We all want to live long, happy, and healthy lives. An important part of staying healthy is regular doctor’s visit and getting the health care that we need. The problem is that the health care that we need is expensive and is the costs are still rising. The older that we get, the more medical attention we need, which translates into more bills.
Every year there are thousands and thousands of seniors that drain their savings accounts because of hospital bills or treatment costs. While there is nothing that you can do about the expensive bills, there are ways that you can give yourself additional protection against those expenses. We certainly advise researching a medigap plan.
Finding quotes from supplemental insurance companies can be confusing if you are not sure exactly what you are looking for. Wanting a Medicare supplement quote or to learn about the purpose of Medicare, just complete our widget to the left. But keep scrolling to get more information on the three parts of a standard Medicare supplement insurance quote such as an AARP Medicare Supplement.
Before we explain Medicare Supplement insurance quotes, let’s start with the basics. Many people shop for a Medigap policy before they fully understand what they are looking for. So, what exactly is a Medicare Supplemental policy?
A supplemental plan (also called Medigap, the names are interchangeable) provides added coverage to fill in the holes (or gaps, hence the name) not covered by Medicare. While Medicare does an excellent job at providing added health care coverage for seniors, there are plenty of expenses that it doesn’t cover, which can leave some older Americans having to pay for massive hospital bills.
These plans work just like other insurance policies, every month you pay a premium for the coverage, and the insurance company provides extra assistance for medical expenses. You’ve probably heard stories of Medicare enrollees being forced to pay out-of-pocket for services that they thought were covered under their Medicare Parts A & B. Don’t be another one of those stories.
One of the biggest reasons that a lot of seniors don’t receive the health care they want is because of money. They can’t afford to get the treatment and services that they need. They put it off until they can afford it, which is normally too late. Nobody should ever have to sacrifice their health because of funds. Medicare supplemental insurance policies is a great way to ensure that you’ll be able to get adequate care without breaking your bank.
The Medigap Plans
Okay, now that you understand the basics, we can get into the real reason that you came to the page, understanding supplement quotes. When you get your first set of Medicare supplement quotes, you will see them broken up into different plans. In most states there are a total of ten plans (some states don’t offer some plans) and each plan covers a different number or combination of the nine coverage gaps in your Medicare insurance. The Medigap plans are standardized across the United States, meaning a Plan G in Florida provides the same coverage as a Plan G in California. Medicare supplement plan F is the most comprehensive while Plan A is the least. While all provide better coverage than just straight Medicare, your budget, and tolerance for possible medical expenses will make a difference in which plan you choose. The nine potential gaps that are covered by some or all Medicare supplement plans are:
- Medicare Part A Coinsurance
- Medicare Part A Deductible
- Medicare Part B Coinsurance
- Medicare Part B Deductible
- Skilled Nursing Care Coinsurance
- Hospice Care Coinsurance or Copayment
- Charges for First Three Pints of Blood
- Medicare Part B Excess Charges
- Foreign Travel Emergency Charges
All of that probably sounds pretty confusing, but it’s a lot easier to understand than you might think. Knowing which plan is right for you and what gaps you are willing to take care of out of your pocket is key to getting the best quotes for your needs and our agents are happy to help you work through that decision.
The Medicare Supplement Companies
Under each plan will be a set of companies that provide Medicare supplement plans in your area. Usually, with any Medigap quote, you will get from two to four companies that offer each plan in your area. What we do is give you a good set of Medicare supplement insurance quotes for each plan from the best companies. Since the Medigap plans themselves are standardized, the only thing that really matters is that the Medicare supplement company you choose is in good financial standing. With our Medicare supplemental insurance quotes, you will get only the best companies, so you won’t have to worry about your insurance company going bankrupt or not getting you the coverage you paid for.
Medicare Supplement Premiums
Finally, we get to the part in which everyone is most interested, what you are going to be paying for your Medigap plan. On your Medigap quotes under each plan and beside each company you will see a premium. This is the monthly amount that you will have to pay to have that Medicare supplement plan in effect. But there are a lot of factors that go into determining what the monthly premium is going to be.
How Do the Companies Set the Premiums?
