Medicare supplement plans (also known as Medigap insurance) have been standardized plans since1992. There are 10 different Medicare Supplement plans available as at 2010. The plans were lettered as A, B, C, D, F, G, K, L, M & N. The missing letters represent plans that are no longer available.
Each type of plan offers several combinations of benefits, ranging from the basic coverage of Medigap Plan A to the full coverage of Medigap Plan F. Any other plan includes the basic benefits of Plan A along with other combinations of benefits.
Is a price comparison necessary to get a good price for Medigap insurance? Find out at https://www.medisupps.com/
To analyze differences in pricing, Weiss considered the premium rates of 117 insurers of 159 insurance companies offering Medicare Supplement Insurance across the country. There were big price differences for all Medigap plans.
In 2005, the average national price paid to Medigap Insurance by a 65-year-old woman was between $ 1,159 and $ 3,443. When Weiss analyzed price differences for certain Medigap plans, the offer bordered on the unbelievable. For example, Medigap Plan C was sold for somewhere from just $ 651 to over $ 9,000!
The price difference for Medigap Plan F, which was the most popular of the plans, possibly because it offers the most complete coverage, was even bigger. Prices ranged from just $ 516 to a whopping $ 10,788.80! Also with the other Medigap plans there were large price fluctuations.
Different pricing methods and underwriting standards, regional health care costs and state of health of the population as well as government regulation policies influenced the surprising price difference for exactly the same coverage.
How do you find the best premium for Medicare Supplement in your state?
First, check what you have been paying for medical care recently. Do you spend more on doctors or hospitals? Take your biggest medical costs and see which Medicare supplement these bills can pay for you.
Next, do the same for your second largest health care costs. If you’ve narrowed down your choices to one or two Medigap plans that can most restrict your medical bills, you’re ready for the second phase of your search.
Compare what different insurers charge for your preferred plan(s) to get the best value out of Medigap Insurance. The easiest way to do this is to check various insurers’ plans online, where an independent agency specializing in Medicare Supplement insurance plans that are available in your state from various insurance companies.
Yes, it takes a lot of time, but some independent agencies also offer free consultations to help you compare Medigap policies from different insurance companies. As independent agents, their commissions are paid regardless of which company you choose. Therefore, there is no incentive for them to urge you to choose any insurance plans.
With the dramatic cost differences of the exact same Medigap plan, you can literally save up hundreds or thousands of dollars with clever comparison while shopping. Should you get overwhelmed with comparing insurers’ plans or pricing, seek professional help without having to pay extra for this group of experts.