Medicare Supplement insurance is Federally-standardized – that is, each company that does the plans is required to offer the exact same coverage plans. So, once you have one, you should just keep it since they are all the same and you’ll never have to think about it again, right? Absolutely wrong!
While coverage is standardized with these supplement plans, there are some other factors that differentiate the companies that you should look at it when comparing plans.
There are three primary factors to consider when comparing plans:
1. First and foremost, you must consider price (monthly premium rate). Since the coverage is the same, price is, by far, the most important consideration. For some, it is the only consideration, and I would say that, if you find out you are paying too much for your current medicare supplement plan, once you find the same plan for less, jump on it! Medicare Supplements, in addition to being Federally-standardized, are also backed by the government to an extent, not financially but in that if your company goes bankrupt, you are allowed to sign up for a new plan under a “Guaranteed Issue” period.
2. Additional value-added benefits, discounts and features. This is one aspect of comparing Medicare Supplement plans that is not often discussed. Some companies offer an additional benefit or two as a value-added-type part of their plans. This is not a part of the Federally-standardized plan, but rather, just something extra that the company does. An example of this is a discount vision insurance program, or a monthly Medicare newsletter, both of which are programs that some companies offer to set themselves apart. Again, this should not be the basis for a decision; however, it can play into it, all other things being equal.
3. Company Rating and reputation. This is undoubtedly the least important of the three, as many times, company ratings have proven not to be the best indicator of the long-term viability of a company. However, it can be summarized to say that, all other things equal, it is preferable to be with a higher rated company over a lower rated one.
J. Garrett Ball is a South Carolina Medicare Supplement plan specialist and a medicare supplement insurance broker. His company, Secure Medicare Solutions, is a leading, independent resource for South Carolina Medicare Supplements Insurance and plans. SMS specifically specializes in South Carolina, but also handles North Carolina Medicare Supplements and Georgia Medicare Supplements. Since SMS is a brokerage that works with all of the companies in the states in which they work, they can provide an unbiased analyses of the plans for your specific age and zip code. Since plans are standardized by the Federal government, you can often save money for equal coverage. To find out if you are paying too much for your Medicare Supplement plan, go to South Carolina Medicare Insurance.
There are no posts related to Medicare Supplement Insurance - The Right Way to Reevaluate Your Coverage.
Leave a Reply