Medicare Supplemental Plan Quotes
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Comparing Medicare Insurance Plans
The purpose of comparing Medicare supplemental quotes is to ensure that you get the best value for your premium dollar. Since the plans are standardized, they are easy to compare, and you can easily see which plan makes the most sense for you.
Here are some guidelines to getting quotes and comparing plans:
- Get quotes from an independent source. While there are many sources out there for obtaining Medicare supplement comparisons and quotes, the best source is always going to be an independent agent or agency. They can provide you with unbiased information from multiple companies so you can actually “shop” for the best rate and not get “sold” a plan.
- Compare on your own terms. Once you get the information you are seeking, you should take your time in understanding the plan differences. Don’t make a hasty decision based on talking to just one person. Many of our clients like the ability to compare quotes by email in the comfort of their own home without ever having to meet with, or even talk to, an agent.
- Evaluate with the knowledge that coverage and claim payments are standardized. These are the most basic tenets of Medicare supplemental insurance, and you must understand them before comparing your plan options. All companies are required to offer the same standardized plans, and claim payments are also standardized. They are paid through the Medicare “crossover” system, so one company (no matter what they tell you!) does not “pay better” than any other company.
- Make an informed, unbiased selection based primarily on price. Price truly is the bottom-line when it comes to Medicare supplemental insurance. If price is equal, or close to equal, then we recommend looking more at the companies themselves (reputation, rating, etc.), but with the standardization of plans, price should be your primary comparison point.
Rates for Medicare Supplemental Plans
Medicare Supplemental rates can vary widely, depending on which state you reside in. Even though many of the companies that provide supplemental insurance operate nationwide, they set their rates on a state-by-state basis. The state you live in is one factor that determines what you will pay for a Medicare supplemental plan. Other factors include your age, your gender, your tobacco usage, your zip code, and your height/weight (with some companies).
If you are NOT in an open enrollment or guaranteed issue period (i.e. turning 65, going on Medicare, retiring, losing other coverage, etc.), you will have to answer health questions on a Medicare supplement application, generally speaking. However, these questions vary greatly from one company to another. So, you should rely on the assistance of an experienced agent to guide you to the company that you can effectively qualify for (if you are not in an open enrollment or guaranteed issue situation).
Why You Should Get a Medicare Supplemental Insurance Quote
If you are turning 65 or going on Medicare, it is simply part of your process of a sound financial plan. It prevents the catastrophic costs that can be associated with having only Medicare as coverage. If you are already on Medicare, put simply, you should get a quote because it can put extra money in your pocket. Since plans are standardized, over 90% of people who have had a supplement plan for over a year can save money for equal coverage. Those are good odds!
Here are a few other advantages to getting Medicare Supplemental insurance quotes:
- You can save thousands of dollars a year for equal coverage.
- An unbiased comparison from an independent agent can help you make a thorough, informed decision in an unbiased, no pressure situation.
- Comparing quotes is the only sure way to get all of the information. If you talk only to a company directly, they are obviously going to sell you on the benefits of their particular company.
- New companies and plans are constantly coming out, and insurance is a constantly-evolving business.