Finding the Best Medicare Supplemental Insurance Rates

Finding the Best Medicare Supplemental Insurance Rates

Whether you are just turning the age of 65, have been on a Part A and Part B for quite some time, or you are disabled and qualify for Medicare it’s highly likely that you will be looking for some kind of supplemental insurance to help offset costs. Many people will choose a Medigap policy which is outstanding coverage offered by private insurance companies. The key is to finding the very best Medicare Supplemental insurance rates, and knowing how to do it.

The Different Plans and Rates

As you likely have read there are many different Medigap plans to choose from, all with slightly different benefits that cater to a variety of people. These people range from those under 65 who are on disability or end-stage renal disease, right up to people who have been on Medicare Part A and Part B for years.  There are three different Medicare Supplement plans that typically get sold the most.

Medicare Supplement Plan F

This plan is one of the most popular as it offers the most comprehensive coverage out of all the plans. After Part A or B Medicare pays the 80 percent on all approved expenses, Plan F will pick up the difference up to 100%. There are no networks just like any other Medigap plan, no deductibles to pay, never any co-pays, and no coinsurance. It’s outstanding coverage!

Medicare Supplement Plan G

This is another great plan offered by several companies at lower premiums than Plan F. The trade-off for these lower monthly costs is that you must pay one small deductible each calendar year, one-time, before Medicare Part B will start paying anything. The deductible is called the Part B annual deductible and averages around $150 per year. Once you pay this deductible Plan G becomes just like Plan F where it pays 100 percent of the gaps in Medicare.

Now simple math will tell you:

If the annual cost of the premiums for Medigap Plan F are more  than $150 over Plan G, you’re paying the insurance company extra money (some call it a very expensive service fee) to write the check with your cash to pay Medicare the deductible.

Are You Age 69 and Over? If So……Plan G!

In the age bracket of over age 69 and especially into your 70’s, the difference in premiums between Medigap Plan F and Plan G is far greater. This makes Plan G an even better option to save you the most money possible.

We have seen people save over $500 per year by switching from one company’s Plan F to another’s Plan G.  Check rates using our website for both plans to see how much you can save!

Choosing a Company

After determining which plan will fit your needs it’s time to choose a company. An important thing to realize with these plans is that every company offers the exact same coverage. Their premiums however, differ greatly. This means unless you have an agent check them all to see which one has the very best Medicare Supplemental insurance rates, you could up overpaying by as much as $70-100 per month.

Using this website and hopefully allowing one of our experienced agents to assist you (There’s never a cost..it’s FREE!) you can quickly see which company has the lowest quotes. As well we can help determine your eligibility based on your own current situation, and our suggestions based on the underwriting guidelines of each company. It’s a win-win scenario and our clients love us for it.

What’s Good Today Might Not Be Good Next Year

Finding the best rates is only part of the equation. Remember we mentioned that every company has the same coverage yet different premiums? Well they all have rate increases periodically, typically once per year. This means you might be paying too much in a year or two based on the current pricing of the market, and the only way to tell is if we check the rates again each time you get an increase.  We make this process very easy for you, so you don’t have to!

How to Deal With Rate Increases

We have an annual review process that checks your rate each year to see if you’re still with the best plan. Because you may change your Medicare supplement anytime throughout the year, we’ll have the flexibility of changing to the lowest priced plan you qualify for at the time of your increase. We’ll shop the rates so you don’t have to (Again, we don’t charge for this…it’s FREE too!).

Changing Medigap Plans

Changing your plan is as simple as filling out another application. You never cancel any existing coverage until the new policy is in place. Once it is you are free to cancel your old policy and start putting money back in your pocket. Wouldn’t it be nice to have someone working for you to make sure every year you’re getting the best Medicare Supplemental insurance rates possible?

You could go it alone, but why would you? To compare plans and rates enter your zip at the top of the page and start saving!