Medicare supplement policies are insurance policies offered by private insurance carriers. In other words they fill in the gaps. These policies are also called “Medi-Gap” plans. Not all carriers are treated equally. There can be a huge difference in costs between the same plans across different carriers so choose wisely.
Medicare Supplement Plans
That being said all the Supplemental plans offered through the carriers are called plans. So the plans vary between A-K. The most competitive plans currently are either Plan G or Plan N depending what fits you. All these plans, the design and coverage are identical. You don’t have to worry about a thousand plan variations.
Search for the cheapest?
How competitive the insurance carrier you are looking at is and has been in the past? I would advise against looking at the lowest cost carrier in your zip code.
At times this could be a carrier new to the market that has an opportunity to keep their rates artificially low for a few years until they have subscribers inside their insurance pool then they start sometimes quickly increase rates for those insureds that are inside that pool with that company.
Do your research
You want to take a look at a company that has been in the market for a long time and has a good household discount and a great financial rating. When was the last time they increased premium on the insurance pool outside of you just simply getting older and having to pay higher rates due to age? Those are questions you should ask. Picking a middle of the road cost plan with a company that has great financial strength and has been in the area for a long time is probably your best bet. So don’t skimp and just look for the lowest cost plan due to all plan benefits being equal.
Why so? Most Medicare Supplement Plans are underwritten depending in what state you live in. What that means is 6 months after your birthday if you wanted to change supplement plans you would have to go through medical underwriting. What if you are sick? You enrolled with a carrier that has “run-away” rates and now you can’t change. You could be stuck. Not a great situation.
When selecting a carrier take your time and do some research. Most folks that enroll quickly based on price regret it in the future when the see their premiums far outpace the carrier that was only a few dollars more. Live on price die on price.