Top 10 Medicare Supplement Companies

Do you ever wonder which Medicare Supplements are available in your area and how they work? First, it is important to know, you must have Medicare Part A and Part B to receive a Medicare Supplement.  All Medicare supplements are standardized and any plan is guaranteed renewable, even if you have health issues. The carrier cannot cancel your plan as long as you are paying the monthly premium.  Although every carrier offers the same plans, the rates are different based on age, gender, tobacco usage, location and sometimes health conditions.

Each carrier does implement rate increases each year for every plan. You will receive a letter from the carrier annually, 30 days prior to let you know you are receiving an increase. The average annual rate increase is roughly between 6-10%.

Each carrier has several different plans, such as A, B, C, D, F, G, K, L, M, N.  All plans offer the same benefits, but in some cases, additional benefits are offered.  You have the flexibility to choose which plan best meets your needs. 

MWG Senior Services selects the Top 10 Medicare Supplement companies based on their rating and their annual historical rate increases.   

Top 10 Medicare Supplement Companies:

1.            American Continental
2.            American Retirement
3.            Philadelphia American
4.            New Era
5.            Combined
6.            Mutual of Omaha
7.            Central States
8.            Aetna
9.            Gerber life
10.         American National

 

MWG Senior Services represents all of the Top 10 Medicare Supplement companies listed above and more. To see how their rates rank in your area, click here.  Please keep in mind that Medicare Supplements does NOT cover long-term care, vision or dental care, hearing aids, eyeglasses, or private- duty nursing.  However, Medicare Supplements will cover the 20% that original Medicare doesn’t cover.

Some Medicare Supplement policies also offer coverage for services that Original Medicare doesn’t cover, like medical care you may need when you travel outside of the U.S. Please keep in mind that Medicare Supplement plans are DIFFERENT from a Medicare Advantage plan. 

If you have any questions, please call MWG Senior Services at (877) 759-5760 or email us at seniorservices@morganwhite.com.  Our knowledgeable and experienced representatives are ready to help guide you through the Medicare maze.

When can I buy a Medigap policy?

Are you turning 65 soon?  You might find out that looking through Medicare options is like trying to put together a 1,000-piece jigsaw puzzle.  Fortunately, in this and upcoming blogs, we have selected some frequently asked questions to talk about in more detail.  

We hear this question all the time; “When can I buy a Medigap policy?”  The good news is you can buy Medigap (Medicare Supplement) at any time throughout the year and you don’t have to wait until October 15 – December 7.  The stipulation is, you might have to go through underwriting to qualify for a different Medigap policy. 

In this blog, we will outline:

(1) When you can purchase a Medigap policy without having to go through underwriting.

(2) What is underwriting?

(3) When you can change your Medigap policy if you aren’t happy with it. 

If you purchase your Medigap policy when you are first eligible for Medicare, you can purchase any policy sold in your state without having to go through underwriting.  This means if you have any health problems, you can purchase a Medigap policy at the same rate as a healthy person, if you purchase it within your open enrollment period.  Each person’s open enrollment period will start the first day their Medicare Part B is effective and it will last for 6 months. 

If you decide to change your Medigap policy outside of your open enrollment period, typically you will go through underwriting.  This means, if you have some health problems, the insurance companies could either deny coverage or charge you more due to certain health conditions.  Keep in mind, even though Medigap policies are standardized, the health questions are not.  So, just because you may not qualify for one carrier doesn’t mean that you will be turned down for another carrier.  Check with our advisors to see if there is an option that fits your needs. 

If you are about to lose your group health coverage, you might be eligible for Guaranteed Issue, which is another way you can purchase a Medigap policy without having to go through underwriting.  There are many different qualifications for a Guaranteed Issue period.  Please click here to learn more about your Medicare rights.

To compare prices of different Medigap policies and carriers available in your state, click here.

Now that you know you don’t have to wait until October 15 – December 7 to make changes to your Medigap policy, and you know a little more about changing your Medigap (Medicare Supplement), please don’t hesitate to give us a call at (877) 759-5760 or send us an email at seniorservices@morganwhite.com with any questions you may have pertaining to your specific situation.  Be sure to mention you heard about us through our blog!  Have a great day! 

