Medicare Supplemental Plans Blog

Medicare Supplemental plans are plans that are designed to fill in the “gaps” in Medicare. Medicare is the governmental program for people who are deemed disabled or who are over the age of 65. Although it is a useful program that provides some stability in a time of need, there are many areas in which the Medicare program falls short. That is where Medicare Supplemental plans come in.

The most important thing to understand about supplemental plans is that they are Federally-standardized. What this means is that all companies are required to offer the same coverage plans. Put shortly, a Plan F with one company is the exact same as a Plan F with another company. So, comparing the plans is very easy to do. Here are the recommended steps for comparing and choosing a Medigap plan.

1. First of all, you must understand the standardization of plans. When shopping for a Medigap plan, you are NOT comparing coverage, which plan is accepted at your doctor, or which one pays claims the fastest. All of these things are standardized with Medigap plans. The only things you are comparing are the PRICE and COMPANY RATING/REPUTATION.
2. Once you have that initial foundation of understanding, you are ready to compare. The easiest way to do this is to get a quotes comparison from an independent broker/agency. You, of course, can call each insurance company yourself to “shop” for the plan. However, this would be very time-consuming, if not impossible. Also, understand that it dos not cost you anything to use a broker to compare the plans. There is not a fee for doing this. It is a free service and you get the same rate either way. Plus, you get an unbiased perspective and centralized place to compare the plans.
3. Once you have the information comparing the plans for your age and zip code (this can usually be sent by email), then you can start the process of choosing a supplemental plan. If you want the top level of coverage (Plan F), then you would want to compare “apples to apples” on the companies that offer Plan F. The primary deciding factor should be the price, with company rating/reputation playing a secondary role. Keep in mind that companies all pay claims through the Medicare “crossover” system, and regardless of your company, if your doctor takes Medicare, he/she is required to accept a standardized Medigap plan.
4. Once you have compared, taken any unbiased advice from the broker, and made your decision, signing up for a plan is very easy to do. It can be done any time of the year, and in many cases, can be done online or via phone/email.

Although the process of comparing Medigap supplemental plans may seem daunting, it is actually one that is very easily completed and can be done entirely online if you wish to do it that way. Whether it is us or someone else, we would certainly recommend using an independent broker/agency whenever possible. To get a Medicare Supplement quote from us, simply contact us online or call us at 877.506.3378.