Enrolling in Medicare and determining your best option for a Medicare Supplement can be challenging. Here are some things to consider that will help you to make the best decision in selecting a plan.
From Page 81 of the 2019 Medicare and You Handbook, “Medicare Supplement Plan Policies are STANDARDIZED. Every Medigap policy must follow federal and state laws designed to protect you”. There are 10 different plans available: A, B, C, D, F, G, K, L, M, N,, each offering a different level of benefits and coverage. Plan F pays for all of the coverage gaps in Medicare and has the most benefits. Plan G is the same as Plan F but, has a an annual deductible of $185. Plan G is usually the best value. Plan N has a $185 annual deductible and $20 co-pays.
While there are dozens of insurance company’s offering Medicare Supplement Plans, the coverage you would receive for a particuliar letter plan will be the same regardless of which company it is purchased from. The ONLY difference is cost. Prices can vary by as much as $100 per month for the same exact coverage. Don’t overpay!!
You have a once in a lifetime Initial Enrollment Period when you are new to Medicare, to choose ANY Medicare Supplement Plan on the market. During this period you cannot be denied coverage due to pre existing health conditions. Since plans are standardized, it makes sense to shop for the best price at this time.
Contacting dozens of insurance companies to receive a quote would be a very time consuming, so allow us to show you the absolute lowest price on your particular plan of interest. My service is free and the price you pay for coverage is EXACTLY the same as if you went directly to the insurance company.
Once enrolled, we will periodically shop your rate to ensure you still have the most competitive rate.
By Joe DeAngelis