Source:  Medicare.gov

Turning 65?

Are you turning 65 soon? Are you looking for some answers on what you need to do first to take full advantage of your Medicare options?   We have outlined some simple steps to help you navigate the Medicare maze.  Let’s take a look at what path you might want to take.  Please remember, if you have any questions at all we are just a phone call away. 

We hear this question a lot, “How early should I start looking at my Medicare options?”  We always tell our clients that it is never too early to start educating yourself about Medicare.  You will be bombarded with calls and mail about 6 months before your 65th birthday, which can be pretty overwhelming.  We would recommend finding a knowledgeable advisor at least 4-6 months in advance so you can get the conversation started.  If you are looking for someone to help you navigate the Medicare maze, give us a call at (877) 759-5760 or email us at seniorservices@morganwhite.com.  We would love to help with any questions that you might have. 

Once you are eligible for Medicare, you will need to sign up and drop your Marketplace Health Insurance so that it stops when your Medicare coverage starts.  Most of the time, it is more beneficial for you to sign up for Medicare during the first 3 months of your Initial Enrollment Period.  Doing so could help you avoid late penalties.  Keep in mind, you will not be eligible for premium tax credits or other savings for your Marketplace plan once your Medicare Part A coverage starts.  If you received tax credits to subsidize your Marketplace plan premium, and/or you received these tax credits after your Medicare Part A coverage started, you might have to repay the credits or savings you received when you file your taxes.  

Enroll in Part A of Medicare.  If a person isn’t automatically enrolled in Medicare they can sign up for Part A once their Initial Enrollment Period begins.  This starts 3 months back from the month you turn 65, includes the month you turn 65, and ends 3 months after the month you turn 65.

Decide whether you would like to sign up or delay Part B.  If you do not have creditable coverage through your employer, you would need to enroll in Part B during your Initial Enrollment Period.  If you have creditable coverage through your employer, you can delay Part B.  If your coverage is not considered creditable or you do not have any other coverage, if you don’t sign up for Part B when you are first eligible, you may have to pay a late enrollment penalty for as long as you have Part B.  If you have retiree coverage, you will likely need to be enrolled in both Medicare Part A and Part B to receive full benefits. 

Compare your Medigap options available in your area.  To compare prices of over 19 different Medicare Supplements located in your area, click here.   You will be able to view rates specific to you! 

Let us help you take the guessing game out of what to do to prepare for turning 65 and becoming eligible for Medicare!  We are more than happy to set up a free consultation with one of our Senior Market Advisors that are licensed Insurance agents ready to answer any questions you might have.  Give us a call at (877) 759-5760 or send us an email at seniorservices@morganwhite.com.  Be sure to mention that you heard about us through our blog.  Have a great day!

Source:  Medicare.gov

Medicare Supplement Plan Comparison

Medicare Supplement Plan Comparison

If you’ve found this article, chances are you are doing your homework on your Medicare Supplement plan comparisons. Look no further! We developed a tool for you to use to show instant rates in your area so you can compare all of the Medicare Supplement plans. You can find this tool by clicking HERE.

We call this tool our Medicare Supplement Quote Engine and you’ll be able to see all of the Medicare Supplement plan comparisons from multiple carriers for plans A – N. Once you submit your information, you’ll be able to see all of the plans and rates. We will call you to go over your options and answer any questions.

One of the reasons our clients love us so much is that after we get your Medicare Supplement in place, we will also assist you in finding a Part D prescription drug plan that is most cost effective for you. We have a team in place to help you with your Medicare Supplement options and another team in place to help you with your Part D.

Our clients have found that our team approach benefits them the most. Instead of having one person you can call, you have an entire team that has your back when it comes to Medicare. If you’re new to Medicare and are in your Open Enrollment period for Part B, all of the plans are available to you with NO health questions! If you’ve been on Medicare a while and you’re looking for a lower rate, we will go through health questions with you in order to find a carrier that would best suit your needs.

Got questions?

