Medicare Supplement Comparison – What’s Important & How to do it!

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What’s Important?

Medicare Supplement QuoteMedicare Supplement Comparison is extremely important when determining which Medicare Supplement Plan you should purchase. When comparing these plans one should consider what type of plan is best for their health condition, the company offering the policy, and the method in which they purchase the plan. Ignoring any of these factors when doing Medicare supplement comparison could lead to a faulty choice and unexpected shortcomings down the road.  The first and most important decision is what type of plan you should purchase…

Medicare Supplement Plans are standardized by the Center for Medicare Services (CMS), which means every company must sell the same exact plans and offer the same exact benefits. These plans range from Plan A, which offers little coverage, to Plan F, which offers extremely good coverage and is the most popular choice for people turning 65 and for those who are leaving employer health plans. Plan F is the very best plan and all plans should be measured by this standard when doing a Medicare Supplement Comparison. The second best Medicare Supplement Plan is Plan G, which after June 1st, 2010 will offer every benefit Plan F offers except this plan will not pay the Part B deductible, which is $155 in 2010. The benefit of purchasing Plan G is the monthly premium is often less than Plan F.

How To Do It?

When doing a Medicare Supplement Comparison, make note that Medicare Supplement Plans E, H, I, and J will be eliminated in 2010 and Medicare Supplement Plan N & M will be introduced to the marketplace. The reason for these changes is because Medicare is eliminating two benefits, which are “Preventive Care” and “At Home Recovery”. These benefits were rarely used by Medicare recipients and Plans offering these benefits are being eliminated. However, all plans will include an additional hospice benefit, which will be much more beneficial to people who purchase these plans.

Medicare Supplement Companies offer the exact same plans and benefits, but the prices they charge for those plans will be very different and some companies provide much better service than others. Companies with low prices include Gerber Life, Mutual of Omaha, Family Life, and Blue Cross. However, it is important to compare prices in your area as prices and available companies can differ depending on where you live. Medicare Supplement Companies with excellent service include Mutual of Omaha, AARP, and Blue Cross. Make sure not to overlook service when doing a Medicare Supplement Comparison as billing issues with medical providers are common.

There are several ways to purchase Medicare Supplement Plans, including buying from your local agent, purchasing directly from the insurance company, or using an insurance broker who specializes in Medicare supplement insurance. Local agents often times only carry one or two companies, which makes it difficult for them to offer competitive plans and prices, especially considering all of the new plans and companies that are available in the marketplace. In addition, local agents rarely specialize in Medicare supplement insurance so they may not have the knowledge necessary to make a good recommendation. You can purchase directly from the insurance company if you wish, but you will not have an agent to call when issues arise, and you will not have anyone to call for advice regarding prescription drug plans and new Medicare plans and changes. In addition, you do not receive a discount for purchasing directly from the insurance company. The best way to purchase Medicare Supplemental Insurance is to use an Insurance Broker who specializes in this type of insurance and carries all companies. This partner can be very helpful and will provide advice regarding all new Medicare Plans and Prescriptions Drug Plans. In addition, you have someone who will pick up the phone every time and will take care of all customer service and billing issues. If you would like to do a Medicare Supplement Comparison or would like to enroll in any plan, please do not hesitate to call the experts at Medicare Supplement Shop at their toll free number – (800) 807-0177.