Medicare Supplement Plan G – Looking Better and Better for 2012

Medicare Supplement Plan G is the less-talked-about cousin of Plan F. While ‘F’ gets all the glory and the “it covers everything that Medicare doesn’t” talk, ‘G’ is often overlooked. This pertains to consumers and even the companies themselves, many of which do not offer it. Even some of the largest Medicare Supplement companies in the country have chosen to omit ‘G’ from their plan offerings (including AARP/United Healthcare and Anthem BCBS in many states). Plan F is certainly the most convenient for the companies to explain (pays all deductible and co-pays – end of story) and consumer (don’t have any out of pocket costs for Medicare-covered costs at doctor/hospital); however, is it most convenient for your pocketbook?

The answer to that question comes in two parts – the now and the later. First of all, let’s deal with the “now”. For 2012, Medicare has reduced the Medicare Part B deductible from $162 to $140/year. Not much in insurance goes down, but this has! Politically-motivated or not, this is a “win” for people who have ‘G’, as their annual out of pocket costs have been reduced from $162/year to $140/year. You see, the only plan difference between ‘F’ and ‘G’ is the coverage of that Part B deductible. Now that it is $140/year, we can easily do the math and see that benefit is worth $11.67/month in premiums ($140 divided by 12 months). With that in mind, we can set ourselves to comparing ‘F’ and ‘G’ premiums. Now in nearly all cases, savings on Plan G are equal to or greater than $15/month. The average premium difference I see is around $20. Taking that example, you would save $240/year in exchange for paying $140/year. That’s $100 more than you had before you came to my website!

The 2nd implication in the ‘G’ vs. ‘F’ debate is called adverse selection. Now this is an insurance term that most people may not know. The short of it is that, on average, the people on ‘F’ are less healthy than the people on ‘G’. The reason for this is that ‘F’ is offered in several significant ‘guaranteed issue’ situations (no health questions asked) whereas ‘G’ is not. So say, for example, you’re losing your employer coverage 12/31/11 and you know you have a triple bypass scheduled for January 15, 2012. You can get a Medicare Supplement Plan F under ‘guaranteed issue’ due to losing the employer coverage, but you cannot get a Plan ‘G’. Over thousands and thousands of insureds, this leads to greater increases or more frequent increases on ‘F’ than on ‘G’.

Even after I explain these two facts – and they are facts, not opinions – many people say they prefer Plan F. And, that’s certainly okay. But the key is knowing the facts, not taking Plan F because your aunt who’s a nurse said to or because the commercial during the nightly news talked about it. If you want more information on these plans, what they cost or how they work, call us at 877.506.3378 or visit our website to request information at Medicare Supplement Quotes.

Best Medicare Supplements – What Are the Best Options for Your Age and Zip Code?

The best Medicare Supplement plans are easy to find. Keep in mind that, with Medicare Supplement insurance, plans are standardized, so the “best” plans are the ones that are the least expensive.

The easiest way to find these least expensive plans is to do a medicare supplement comparison. This will show you exactly which plans are competitively-priced for your age and zip code. Many people attempt to include other factors in their comparison of the “best” Medicare Supplements; however, the fact remains that everything except price is equal.

Some things that do NOT help determine which is the best Medicare Supplement are:

  1. Which company “pays better”. The reality is that all companies pay the same. They each pay through the Medicare “crossover” system. This system dictates that all companies pay the same amount for a service/procedure and all pay in a timely manner.
  2. Which supplement is accepted by more doctors. Many people think that, just because they have heard of a company or plan, it means that a doctor is more likely to have heard of it also and thus more likely to accept it. However, with Medicare Supplements, as long as you have a standardized Medicare Supplement plan (i.e. G, F, N, etc.), your doctor/hospital must take the plan if they take Medicare.
  3. Which plan has the most coverage. Again, since plans are standardized, a Plan F with one company is the exact same as a Plan F with another company. So, one company simply does not have more coverage than another.
  4. Which plan has been in business the longest. This also is not a factor in how a company pays, what kind of coverage they offer, etc. With Medicare Supplements, these plans are Federally-standardized so there are not differences from one company to another.
  5. Which plan has the best television commercials. This is, obviously, not important in comparing plans. I just include this to say that you will get swamped with information about Medicare (TV, mail, phone, etc) if you are turning 65 or comparing plans. It is important that you have a good understanding of HOW to compare plans so that when you do compare, you can choose the best Medicare Supplement for you.

