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.  Keep reading to find out the top 10 Medicare Supplement companies… 

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.

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 Bounce house for sale 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

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.