If you need assistance, we are here to help you navigate the Medicare maze! Just give us a call at (877) 759-5760, option 1. Our advisors are ready to answer all of your questions. You can also email our team at seniorservices@morganwhite.com if you prefer. We look forward to hearing from you soon!

2014 Medicare Review

At the beginning of each year it is always encouraged to get a handle on your financial awareness and make sure all your insurance policies and investments are in line with your expectations.  We agree with this an recommend our clients to consider a 2014 Medicare Review which would entail sitting down to make sure your coverage is providing the benefits that you want it to provide.   This includes evaluating what you currently have and the gaps in coverage that you may or may not realize you have.

Statistics show that over 50% of people do not realize the exposure they have with their current insurance plan.  Example people who have not purchased Medicare Supplement Insurance do not realize that a diagnosis with cancer does not have a limit with Original Medicare.  This means that if you were to have a six figure chemotherapy treatment there is not a cap to your out of pocket.  However, if you have supplemental insurance this can help you limit your exposure.  Another reason for having a 2014 Medicare Review.

2014 Medicare Review – What Should it Entail

Please know that we are just going over a Medicare review in this article we will not be covering the other insurance reviews that you should do on an annual basis; however, you can craft a plan around the following information:

  1. Find out what you have.  In Proverbs it explains that we should know the state of our flocks.  This means that we should know what we have and what it covers from a Medicare standpoint.  Do you have supplemental insurance?  Do you have a Medicare Advantage Plan?  Do you have Prescription Drug Coverage?
  2. Do you need supplemental insurance?  I am a strong proponent of having supplemental insurance.  The main reason being that an  unlimited maximum out of pocket is not something that 97% of the population could handle.  Basically I am saying that unless you can stroke a check for whatever amount without it messing up your financial planning you need a supplemental plan.  Compare Supplemental Plans Here.
  3. Take Inventory.  Figure out the prescriptions you are taking and do an online comparison with Medicare.  If you do not know how to do this you need to get with one of our certified specialists that can help you compare this.  The average person usually spends over $400 more than they need to on the prescription drug plans each year.  It is very important to compare these plans each year during the Annual Election Period.

These are our three basic steps for your 2014 Medicare Review.  If you have any questions please do not hesitate to call us at 1-877-936-2991.  Thanks.

2014 Medicare Review

Cigna Med Supp Rates – Take a Peak

Right now is the middle of the Annual Election Period and we recommend you take a peak at Cigna Med Supp Rates in your zip code.  They are not in every state across the country, but Cigna is really competitive in the states they are in.  Several states they are really completive are Mississippi, Tennessee, and Texas.

If you are looking to compare Medicare Supplement Insurance while you are reviewing your Part D plan view our Medicare Quote Engine for instant quotes.

Cigna Med Supp Rates

Below is an example of what Medicare Supplement Rates look like when you are comparing plans on our quote engine.  There are many states where Philadelphia American, AARP or United of Omaha will be the most competitive plan in your state.  However, if you don’t compare you will not know.

Even Medicare explains that it is important to compare Medicare Supplement Plans because it comes down to the price on which one you should choose.  We also say it is important to compare the financial stability of the insurance company – only choose an insurance company of B+ or higher.

Cigna Med Supp Rates

Cigna Medicare Supplement Plan F Rates – Mississippi Insurance Rates

What do you need to compare insurance plans?

There are only a few things you need to get a Medigap quote.

  1. Date of Birth – this is to verify your age.
  2. Zip Code – most companies offer their Medicare Supplement Rates by zip code.  However, Medicare Advantage Plans do theirs by county.
  3. Gender – some states this does not matter, but others it does so we ask for it on the quote engine.
  4. Tobacco – this may or may not apply depending on the state.

Feel free to compare the different Cigna Med Supp Rates through our quote engine to make sure you are not paying too much. If you would rather speak to someone contact our office at 1-877-936-2991.

 

 

 

 

Financial Advice from Advisors

Too many Americans are hitting retirement age and realizing “Shazzam” I guess I should have prepared a little better financially.  According to a recent Insurance News article, 80% of people say having a financially secure retirement is their goal and their idea of good retirement, followed by great health. To help you reach your dream and live a strong retirement we have put together a blog article that provides the best financial advice from advisors.

