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.