Not All Medicare Supplement Plans are Equal

Image of NWI Seniors Medicare Supplement Senior Citizen Tip, senior coupleWhen I started in the insurance industry in 2017 after retiring from healthcare, I found myself interested in health insurance, specifically Medicare and Medicare supplements.  This was not really a big surprise considering my nursing and director of quality background.  And although I thought I was well-schooled in Medicare, I was amazed at how complicated it really is.  Today’s senior citizen tip is on Medicare Supplement insurance.

There is a whole page on Medicare here at NWI Seniors.com but this tip is about Medicare Supplements.  Medicare regulates Medicare supplements and private insurance companies provide the coverage typically using a licensed insurance agent.  Seniors can buy plans on their own, but it is not advised because of the differing plans.

Whether you use an agent, or you buy one on your own, keep in mind that all plan benefits are the same.  Currently, there are 10 Medicare Supplement Plans.  Those plans are A, B, C, D, F, G, K, L, M, and N with Plan F offering the most coverage.

So, if Medicare regulates the plans and all plan benefits are the same regardless of the insurance carrier, which company should you buy your Medicare Supplement plan from?  That’s a great question and here are some tips to keep in mind.

  1. Medicare allows insurance companies to offer more valuable features outside the plan benefit. Extra features may include:

  • Pharmacy discounts

  • Vision Savings

  • Telephone Access to a Nurse

  • Home Visits

  • Gym Memberships

  1. Check the time the carrier has been in the marketplace. Some new carriers may offer lower premiums to establish themselves.  Remember unless you have a qualified reason, you can only change your plan during the Annual Enrollment Period and you may get stuck with a higher premium if you pick the wrong plan.

  2. Check the insurance company rating.  Insurance companies are rated on their financial stability.  You want to make sure you buy your plan from a stable company to avoid risking being cancelled by a company that goes out of business.

Medicare Supplements pay in additional to traditional Medicare.  You must have traditional Medicare to buy a Medicare Supplement plan.  It is important to shop around for the best Medicare Supplement plan for your needs.  While a newer company may entice you with a lower premium, you want to make sure you pick a stable company to avoid losing money or coverage in the long run.

Are you a senior or senior helper in NWI who needs help moving or has an insurance question?  Call Georgene today at 219-315-6569 to find out what your home is worth or to have your insurance question answered.  Remember to request my free guide for NWI Seniors.

For more tips on real estate, aging-in-place, and not outliving your money, request a copy of our free book, The Northwest Indiana Guide for Seniors.