Oct 10, 2012

Posted by in Insurance | Comments Off on How to Compare Medicare Supplement Insurance Plans

How to Compare Medicare Supplement Insurance Plans

To find the best Medicare supplemental insurance plan, you need to learn the best way to do a Medicare supplement comparison. There are many companies out there that offer Medicare supplemental insurance but not all plans are the same. Some are a better deal for your money than others.

Here are some things you should consider when you are doing a Medicare supplement comparison to find the best deal for your money:

  • Services Provided: When sitting down with an insurance professional to compare Medicare supplement plans, check and make sure that the plan you are considering provides the important services you will need that your regular Medicare plan does not provide. Some plans offer more services than others. You will not know this unless you do a side-by-side comparison of the benefits provided.
  • Eligibility: Check into eligibility requirements. With some Medicare supplemental plans, you may not be eligible if you have a Medicare saving plan. The best time to enroll for a Medicare supplement plan is during your “open enrollment” season. This open enrollment season lasts for six months after you reach age 65.
  • Guaranteed Renewal Option: The best Medicare supplement plans will guarantee you renewal even if you have pre-existing health conditions. This is very important as you don’t want to be left without coverage when you need it the most.
  • Company Reputation: The company you choose to buy Medicare supplement insurance should be one that has an excellent reputation and specializes in Medicare supplement policies. Check out the financial stability of the company with an insurance company rating service such as A.M. Best. You can also check with the Better Business Bureau to find out if there are any complaints about customer service or how the company handles claims. You want a company that handles claims quickly and without a great deal of paperwork involved.
  • Price of Coverage: While price is certainly not the only issue when it comes to choosing a company to buy Medicare supplemental insurance, it is very important. Consider the services provided and what the price is for the policy. Paying a little more for a policy with a company that has an excellent customer service reputation and pays claims quickly could be a smart move.

Don’t make the mistake of thinking that just because you have a Medicare plan, all of your medical expenses will be covered. This simply is not true.  If you require long-term care by a nursing care facility or a home health care company, this is not covered under your regular Medicare. There are also some other important health care services that are not covered such as hearing, dental and vision care. If you are worried about having these important medical services when you need them, you should check into purchasing a Medicare supplemental insurance plan.

If you don’t think that you can find the best Medicare supplement available on your own, there are qualified insurance providers that can help you make an informed decision. They can sit down with you and help you do a Medicare supplement comparison to help you find the best deal for your money.


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