Do Medicare Supplements Offer a Family Discount?

Many times, I get the question about whether Medicare Supplements offer a family discount or whether a husband and a wife can sign up for a joint Medicare Supplement policy. While all Medicare Supplements are separate policies, many companies do offer a husband-wife discount. This discount can provide a significant savings, when you take out a policy with the same company. So whenever possible, it is recommended that you do so.

Often times, there are several companies around the same price for a standardized Medicare supplement plan. Coverage is the same; however, rates can vary considerably. By choosing the company that offers the husband-wife discount, you can reduce your premiums and ensure that you have the lowest possible price for a plan.

Obtaining the Medicare supplement family discount is easy to do. With most companies you can get it whether you apply at the same time or not. Sometimes, if one spouse is on Medicare and the other is not yet age 65, you should consider which companies may offer a discount that will help you later, when you are comparing and selecting plans.

Some of the prominent companies that do offer a husband-wife discount are Mutual of Omaha, Aetna, CIGNA, and AARP / United Healthcare. All of these companies offer a discount on their standardized Medigap plans that allows you to reduce the premium cost of your plans. The amount of the discount varies, but it can be anywhere from 5% to 12%. It also dependent on your state.

One of the new, exciting things with the household discounts in Medicare Supplements is that you do not have to BOTH be on Medicare with some of the companies. Some of the companies now offer the discount just for being married or living with someone over age 60.

When you are comparing Medicare Supplement plans, you should always get a Medicare Supplement quote from a reputable independent agency. They can give you an idea of all the plans that are available for your age and zip code, as well as what the rates for those particular plans are. From that comparison, you can easily determine which option is going to make the most sense for you, since plans are Federally-standardized (coverage is the same from one company to another).

Medicare-Supplement-Comparison.com is a leading, independent brokerage, and we can help provide the Medicare Supplement comparison that you are seeking by email. To obtain this, simply visit Medicare Supplement quotes.

How to Compare Medigap Plans

Comparing Medigap plans is an essential part of choosing the “right” plan for you. It can certainly seem like a daunting task, but it is not nearly as difficult as you may think. First and foremost, plans are standardized, so comparing them is based on other factors, besides differences in coverage. This greatly eliminates confusion that could exist if comparing multiple variables, such as coverage, price, company rating etc. So, how do the plans vary?

  1. First of all, the plans can vary greatly in price. Although coverage is the same (i.e. one Plan F is the same as another), prices can be as much as double with one company versus another.
  2. Secondly, plans can vary based on company reputation/rating. AM Best is an independent rating source of the companies. They are universally used to get an idea of a company’s financial strength/stability. Although this isn’t a guarantee of future solvency or stability, it can at least be a factor in your comparison.

So, with the knowledge of how the plans vary, how can you compare the options?

  1. First, decide on which plan you want. If you are not familiar with the different coverage plans, you can view the standardized coverage chart here: STANDARDIZED PLAN COVERAGE CHART. Plan F is the most comprehensive plan option (and most expensive) – it pays for everything that Medicare doesn’t cover at the doctor/hospital.
  2. Once you know which plan you want, you can very easily compare the plans based 0n price and company rating. Since coverage, claim payments, doctor acceptance, etc are standardized, the next step is obtaining a list of the plans available for your age and zip code. At that point, you can compare their prices and ratings.
  3. To obtain this list of available plans and the quotes for your age/gender/zip code, you have two options. You can either call every insurance company that does business in your state and ask them for the quotes or set up meetings with them to obtain the quotes. Alternatively, and significantly easier, you can simply use a brokerage to compare all options in a centralized place. By doing so, you can get quotes for all plan options and make an informed, unbiased choice. Whether it is a MSC.com or another brokerage, this is the easiest and most useful to compare Medicare Supplement plans.

To get a Medicare Supplement comparison from us, you can call us at 877.506.3378 or contact us on our website at Medicare Supplement comparison.

Genworth, Owned by Aetna, Upgraded by A.M. Best

Genworth, parent company of American Continental and Continental Life, is now owned by one of the largest insurance companies in the country, Aetna. Recently, on the offshoot of the recent purchase by Aetna of Genworth, A.M. Best upgraded Genworth’s Medicare Supplement companies (American Continental and Continental Life) to an ‘A’ rating. They were previously an ‘A-‘.