So in short, these things above just simply don’t matter. The only thing that matters when comparing Medicare Supplement plans to find the best Medicare Supplements for your age and zip code is price. Ultimately, your monthly premium is the only thing that differentiates one Medicare Supplement from another. If you want to get a rate quote chart that offers a Medicare supplement comparison of the plans available in your area, please contact us on our website or by calling 877.506.3378.

Medicare Supplement Quotes – The Secret To Shopping Online

Getting Medicare Supplement quotes online is easy to do. Just throw your information out there, sit back, and wait for the information/quotes to roll in, right? Sure, you can do it that way. However, there is a way to do it without being bombarded by agent phone calls, pushy sales pitches, and spam.

You see, most Medicare supplement websites are after one thing – your information. Then, they turn around and sell this information to the highest bidder (usually around $10-15 each) to a “lead company” that then re-sells your information to “no more than 3 agents” (what they mean by no more than 3 agents is, “we sell it to as many people as we possibly can”). But, there is another way. Proceed with caution when requesting Medicare supplement quotes. Follow these simple step-by-step instructions to making sure you are going to get the information you want without the high cost of invasion or privacy.

  1. First and foremost, it is difficult, if not impossible, to get Medicare supplement rates online. Most companies do not allow this information to be published. If it is published, it is highly possible that it is not up to date. So, requesting quotes, or a quote comparison, online is a necessity.
  2. The key is how you request these quotes and who you request them from. If a company doesn’t allow you to receive the quotes by email exclusively (requires a valid phone number and doesn’t say they will send them by email), then they may be going to re-sell your information.
  3. You should be able to find a company phone number and address on the website to ensure that this business is not an “Internet-only” business that is simply a re-seller of information.
  4. See if you can determine if the website is an independent insurance brokerage or simply a quote-gathering website.

In short, independent insurance brokerages are a great way to acquire quotes and sign up for Medicare Supplement plans. They allow you to compare all quotes in a centralized place and make an unbiased choice. The key is determining which website belongs to an independent agent or agency and which belongs to a lead-seller. That way, you can get the Medicare Supplement quote that you want without paying the price of privacy.

FOUR COMMON MYTHS ABOUT MEDICARE / MEDIGAP PLANS

In talking to hundreds of folks each week who are on Medicare from around the country, we hear some pretty “wild” things. Whether given the wrong information by news media, an unscrupulous or misinformed agent, or just assuming something to be true that is not, there is a lot of misinformation about Medicare and Medigap plans. Here are a few we’ve heard recently that fall on the “MYTH” side of the TRUTH vs. MYTH divide.

  1. You can only change Medigap plans once a year, during the end-of-year enrollment period.
    This, as many of you already know, is false. Medigap plans have NO enrollment/disenrollment restrictions. The reason many people believe this is twofold. One, there IS an enrollment period for Part D prescription drug plans, which runs from November 15-December 31 each year. Also, there is an onslaught of marketing (mailings, TV ads, etc) for Medicare Advantage plans during the end-of-year enrollment period because you can only change those plans from Nov. 15-March 31. For Medigap plans, however, you can change at any time, as long as you meet a company’s underwriting requirements (which vary from company to company).
  2. Company ‘X’ pays it’s claims better than Company ‘Y’.
    Medigap claims are paid through Medicare’s national “crossover” system, which is handled directly through Medicare. This is an automated process that does not at all resemble the way that traditional health insurance (under-65) claims are paid. I have NEVER had a complaint or problem with a company not paying a claim due to this standardization of plans and automation of the system. Even if a company were to completely go out of business, claims are backed up by the state insurance reserve programs.
  3. Some of my doctors do not take certain Medigap plans.
    With Medigap plans, all doctors that take Medicare are required to take Medigap plans. What some doctors do not take, and are not taking in increasing numbers, is the Medicare Advantage plans. However, with a Medigap plan, you can see any doctor/hopsital nationwide that takes Medicare.
  4. Company ‘X’s rates do not go up over time – they stay the same.
    This is something that many agents use in a dishonest way. If it sounds to good to be true, it probably is. While this would certainly make our job easier, it’s just not true. Medigap insurance, just like auto insurance or the price of eggs, goes up over time. Different companies use different criteria to change rates, but there are not any plans that do not go up in price over time.