Best Medicare Supplement Insurance - An Expert Opinionposted on October 28, 2010
Finding the Best Medicare Supplement can be a daunting task, especially if you are just turning 65 or are new to Medicare. There are many things to consider including which Medicare Supplement Plan to buy, which company to buy it from, how much you need to pay. In addition, some Medicare plans may have extra benefits that may be beneficial depending on your lifestyle and medical needs. It is extremely important to choose wisely as this decision may directly affect your health and your finances for the rest of your life.
Medicare Supplement Plans are standardized by the Center for Medicare Services, which means every insurance company must offer the same exact plans and the same exact benefits. There are many options to consider, but there are only a few plans that are worth buying. Medicare Supplement Plan F is the most popular Plan, mostly because it has the most comprehensive coverage available to seniors. People who purchase Medicare supplement plan F rarely pay medical bills because all medical and hospital dueductibles and copayments are covered. In addition, this plan can be very affordable because the insurance companies can reduce the price due to the large amount of people who purchase this plan. The second most popular medicare supplement plan is plan G, which is exactly like Plan F except you must pay the Medicare Part B deductible, which is $155 for 2010. This plan is cheaper than Plan F and may be more cost efficient for people who are in great health and rarely see the doctor.
As we age and need more medical help, service becomes much more important. Good customer service and ease of use can be priceless, especially after dealing with major health issues and huge medical bills. Choosing a company that pays the bills on time, has direct claims processing, and who picks up the phone when you have a problem can be very important. Good medicare supplement brokers and your healthcare professionals will be able to easily tell who which companies are best in this area. Keep in mind if you purchase your Medicare supplement plan from an experienced and knowledgable agent or broker you will have much better service at no additional cost.
Medicare Supplement Plans are standardized, which means there can be huge differences in monthly premium for the exact same plans and benefits. The Best Medicare Supplement Plans offer comprehensive coverage for a low price. This difference in price is why it is so important for people to compare all companies to make sure they are receiving the best Medicare Supplement plan available for the benefit package they choose. In some cases, brand name companies can charge over $100 more per month more than their competitors for the exact same plan, which is why some couples can save over $2000 per year just by choosing the best medicare supplement company.
The Best Medicare Supplement companies will offer extra benefits in the form of prescription discount cards, discounts for vision services, and free gym memberships through special programs. These benefits can be very useful if enjoy an active lifestyle, or need extra care. A few companies that offer these programs include Humana, AARP, and Mutual of Omaha. However, you should contact a knowledgable agent to see exactly what these additional benefits entail and they are subject to change at any time, making this the least important thing to consider when making a buying decision.
There are also several factors that may seem important to consider, but have no real benefit to the consumer. When looking for the Best Medicare Supplement, many people believe that brand name and the financial strength of the company are important. However, this type of insurance is secondary in nature because Medicare is your primary insurer. Therefore any doctor or hospital that accepts original Medicare will accept your Medicare supplement plan regardless of which company you choose. In addition, while financial strenth of the company is always important to some degree, it is not an important factor in this situation because if your insurance carrier were to go bankrupt, Medicare would give you a special guaranteed issue period and you would be able to purchase any plan from any company without going through underwriting. Keep in mind, it is possible to purchase a great plan from a great company for a very affordable price. A good medicare supplement broker can easily help you compare all companies and find the Best Medicare Supplement.
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