Choosing between Medicare supplemental insurance companies can be difficult. If you are like most people, you need coverage for items that are not addressed by the original Medicare plan. One of the first things you should do is analyze your current expenses for health care.
When estimating future expenses, consider the feedback you got from your doctor at your last check up and keep your family history in mind. Medicare will pay a portion of many costs and the supplemental plan will cover much of what remains. The list of expenses that are covered, either entirely or in part is extensive.
There are deductibles that are paid as well as doctors’ and hospital costs covered by a variety of the plans offered by Medicare supplemental insurance companies. Skilled nursing home costs, prescription medication, blood work, foreign travel emergency and the “excess” charges are also addressed in several of the plans. As of June 2010, there will be ten “Medigap” policy options.
Compare your needs analysis with the options to select the one that will be most beneficial. At first glance there may be many options that seem applicable. Use the process of elimination to reduce the number of plans you will seriously consider.
All policies are not available in every region of the country and not every Medicare provider in your area will sell all applicable plans. Medicare supplemental insurance companies are listed in a state Medicare Insurance Guide. They will be able to provide you with a copy at your request.
Once you find the providers that can sell the plan of your choice, it is recommended that you get several different quotes for comparison. In general, the lower the premium, the better the value. When presented side-by-side, you will be able to see the difference between the premiums.
Medicare supplemental insurance companies use several different methods to arrive at their rates. Some use attained age or issue age while others use community rating pricing. Most states allow only one method of pricing, so you can be sure that you are truly comparing quotes on the same basis.
However, if you relocate, you will want to keep it in mind, especially if the quotes you receive are vastly different from those you already have. To choose the right provider, take your time and analyze your current health care needs, compare plans and get several quotes. This will ensure you get the best plan for the lowest premium.