How to Choose the Right Medicare Supplemental Insurance

Medicare Supplement Insurance: How to choose the best plan

Many people new to Medicare often believe Medicare will take care of all their medical expenses, but in actuality Medicare generally will only pay 80% of eligible costs less deductibles. The truth is, a Medicare supplement policy will be necessary to cover what Medicare doesn’t cover. Sometimes called Medigap Insurance, Medicare Supplemental insurance will pay all or most of what Medicare doesn’t pay on covered services.

When shopping for Medicare Supplemental Insurance, there are so many important factors to research that most people find it stressful and nearly impossible to navigate all the options on their own.

So we’ve provided this information to help you make intelligent, informed decisions about your Medicare & supplement needs.

Medicare Supplement Insurance Basics

Here are some basics to know before you begin shopping:

1.) Plans of the same letter are standardized. Some insurance companies may want you to believe they offer more than their competitors. The truth is that plans are standardized - insurance companies can only sell one or more of the ten standard plans. Each of the ten plans are represented by a letter – the same letter plan from one company is the same coverage as the same letter plan from a different company. Benefits remain the same, regardless of which Medicare Supplemental Insurance Company is chosen. However, there are big differences in prices and the quality of customer service…

2.) Timing can be important. Although there may be other chances, depending on different states, companies and law, the best time to get Medigap Insurance is during open enrollment. This time period lasts for six months once you turn 65 years old and become enrolled in Medicare. Most states allow for guaranteed coverage during this open enrollment period, no matter what your medical history may contain.

3.) Prescription drugs are probably not included. If you are just now considering Medicare supplement insurance, you will need to look elsewhere for help with prescriptions. Medigap insurance after 2006 no longer includes any coverage for prescriptions. However, a solution can be found through the part D plan of Medicare.

4.) Younger, disabled people may have trouble getting supplements. Supplements are available for everyone who qualifies for Medicare. However, unless you obtain coverage during your “open enrollment” period, getting coverage if you are on Medicare because of a disability, can be challenging.

5.) You do not have to use a certain insurance company. Some companies may lead you to believe that there are no other choices for Supplemental insurance. The only requirement is that the company must be licensed to sell Medicare gap insurance in your state.

6.) Shopping for Medicare Supplemental Insurance can be very time consuming. With so many different companies, it can take a lot of time to wade through the information and determine which company offers the best price. Again, coverage’s are the same… only the price and service will be different.

The Best Way to Choose a Medicare Supplement Plan

As you are probably realizing, there is a ton to know and understand. And the information above is only the beginning. Each person’s needs and what plans they qualify for can also be different.

It is very easy to be misled, “ripped off”, improperly covered and even miss opportunities that may not be available again.

So what is the answer? Truly, the best way to choose the Medicare Supplement policy best for you is to get honest, trusted help from an independent agent that specializes in Medicare Supplement.

Here’s why:

1.) An honest, experienced independent agent allows you to relax and carry on with your own business while they complete the search.

2.) They know all the rules, details & best priced plans available. In the end, you are presented with the best choices for you without hassle and worry.

3.) There is no additional cost for using an independent agent to find the best provider & costs and because they have no allegiance to any one company.

4.) They are free to pursue your best interests. Be sure to work with an independent agent that will shop many reputable companies for you.

5.) You will save time, money and grief by getting personalized help from an honest, reputable, independent Medicare Supplement agent.

As an independent Medicare Supplement insurance agency for the last 25 years, Reed & Associates is committed to working with your situation to determine the best company for your Medicare Supplement insurance.

We represent you and have no ties to specific insurance providers. We shop over 30 companies. Our best interest is finding and giving you the best program possible.

If you need help with these or any other issues surrounding Medicare Supplemental Insurance, simply give us a call. Let us relieve your concerns and help you find the perfect plan to meet your needs. Feel free to call us with any of your questions.