There are several different areas to look at when comparing plans. Below are four areas a consumer should be familiar with.
A.M. Best Rating
The A.M. Best Rating shows the insurance company’s financial strength and ability to provide ongoing policy obligations. The ratings given are letters with an “A” rating being the highest. Basically, the higher the rating, the stronger the company. I recommend looking at companies with a high rating to give you peace of mind the company will be there when you need it.
It is crucial to work with an agent and a company who can easily be reached. Is the agent an independent broker who can compare with all companies and options to inform you? Is the agent transparent? How is the customer service for the insurance company? Does the company have a good reputation and pay claims in a timely manner?
Average Rate Increase
Medicare Supplement plans do increase in cost over the years of carrying one. When comparing plans it is smart to compare what the average rate increase in your area is for the letter plan you are considering. Also, compare what the average has been with the different companies you are looking at.
Some insurance companies provide a household discount if someone simply resides with you, regardless if they carry a plan with the company or not. Other companies provide a discount if two people in the home carry a plan. The household discount varies based off the company, but is often between 5% – 12%. Ask an independent broker if there are any available in your situation and what the discount is.
What does the Medicare & You handbook say about Medicare Supplements?
See page 81 and 82 of the 2017 Medicare & You handbook. All Medicare Supplement (Medigap) plans are standardized which means a letter plan with one company is the same with any other company. Additionally, different insurance companies may charge the different premiums for the same exact policy. The benefits are, by law, the same no matter the company you have a plan with. You can go to any doctor and hospital of your choosing as long as they simply accept Medicare.
Have questions or want to compare your options? Senior Savings Services can compare plans and rates with all companies for Medicare Supplement plans. Contact Senior Savings Services at 1-800-592-0819 or complete the form below to receive unbiased and resourceful information so you can best decide.[contact-form-7 id=”638″ title=”Get a Quote!_copy”]