaps” left by Medicare alone (this is why Medicare Supplement plans are often called “Medigap Plans”).
For an easy overview, watch the video below, or read more about how a Medicare Supplement Plan can help predict exactly how much you will spend on your medical expenses.
Frequently Asked Questions about Medicare Supplement Plans
Comparing Medicare Supplement Plans
Q. Many insurance companies have the same plans (ie. “Plan A” or “Plan F”), so what is the
difference between these companies?
A. Companies differ in three basic ways:
1) Ratings – All insurance companies are rated by rating agencies as to their financial strength, etc.
2) Pricing – Two insurance companies can charge two different premiums for the same exact coverage (For example: Mr. Jones decided to purchase a Medicare Supplement, Plan F through his insurance broker.
His broker showed him two quotes. The quote from the ABC Insurance company was $135 for the Plan F.
The quote from the XYZ Insurance company was $150 for the same exact coverage (for Plan F). Although there is a difference in price, there is no difference in coverage.
3) Underwriting – While most plans have very simple underwriting (i.e. very few or no health questions) for newly qualified Medicare Beneficiaries (generally those turning 65), you are guaranteed issue of a Medicare Supplement Plan, regardless of your health conditions or history (if you have End Stage Renal Disease, certain rules apply).
Q. Are all Medicare Supplement Plans available in my area?
A. Probably Not. Insurance companies who issue Medicare Supplement policies must be approved to issue policies by the state you live in.
Medicare Supplemental Plan Options
Q. What Are My Options with a Medicare Supplement Plan?
A. As of 2009 (this will change June 1, 2010), the most common options are listed on this medicare supplement chart. Plan F costs more than Plan A, but the coverage for Plan F is more comprehensive.
Q. How Do I Know Which Medicare Supplement Plan is Best for Me?
A. You should always work with a qualified broker (representing more than one company) who can compare companies and plans in your area to determine which one is a good fit for you.
Get your free, no obligation quote now for your Medicare Supplement Plans now!