Choosing the Right Medi-Gap Plan

The most important thing to remember when looking for supplemental Medicare insurance is that every insurance company has the exactly same coverage. Therefore, a Medicare Plan F from one company is identical coverage from another. The rates on each plan can, and do vary widely. We are here to help compare Medicare supplement plans and premiums from a variety of companies to make sure you get exactly what you need. You owe it to yourself to find the best possible plan.

If you or perhaps a loved one is turning the age of 65 and currently on a Medicare, then you may be considering the option of purchasing one of the several Medi-Gap plans available. After all, depending on any specific medical conditions and special medical needs that you have, there is a good chance that your government-funded Medicare policy will simply not be enough to cover all of the costs. As a result, you could end up with hefty medical bills that can be difficult to pay, especially if you are on a fixed income. Because of this, purchasing a Medicare Supplemental insurance policy can be a great way to compliment your insurance and enjoy the peace of mind in knowing that your medical expenses will be paid for.

Still, choosing one of the many plans available can be a challenging task, especially if you are unfamiliar with the process. Luckily, we are here to help.

Where to Start

With so many different Medicare Supplement plans available, the best thing to do first is to determine what kind of coverage you are going to need. During the process of determining this, it is extremely wise to consider any preexisting medical conditions you may have, as well as those that run in your family and that you may be at risk of developing at some point down the road. Changing plans can and often does happen, typically to obtain a better rate. However, with serious health conditions options become extremely limited so it is wise to think ahead. From there, you will want to ensure that any coverage you consider not only meets your budget, but offers enough coverage to minimize out-of-pocket expenses.

Turning 65?

For those who are just turning the age of 65 and are eligible for Medicare Part A and Part B there is an open-enrollment period that lasts 6 months. This period begins on the effective date of Part B Medicare and allows people to enroll in any Medicare Supplement plan available from any company, regardless of their current health condition. There is no medical underwriting during this time and one cannot be turned down for coverage for any reason whatsoever.

Shopping for a Better Rate and Already have Coverage?

It is extremely common to change companies every few years when on supplemental insurance to Medicare. Because each company offers identical coverage within the plan letters, they all have different premiums, and they have rate increases nearly every year, it’s important to have an adviser who will perform annual rate reviews so make sure that you’re always paying the least amount possible for your Medicare Supplement.

It’s important to realize that you are not stuck with the first Medicare Supplement policy that you get, and you may change any time throughout the year. The Annual enrollment period, which is from October 15th through December 7th each year, only applies to switching Part D drug plans and Medicare Advantage plans. Therefore if you receive a rate increase on your current Medi-Gap insurance you may apply to change policies regardless of what time of year it is.

It is wise to not cancel any existing policy that you have until the new one is issued and approved.

Qualifying for a Plan

For those who are shopping for a better rate for Medicare Supplemental insurance and are not in a guaranteed issue or open enrollment period, there is medical underwriting that will take place when switching Medi-Gap policies. The underwriting guidelines vary from company-to-company so again it’s extremely important to have an experienced adviser help walk you through the process to make sure you are getting the best coverage for the lowest premium that you qualify for.

When shopping for supplemental Medicare insurance one of the most important things you can do is to compare Medi-Gap Plans from several different carriers. If you are turning age 65 you have likely gotten some form of mail from nearly every insurance company out there wanting you to sign up for their Medi-Gap coverage. Many of these companies have some names that everyone has heard of such as AARP, United of Omaha, and Gerber Medicare Supplement insurance.

These companies are outstanding and offer the same plans and benefits as some other Medicare Supplement insurance companies that you might not have heard of. This is because many of them specialize in things like Medi-Gap policies, Final Expense (burial insurance), and annuities. Therefore if you are just turning 65 it’s very unlikely you would have needed their services until now. That’s not a good reason to avoid them and go with a “big” name just because you’re heard of them. In fact by not checking all the Medicare Supplemental insurance rates from every company available in your area you could end up paying hundreds, if not thousands more for your coverage over the next one to five years.

How Eck Agency Can Help

Viewing your options side by side and more easily allows you to figure out which plan will be the best choice for you. As well you can also find the best price for the type of coverage that you need by simply calling us at 1.800.444.4911.