Enrollment by Medicare Star Rating

This article focuses on the enrollment by Medicare Star Rating as of April 2013.  The chart below shows that over 5,000,000 people have enrolled in the mid-level (3.5 star) plan.  This is the largest category followed by a (4.5) star rating; while the lowest is a two star rated plan.

Enrollment by Medicare Star Rating

Enrollment By Medicare

Enrollment By Medicare Star Ratings

If you need help discerning which Part D or Medicare Advantage plan is right for you contact Medicare Insurance Finders at 1-877-936-2991.

Philadelphia American Medicare Supplement Rates

Philadelphia American Medicare Supplement Rates seem to have remained stable longer than any other insurance company in the market.  There are some companies that have stable rates but they are not competitive – Philadelphia American is competitive.  There are a few companies like United Healthcare/AARP that have products that remain competitive while offering low premiums, but Philadelphia American has maintained stable rates for several years.

Philadelphia American Medicare Supplement Rates are expected to receive only a 6% rate increase in the state of Mississippi, that will take effect September 1, 2013.  This is extremely low given that they have been in the market three years and other companies like Mutual of Omaha are usually giving rate increases of approximately 15% to their policy holders.  The 6% rate increase is on both Plans F and Plan G.

Philadelphia American Medicare Supplement Rates

Why are Philadelphia American Medicare Supplement Rates so much more competitive than other insurance companies in the market.

  1. They are stricter on Medicare Supplement health questions.
  2. They pay lower commissions
  3. They came into the Medicare market with the idea of hanging around and not just writing business and raising the premium.
  4. They owner of the company runs it like it is his personal business and not for the stock holders.
Philadelphia American Medicare Supplement Rates

Philadelphia American Insurance Company

Where can I compare Medicare Supplement rates?

You can compare Philadelphia American Medicare Supplement Rates at our Medicare Quote Engine.   Here we provide you with free online quotes for Medicare Supplement Plans in a matter of minutes.  We built a program for our users that allows you to price out plans with over 30 companies without the hassle of waiting for different insurance companies to get back with you on their premium amount.

Call our office at 1-877-936-2991 for instant rates on Philadelphia American Medicare Supplement Plans!  We look forward to helping you with your insurance needs.

Genworth Long Term Care

NEWS: GENWORTH LONG TERM CARE INSURANCE DELAYED IN THE CALIFORNIA MARKET!!!

Genworth a long term leader in the long-term care insurance market has announced a delay in the California market due to lingering customer service issues they are experiencing.  Unlike most companies, Genworth has taken the time to address these issues prior to launching a push for their LTC products.

Long-Term Care insurance helps cover custodial care that is not covered by Medicare insurance.    Medicare and Medigap plans only cover medically necessary coverage where Genworth Long Term Care Insurance covers care such as cleaning, bathing, etc. that is needed when you experience loss in your daily activities of living.   An example of this would be needing someone to help take you to the grocery store or the bathroom if you were not able to accomplish this on your own.  Continue reading

Medicare Eligibility Projections

Many people wonder on a daily basis what will be the outcome of Medicare.  Not trying to be doom and gloom but with Medicare eligibility increasing by over 10,000 people a day for the next 20 years, increased medical expenses, more and more red tape for hospitals to jump through in filing claims, and Medicare fraud being more than 4 billion a year it is a logical question.

Medicare Eligibility

Medicare Eligibility by Year

Continue reading

Michigan Medicare Supplement Plans

This page will provide you with a simple overview of Michigan Medicare Supplement Plans.     We agree with the “KISS” principle of keep it simple stupid; we will keep the terms simple and precise and give you the information you need to know when comparing Michigan supplemental plans.

Michigan Medicare Supplement Plans – What are they?

Medicare Supplements (also known as Medigap plans) fill in the gaps of Original Medicare Parts A & B.   Original Medicare does not cover all the deductibles, co-insurance, or co-pays so most people choose one of the Michigan Medicare Supplement Plans to make sure there is not a huge unfunded expense left lingering over their heads during retirement.

The most comprehensive plan is the Plan F which picks up all the costs with a Medicare approved procedure.  So in essence you are not out of pocket at all when you go to the hospital or doctor.  These plans are very convenient but the Plan G is the most cost effective plan that provides small out of pocket costs.

Here is a chart that shows the different Michigan Medicare Supplement Plans Available.

Michigan Medicare Supplement Plans

Medicare Supplement Insurance Outline of Coverage

Compare Insurance Rates

Medicare explains in the “Medicare and You” book that it is very important to compare Medicare Supplement rates because all plans provide the exact same benefits (standardized plans).  This means that a Stonebridge Medicare Supplement Plan G provides the same benefits as the Cigna Medicare Supplement Plan G.  It comes down to the rates that are offered by the companies.

One factor that we do recommend comparing is the financial stability of the company.  It is important to know that the company you choose has a B+ rating or higher.  If the rating is lower than a B+ walk away and call 1-877-936-2991 to make sure you have a competitive plan with a good company.

HOW DO I GET RATES

You can get online insurance rates through the Medicare Quote Engine.  Rates are listed after entering a small amount of details (Date of Birth, Gender, Zip Code, Etc.).  If you are not comfortable with online rates call 1-877-936-2991 for your personalized Michigan Medicare Supplement Plans analysis.

