Medicare Supplemental Insurance – How to Compare

Comparing Medicare Supplemental insurance is an easy thing to do. The plans are Federally-standardized, and because of that, each company offers the exact same coverage for “like” plans. To put it simply, one Plan ‘F’ is the exact same as another Plan ‘F’. However, prices can vary a good bit, so it is important to compare prices to make sure that you have the best possible rate for the plan that you want.

If you are already on Medicare A & B with a supplemental insurance plan, you should follow the following steps to compare your plan and rates against other available options to make sure you are not “throwing away” money:

  1. First and foremost, you should do a Medicare supplemental insurance review each and every policy year. Some years this may take 30 seconds – sometimes, it may take a few days of thought (but can save you hundreds of dollars a year).
  2. The easiest way to do this is to use an independent brokerage agency. My agency, Medicare-Supplement-Comparison.com, is happy to provide you with an unbiased Medicare Supplement quote, but even if we don’t, we urge you to get a comparison of plans in your area from another independent agent.
  3. Once you have this comparison, you can compare other companies to your current company for a “like” plan. For example, if you have a Plan F now, you can easily compare other Plan F’s to ensure that you would have the same level of coverage. What is the premium difference? Is it significant? It helps to think of it as an annual amount. Are you saving $100 or more a year. Switching is easy to do, and is a matter of signing a few pages. There are no pre-existing conditions restrictions, so the only drawback in switching to a less expensive policy is the 2 minutes it takes to sign your name on the application.
  4. If you are open to looking at other Medicare supplemental insurance coverage levels, you can look at other plans that are different from the plan that you have currently. Plan F is the most common plan, but often, Plan G and Plan N are better values. So, you may want to consider those plans as well, which would offer even greater savings.
  5. No matter how you do it or which plan or company you choose, it is highly important that you do this on at least a bi-annual basis. Medicare Supplemental insurance premiums go up, typically, on an annual basis (policy year not calendar year). Also, new companies and plans are released all the time. Often, their rates are lower than what you have now. In 2009, over 80% of people requesting information on our website were able to reduce their premiums for equal or better coverage. So you must compare and “shop around” to look out for your wallet and ensure that you have the best available option for your Medicare Supplemental insurance coverage.

If you have any questions or want our assistance in comparing your options, you can reach us toll-free at 877.506.3378 or you can request a Medicare Supplemental insurance comparison on our website.

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Ask Us Your Medicare / Medicare Supplement Question... Get a Prompt Answer by Text OR Email from a Medicare Expert