Financial Advice from Advisors

Keep in mind that this is dealing with retirement and and financial advice, not the best places to travel or the best way to get the kids out of the house.  Financial advice from advisors is great, but it does not mean anything if you do not implement the ideas that you are provided with.  The phrase “Action speaks louder than words” is the best way to describe this.  Advisors will help you overcome financial obstacles and prepare for the future, but what you as the reader really want to know is what are the top pieces of financial advice, advisors give:

  1. Increase Retirement Savings.  Save at least 10% of your income for retirement and try to max out retirement savings as early as possible.
  2. Create a financial plan.  This includes how you want to retire, how you want to live in the present, do you want to pay for your kids colleges, do you have life insurance, disability insurance or long term care to secure your and your family’s future?
  3. Get rid of debt and spend less.  This first thing to do is stop the consumptive spending if you have debt.  Get rid of the bad debt first and then try to pay off your mortgage once you have retirement and college saving in place.

Most advisors believe that 15-20% of your pay should go towards savings and future planning.  This is to make sure you have a comfortable retirement and are not strapped at a later age in life.   Many Americans, struggle with this and say they want to make sure they enjoy the present.

This is true that we do need to enjoy the present!  However, we should enjoy the present with boundaries.  Without boundaries or guard rails it is easy to get off in a ditch.

Once you are in retirement is important to protect your assets with a Medicare Supplement and a Long-Term Care policy.  These different insurance policies help strengthen your retirement plan in protecting from unknown health issues.  We hope you enjoyed this financial advice from advisors across the country.

Call us at 1-877-936-2991.

 

 

Medicare Supplement Insurance Plans

Medicare Supplement Insurance Plans area available in all 50 states through Medicare Insurance Finders.  We provide online rates with over 25 insurance companies in less than 2 minutes.  Our website is one of the only online sites that actually provides you with supplemental insurance quotes online.

Medicare Supplement Insurance plans help supplement Original Medicare.  This means that they pick up the deductibles and coinsurance that you are probably accustomed to paying.  There are 10 standardized plans as you can see in the chart below, but Plans F, G, and N make up probably 75% of the enrollments.

Medicare Supplement Insurance Plans

Medicare Supplement Insurance Outline of Coverage

Continue reading

Aetna purchases Coventry Healthcare

This week Aetna one of the countries largest insurance companies purchased Coventry Health Care for approximately 8.7 billion.  Aetna has pushed for more strength in the senior insurance market over the last several years with the purchase of American Continental,  Continental Life, and now Coventry.  This allows the insurance company to continue stretching out its growth in the Medicare market through its different filings in all 50 states.

Aetna is one of the largest insurance companies in the world and over the past few years has decided to make a hard push in the Medicare market.  With over 10,000 people turning 65 each day for the next 20 years it is hard to blame them or think that it is a bad move.  Continue reading

Best Medicare Plan

Do you want to make sure you get the best Medicare plan when you turn 65 and are eligible for Medicare?  If so there are several things to consider:

  1. The Best Medicare Supplement Plans can be different for different people!  Some individuals prefer the Medigap Plan F coverage which has no co-pays, deductibles or coinsurance.  Others enjoy the Plan G which only has a Part B deductible and is usually 10% cheaper than the Plan F.
  2. The Best Medicare Plan for prescriptions is usually going to be the one that covers your prescriptions with the least out of pocket costs for the year.  Insurance Agents are not allowed to say “the Best Part D plan or best Medicare Advantage Plan.” So what we say is the most cost efficient plan for your according to the Medicare.gov website for the next plan year is XYZ Insurance Company Preferred Plan with a premium of $00.00.
  3. The Best Medicare Advantage Plan is a little tougher to calculate.  You must take into calculation the providers in network/out of network with the plan, does it offer drug coverage and does it cover your prescriptions, what are the plan deductibles, co-pays and coinsurance, and many other questions.  Medicare.gov is a good resource. Continue reading