Low Medigap Rates

If you are looking for low Medigap rates we can help you find the best rates possible in less than two minutes.  If you just want the meat an potatoes go to our Medicare Quote Engine, but if you want a little more information on how to find the lowest Medicare Supplement Rates available keep on reading.

Medicare Insurance Finders prides itself in finding the best Medicare Supplement Rates for its clients.  We have built a quote engine that quotes all over the country with over 30 Medicare Supplement insurance companies.  That is correct, we quote with all the companies not just one company.

You have choices and you can choose the best plan for your needs! Continue reading

What is Gout?

Today we will discuss a health condition that more and more Americans are dealing with that affects a daily standard of living.  This condition is known as “gout”.  Commonly referred to as the King or Rich Man disease because it is usually caused by high intakes of alcohol, red meat and seafood.  We will discuss ways of prevention but it is important to know that Medicare Part D does cover gout prescriptions.

The only way to be sure you are experiencing an attack would be through a blood test in which can be completed at your local doctors office.  Uric Acid in your blood stream should be below “.6″. Anything over this typically indicates you are having a flare up.

Gout is a painful condition that is caused by uric acid in the joints.  Uric acid is tiny crystals that form in your joints, tendons and the surrounding tissues that create intense pain when those joints are moved.  The pain that is caused is some of the most immense pain that a human being will experience.  It is compared to passing a kidney stone or having a baby. Continue reading

Saving early and often

Everyone wants to give financial advice especially broke cousin Eddy, but today we are going to give solid time tested principles from our wealthy and senior population.  Being that I am in my 30s with a wife and two kids I view it as a very important thing to make sure my finances are in order so I can provide for my family.  We have all heard saving early and paying off debt is a smart thing to do but in this article we will cover what is recommended.

After reading over 100 books on finance and business I decided to ask some of our elderly clients what are the biggest secrets to financial freedom.  Then I thought I would see what the Forbes 400 list recommended as their financial wisdom.  Let me say that I do not think money is success – success comes from an internal happiness doing whatever it is that truly excites the passion within you.  I heard success described last week as the people who know me the best respect me the most.  That is a powerful definition of success. Continue reading

Critical Illness Insurance

What is Critical Illness Insurance?

Critical illness insurance is an insurance policy that provides coverage for specific critical illnesses such as cancer, heart attack, stroke, or other health issues specified in the policy.  These policies will typically pay benefits in a lump sum; however, there are insurance companies that pay for specific procedures associated with a critical illness.  Continue reading

Underwriting Medicare Supplement Plans

Before jumping into the Medicare Supplement market, companies must figure out the different risks and rewards to being in the business. There are a lot of factors to consider when looking at underwriting Medicare supplement plans.  There are actuarial tables for rates, underwriting health questions to determine eligibility, state laws to comply with, federal regulated benefits to adhere to, and many other factors that go into underwriting Medicare supplement plans.  This article should help people realize some of the risk factors that have to be considered.

Underwriting Medicare Supplement Plans

Medicare Supplement Insurance Premiums by Medicare Insurance Finders

Underwriting Medicare Supplement Plans – Actuarial Tables

This is probably the easiest of things for an insurance company to complete since they typically will pay an outside actuarial company to handle rate tables.  However, prior to  the actuarial figures there are many things that are needed:

  • What states will the company be issuing policies?
  • What are the underwriting requirements in those states?

Premium Rates & Rate Increase Strategy

What is commonly seen in the Medigap world is a company that comes out with a super low rate and everyone flocks to that plan (healthy and unhealthy). Once this plan becomes loaded up and the premium is on the books, claims start to hit the books.   Then as claims begin to come in the low rate increases take place – sometimes these rate increases occur even when loss ratios are low to help prevent large increases the following year.

However, all you need is a few cancer patients or individuals with ESRD to have some high claims come in and raise the premiums for everyone on the group.  INSURANCE COMPANIES CAN NOT RAISE THE RATES FOR AN INDIVIDUAL!! THEY MUST RAISE RATES FOR THE WHOLE GROUP. 

Introduce Different Medigap Plans

One strategy that was common several years ago which has not been seen recently was introducing plans A-G and then introducing alternative plans several years later after the Plan F & G had received high rate increases.  This hit a high right before the 2010 Medicare Modernization Act, when the Plan J was popular; however, no company to my recollection has done this with the Plan N.

The purpose of this was for an insurance company to be able to stay in the state while being able to raise their rates on plans that needed rate increases.  Certain plans are not Guaranteed Issue plans which helps prevent high risk individuals from coming onto these plans.

State Laws to Consider

Each state has different laws that must be followed when underwriting Medicare Supplement plans.  You can view an article on our Medicare Insurance Finders website to see different MEDIGAP LAWS and how they vary state to state.  These laws make it complicated for an insurance company to have a universal application that works in each state as well as having underwriters trained on general questions.  Instead, they have to know and understand state specific laws.

An Example would be Tennessee asking their tobacco question in their health questions section of the application.  This means that individuals in Open Enrollment who use tobacco get non-tobacco rates.  An insurance company has to account for how many tobacco users are on non-tobacco rates because of when they signed up for their health plan.

To learn more about Medicare Supplement Insurance contact us at 1-877-936-2991.