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Medicare Supplement Insurance Quotes

Medicare supplement insurance quotes can be enormously helpful tools in determining the right policy for you. Since your monthly rate can play a significant role in which plan you choose, obtaining quotes from companies in your area can help you determine which providers offer the greatest variety of supplement policies at the best value. Researching companies online is one of the best ways to find Medicare supplement insurance quotes for providers in your area. You can also use online resources to determine the best plans based on the benefits they offer.

Understanding Supplement Insurance Plans

Before you start researching Medicare supplement insurance quotes, it is important to understand how supplement insurance works. Most people age 65 or older depend on Medicare, but if you haven't yet retired and made the switch from private insurance, you might not have realized that Medicare cannot cover the full cost of your health care. Since Medicare can only cover 80 percent of an approved cost for services that it provides, most people need a form of supplement insurance to fill the gaps in their coverage. Supplemental insurance, also called Medigap, is one of the most affordable ways to ensure that your health care needs are take care of, no matter what emergencies might arise. You can also continue to see all doctors who accept Medicare.

When researching Medigap quotes, it is important to consider each plan available. Seniors can choose from 10 supplement plans, labeled Plan A through Plan N. Plans E, H, I and J are no longer available to purchase, so you won't need to find quotes for these policies. Examining all 10 available plans, however, can help you determine the best one for you. The most basic Medigap policy is Plan A. The benefits offered by this policy, including your coinsurance and first three pints of blood, are encompassed in every other supplement plan. Quotes for Plan A are therefore likely the least expensive, but this doesn't necessarily mean that Plan A will be the least expensive in the long run. If you encounter a health problem or a develop a long-term medical issue, you could face large out-of-pocket expenses through deductibles and specialty care like skilled nursing facility, among other costs.

The most comprehensive Medigap policy, Plan F, often has the highest monthly quotes, but it covers all coinsurance, deductibles, foreign travel emergency insurance and excess charges. When researching Medicare supplement insurance quotes, consider all the benefits of your plan before comparing monthly rates. Some supplemental Medicare policies, like Plan K and L, operate somewhat differently than regular plans. Plans K and L trade a low monthly premium for a high annual deductible, which must be paid before you can receive the full benefits of your plan.

Finding the Best Quotes

Aside from researching the best plan for you, there are several factors to consider when researching Medicare supplement insurance quotes. Since Medigap providers can charge different rates to people in different zip codes within a state, seniors should research the rates available to them before making a decision. Medicare supplement insurance quotes can also depend on your age. Medigap companies can determine monthly premiums for your age by choosing one of three methods. The first, the community-rated method, charges the same rates to everyone with a certain plan, regardless of age. This is a good plan for older applicants who might be switching from a different policy.

The second method is called the issue-age-rated plan. Under this policy, providers base your Medicare supplement insurance quotes on the age you are when you apply. You keep that rate, based on inflation, as long as you keep your plan with that company. This is a good method if you know you want a particular policy and believe you will keep your plan for a long period of time. The final method, called attained-age, bases your premium on your age, raising your rates slightly each year along with inflation.

Another factor to consider as you shop for supplemental coverage is your timing. Purchasing your policy within the first six months of buying your original Medicare plan is crucial. Known as Open Enrollment, this six-month period allows you to purchase any Medigap plan you desire without having to go through medical underwriting, such as a physical. Your Medicare supplement insurance quotes also cannot be raised because of a preexisting condition or your medical history.

With so many factors that can affect your Medicare supplement insurance quotes, researching plans and local companies online has become increasingly crucial to finding the best plan for you at the greatest value. Determining which policy best suits your needs before comparing providers in your area can help you find supplemental coverage that best complements your original coverage to give you the protection you need at a price that fits your budget.


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