A.M. Best is the independent rating service that rates the financial strength of insurance companies. Ratings are based on financial strength and stability and in no way reflect any input from consumers or reflect claim payment information, etc. However, since Medicare Supplement plans are completely standardized by the Federal Government, claims from all companies are paid through the Medicare “crossover” system. So there is no variation from one company to the other, as far as how fast or when they pay claims.

Genworth’s Medicare Supplement companies were a great choice for Medicare Supplement insurance before the recent upgrade; however, after the upgrade, they are an even more attractive choice.

American Continental and Continental Life are competitively priced in many states, including Arizona, Iowa, South Carolina, North Carolina, Pennsylvania, Wyoming, Montana and many more.

To get Medicare supplement information or to get a Medicare Supplement comparison, please visit us online or call us at 877.506.3378.

Medicare-Supplement-Comparison.com is a leading, independent brokerage for Medicare Supplement insurance.

Medicare Supplements – Make Changes Now to Save in 2012

Medicare Supplements are plans that fill in the “gaps” in Medicare. These plans, contrary to popular misconception, do NOT have an annual enrollment period. On the contrary, you can enroll or disenroll in these plans at any time of the year. There are, however, some general health questions, so you must have relatively good health to get a Medicare Supplement. But you do not have a deadline for making changes.

What this means is that, although the Medicare annual enrollment period for Part D Rx plans is over, as of 12/7/11,  you can still make changes to your supplement plan to save money for next year. If you are in a Plan F, you may want to consider changing to Plan G, which is generally a more financially advantageous plan. Or, you can change to a different company completely. If you have had the same plan for more than 12-18 months, it is almost certain you are paying more than market value for your Medigap plan. Just like any kind of insurance, rates change very frequently with Medicare Supplement plans. So it is to your advantage to re-evaluate on a bi-annual basis.

In many cases, making a simple change in company, while keeping the same coverage level (all Plan F’s, for example, are the exact same), will allow you to save hundreds, if not thousands, of dollars on your supplement coverage each year.

Many people just simply do not realize that you can change plans; because of that, many people end up paying more each year to one of the higher-priced companies. The premiums for Medicare supplement companies/plans can vary greatly, as much as $150/month for the exact same coverage.  It is always most advantageous to be in the lowest-priced company for the plan that you want. With Medigap plans, coverage, claim payments, doctor acceptance, and everything else is exactly the same from one company to another.

To get more information about the plan options or to get an unbiased Medicare Supplement comparison of the plans available for your age and zip code, please visit our website at the link above or call us at 877.506.3378.

When Is the Medicare Supplement Annual Enrollment Period? (Trick Question)

Many people mistakenly believe that the Medicare Supplement plans have an annual open enrollment period that occurs at the end of the year. However, this is not the case. The end of year open enrollment period actually only applies to the Medicare Part D and Medicare Advantage plans (the plans that replace Medicare).

Medicare Supplement plans actually do NOT have any sort of annual enrollment period. On the contrary, you can enroll in a Medicare Supplement plan at any time of the year. They do employ medical underwriting on the application (regardless of the time of year!), and applications are either approved or declined based on your answers to the health questions in most situations. However, you can change at any time of the year, as long as you are in relatively good health.

Another common misconception about Medicare supplement plans is that they are the same as Medicare Advantage plans. However, this could not be further from the truth. Obviously, as we’ve discussed above, the two types of plans have different enrollment rules (as far as time of year you can enroll). Additionally, when you enroll in, or change, your Medicare Supplement plan, you do have to qualify medically (answer medical questions on the application), regardless of the time of year. With Medicare Advantage, however, you can only change a certain time of the year (annual enrollment period) and there are no medical questions. This is especially important to someone turning 65 to consider, particularly if you have some pre-existing conditions. If you take an Advantage plan when you first go on Medicare at age 65, you may not be eligible for an actual Medicare Supplement later.

The misconception about the Medicare Supplement plans having an annual enrollment period is fueled by several factors. First of all, I believe that the heavy advertising (television, direct mail, etc) that AARP, Humana and others do this time of year can be misleading. Also, some of those companies (incorrectly) imply that their plans are Medicare Supplements, when they are actually Medicare Advantage plans. Also, this is the time of the year that you change your Part D prescription plan, so many people end up doing both at once (Part D and Medicare Supplement).

Regardless of the misconception, it is important to understand how Medicare Supplements work, as well as understanding the differences between actual supplements and the Medicare replacement plans like Medicare Advantage. To get quotes on Medicare Supplement plans, as well as more information about what they cover, you can contact us at 877.506.3378 or on our website at Medigap insurance quotes.