One of the biggest things that will impact the rates on your Medicare Supplement quotes is how the insurance company determines their monthly premiums. Each company will look at premiums rates different, but they all use one of three methods. Premiums can be set in three different ways:
Issue-Age – The age at which you enroll is the determining factor in your rates. The younger you are when you enroll, the lower the premiums
Attained-Age – The premiums change based on your current age. As you get older, the premiums will increase with your age
Community – no matter what your age the premiums are the same for everyone who lives in a given community. Depending on the population of your area this could be as big as a town or county or as small as a zip code inside a major metropolitan area.
Each way of setting premiums can be useful to you. For example, an “attained-age” pricing method is great for when you first purchase the policy, but you will end up paying more for it the older you get. On the other hand, you may be charged for community based policy when you first get it, but you’ll save money in the long run. What you want to make sure is that when you get your quotes, you are comparing companies where the rates will go up in a similar fashion. Otherwise, you can turn around and have much higher rates a few years down the road. If you are calling insurance companies (which can be frustrating and time-consuming), you can ask them which pricing method they use.
Getting the Lowest Rates By Gathering Several Quotes
The most important thing is to get your Medigap quotes and coverage as soon as you get Medicare Part B. During the three months before and after your Medicare Part B enrollment you have an open enrollment period. This means that the company will only rate your premiums using your age. They will not use your health at all in the equation. This is especially important for someone who is disabled or who has an ongoing illness. This 6th month period is the only time that the insurance companies are not permitted to refuse to sell you coverage.
For most people, especially those in poor health should always take advantage of their open enrollment period. Anyone who enrolls at a time other than open enrollment will have to go through medical underwriting, which can cost you thousands of dollars every year in premiums that you could have avoided. After your six-month period is over, your application process will be just like any other health insurance application. The insurance company will require that you jump through all of the medical underwriting hoops to determine how much of a risk you pose.
Missing the seven month OEP doesn’t mean you won’t be able to get a Medsup plan. But it could mean your premiums might be higher or your health history will be under more scrutiny. If at all possible, apply as soon as you can so you’ll be able to afford whatever life throws at you next.
One thing that should be noted when you are shopping for a Mediap plan is the “pre-existing condition waiting period” that some insurance companies have. These policies allow the insurance company to deny paying for any medical bills that relate to a health complication you had when you signed the policy. They can refuse to pay for coverage for the first six months after your purchase the policy, after that, they will begin to cover the condition like normal. While this probably won’t affect you, it’s something you should ask the insurance company about before signing the policy. Otherwise you could be left with a medical bill you thought was covered.
This is where you will need to dig down into each of the plans to know which plan is the right one for you. You may end up getting a more expensive plan from a premium standpoint, but the specifics work out to where you save money over a lower premium. To determine which one is best from a financial viewpoint, you’ll have to look at the monthly premiums versus what you will pay in deductibles and any out-of-pocket expenses.
Finally, you need to get quotes from multiple companies. Each company will rate you differently, no matter which method they are using to rate you. You can receive these quotes in a matter of minutes versus the hours you would spend on the phone calling each company to receive the quotes yourself. You need to work with an agent who can work with all the companies that offer services where you live. It would also be beneficial to have an agent that also works with Medicare Advantage. This gives you the opportunity to look at all your possible options for completing your Medicare coverage. If you buy a policy from the first insurance company that you call, you’ll probably pay more than you should, don’t waste extra money on monthly premiums, let us handle your insurance quotes.
At CompareMedicareSupplements.com our job is get you Medicare supplement rates from the companies that offer plans in your area. We also work with you to take that set of Medicare supplement insurance quotes to match them with the individual plan that will work best for your budget.
Getting a Medigap policy can be a long and confusing process, but it doesn’t have to be that way. Don’t go on this journey alone, let us walk you through the purchasing process. Throughout the process, we help you feel comfortable and informed about all the options that your Medigap quote offers. We will make sure you have the coverage you want for a price that you can afford.
Now that you understand your supplemental insurance quotes, it’s time to start shopping for your policy. We can help you find the perfect policy in no time at all! Having a Medigap policy can give you the coverage and peace of mind you deserve to have the perfect retirement you’ve always dreamed of.