Where do I find the best Medicare Supplement Rates?

Odds are you are reading this article because you want to find the best Medicare Supplement Rates available!  Can’t say I blame you, with coverage being standardized among insurance companies it makes it much easier to compare these Medicare Supplement Plans.   These policies can not have different benefits from one company to the next so comparing plans really comes down to the price and the company’s financial stability.

Compare Medicare Supplement Rates

So now that you know the importance of comparing Medicare Supplement Rates let us explain the best way to compare the plans.

  1. First of all you will need some basic information to look up rates accurately.  This is your date of birth, zip code of residence, gender, and tobacco preference in most states.  These are factors that are required with about 95% of the companies across the country to get a quote.
  2. You want to go to a website or agency that has numerous plans or insurance companies available.  It is a lot of work to go to 15 different companies to get quotes one by one, so we recommend using this quote engine to compare plans all at once.  Compare Medicare Supplement Rates
  3. Spousal Coverage – you may benefit from lower Medicare Supplement Rates if you and your spouse apply together.  Some carriers offer a 7% discount if both spouses are with the same company.  Mutual of Omaha, United of Omaha, Manhattan Life, and others offer this benefit.

When you go to the website referenced above you will be asked some basic questions and then you will have quotes displayed with up to 25 insurance companies in some states.  The plan automatically defaults to the Plan F while showing you the lowest prices at the top.   You can compare different plans “A – N” on the side using the drop down option.

If you have problems accessing quotes feel free to call the toll free number 1-877-936-2991.  We hope you enjoyed this article and we feel certain that following this advice will result in the lowest Medicare Supplement rates available.

Medicare Supplement Rates

Medicare Supplement Plans

2014 MA Plans – Will they be here?

A question many seniors are asking right now is will MA plans be around in 2014?  As stated in previous articles Medicare Advantage plans are feeling some hits from the Federal government on their subsidies.  With roughly 5 billion dollars spent over the traditional Medicare fee for service costs, Medicare is stating it is more expensive than Original Medicare.

While this is an accurate statement it has many of the 14 million seniors on one of the MA plans very nervous.  “I don’t want my Medicare Advantage Plan taken away” – states a senior in the Northeast.  Other organizations like AHIP have prompted seniors to contact their congress members to tell them to go against these cuts.

When did MA Plans Start?

Under the 2003 MMA, Medicare Advantage Plans were put into place as well as the Part D plans going into effect in 2006.  MA Plans can include Part D drug coverage. However, these plans had been seen in the 90′s as the Medicare + Choice plan that was dismantled because the plans cost more than Original Medicare.  When this plan closed down over 3 million people had to go back to Original Medicare and Medicare Supplement Plans.

What are my options if Medicare Advantage Plans stop in 2014

You have options in fact very good options if this happens.  Medicare Supplement Companies are forced to offer guaranteed issue Medicare Supplements if your Medicare Advantage plan pulls out of your service area (for more on guaranteed issue rights). This means that you have no health questions for several different plan options in your state, usually the Plan F Medicare Supplement is always one of these plans.

Our advice is to stay on top of what is happening with MA plans and keep up to date on our blog for up to date Medicare news.  Call us at 1-877-936-2991 for more help with your Medicare Insurance needs.

MA Plans

Offering Supplemental Medicare plans – Medigap and Dental Insurance

Health Insurance Plans

At Medicare Insurance Finders, we offer health insurance plans to individuals on Medicare.  With over 25 insurance companies and products in 47 states our Medicare Quote Engine will provide you with instant quotes to the insurance coverage you need.

Medicare Supplement Plans are standardized which makes comparing plans easy.  In a nutshell, each company has to offer the same coverage for a Plan F Medigap plan.  So Mutual of Omaha Medicare Supplements are the same as AARP plans.  This should help you see that price is a big factor in determining which plan you choose.  Unlike traditional health insurance plans where you can choose deductibles and co-insurance options that may not allow you to compare apples to apples.  Medigap Insurance has 10 plans which you can choose from.

The most popular Medicare Supplement Plan is the Plan F.  This coverage picks up all the deductibles and coinsurance that Medicare leaves for you to pay and all the billing is handled electronically with Medicare and the insurance company so you do not have to handle the claims process.

Health Insurance Plans

As mentioned above, Medicare Supplements are not like traditional (under age 65) health insurance plans.  These plans are not affected by the Affordable Care Act (Obama Care) so there will not be any drastic changes in 2014 either.

Medicare Supplement Plans – Outline of Coverage

The below chart shows the outline of coverage for Medicare Supplement Insurance.  Remember these plans are only for individuals that are on Medicare.  They “supplement” or “fill in the gaps” of Original Medicare.  That do not work with a Medicare Advantage Plan and by law they can not include Part D Prescription Drug Coverage.

Health Insurance Plans

Medicare Supplement Insurance Outline of Coverage

If you have questions about your coverage options please contact a Medicare Supplement Advisor at our office by calling 1-800-800-1397 option 6.  Also our main website Medicare Insurance Finders has many different articles about health insurance plans available.

Medicare Advantage Cuts

We all heard during the elections how President Obama and Presidential hopeful Mitt Romney argued about the Medicare Advantage cuts from the Affordable Care Act.  Mitt Romney sited that there was over 700 billion in MA cuts, while President Obama argued that this was absurd.  Well the truth came out this week when Medicare Advantage cuts appeared larger than anticipated.

Medicare Advantage Cuts

The last week of February, the Centers for Medicare and Medicaid Services announced a further cut of 2.3% in Medicare Advantage Payments in 2014.  This sent the Medicare Advantage Plans into an uproar stating that they were already getting close to a 5% cuts to their plan and adding this 2.3% would put them right at 7% cut.

The insurance companies were not the only ones who noticed these cuts.  Companies that are publicly traded and offered MA Plans all took a hit.  Some companies like Humana and United Healthcare took large hits (roughly 8%).

Medicare Advantage Cuts

Medicare Advantage Plans verse Medicare Supplement Plans

What do these Medicare Advantage cuts mean?

To a consumer these Medicare Advantage cuts mean either a loss of benefits, higher premiums or both.  AHIP recently released a statement that members will probably get some unpleasant surprises in 2014 plan year.  Some of the possible changes could be premium increases from $50-$90 per month or cut in benefits.

If premiums increase and benefit are cut we are expecting Medicare Supplement plans to increase enrollments.  These plans supplement Original Medicare and pick up the deductibles, coinsurance, and co-pays that accompany covered Medicare services.  Medicare Supplements normally have higher premiums than Medicare Advantage Plans, but they do provide much more extensive coverage.

These Medigap plans also do not limit providers available, but MA plans do limit their members to specific networks which is the major issue with people who have enrolled in a MA Plan.  Basically these MA cuts will stir up some change in the Medicare market towards the end of 2013 (Annual Election Period) so people have a chance to change prior to the 2014 plan year.

 

Aflac Medicare Supplement Insurance

Aflac Medicare Supplement Insurance has been released and is firing on all cylinders. This is expected to be one of the most competitive insurance companies writing Medigap insurance plans in 2013 (along with Cigna Insurance Company).  You can expect them to have low rates across the country with an online application that licensed insurance agents can enroll you through.

Aflac has been known as a market leader for providing niche products for many years and is expected to have an exciting entry in the Medicare Supplement market.  Aflac Medicare Supplement Insurance Rates will be available on the Medicare Supplement Quoter as soon as they have been approved by the different insurance departments.  We are known for providing health insurance rates online with numerous insurance companies and you can guarantee that we will had Aflac to that list.  Continue reading