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Compare Medicare Supplement Insurance

Do you wonder how to compare Medicare Supplemental insurance?  If so, you have come to the right place. Medicare Insurance Finders will help you find and compare Medicare Supplement Plans based on four key factors that are crucial to review when looking for the best plan:

Four Key Factors Medicare Supplemental Insurance Comparison

  1. Medigap Cost – Price of the Policy
  2. Insurance Company Strength and Loss Ratios
  3. Underwriting Requirements (if you are not in Open Enrollment or Guaranteed Issue Periods)
  4. Medicare Supplement Coverage (Medigap Plans A – N)

1. Price

The first thing to look for when comparing Medigap policies is the price.  The Medicare and You Booklet states, “the only difference between Company ABC and Company XYZ is the price”.  We agree this is the main difference between these Medigap plans; however, Medicare Supplement Advisors with any experience understand there are other factors that must be considered when making Medigap comparisons.

When comparing Medigap vs. Medicare Advantage Plans, you'll notice Part C Medicare Advantage plans are normally less expensive; however, there are coverage holes and gaps in those plans that only a Medigap plan can cover extensively.  So when comparing Medicare Advantage vs. Medigap plans, make sure you put both of them side by side to determine price, providers, coverage, flexibility, and other benefits offered.

2. Carrier Financial Strength and Loss Ratios

Medicare Supplement comparisons should include a review of the insurance company’s financial strength and loss ratios.  Only choose a Medicare Supplement Insurance Company that is licensed in your state, selling the plan design you desire, and has a B+ rating or higher with A.M. Best (#1 rating agency). 

Another thing to consider is the carrier’s loss ratio from the previous year in your state — not nationally, your specific state is what matters. A Medicare Supplement Comparison with Medicare Insurance Finders will help you analyze this so you don't jump into a product that will immediately begin getting rate increases.

3. Underwriting Requirements

The third thing to consider is the underwriting requirements of applying for the insurance policy. If you are not in Open Enrollment or in a Guaranteed Issue Period, you may be asked health questions on the application, unless you live in a state that does not allow insurance companies to ask health questions. Some carriers will ask more difficult questions and others are a little more lenient with their questions.

Medicare Insurance Finders can help you decipher which plan is best for your situation. If you can’t qualify for any of them you should review the BAI Guaranteed Issue Group Retiree Medical Plan.  Compare Medicare Supplements prior to making a decision on which Medigap policy and Medicare Supplement Insurance Company to choose.

4. Coverage Needed — Medicare Supplements Comparison

Last but not least is the coverage you desire from your Medigap plan.  There are ten plans to choose from that are labeled Plan A – Plan N (plans E, H, I, and J are no longer offered).  Plan F is the most popular Medicare Supplement, because it offers the most comprehensive coverage on the market.  Plan G is a great plan because it also has extensive coverage, with lower premiums and rate increases than Plan F.  Another popular plan is Plan N, which has more cost sharing but lower premiums than the other Medigap policies. 

When looking at Medicare, compare your options for Medicare Supplemental and Part D plans. If you need help, fill out the quote request form at the top of the page or call 1-877-936-2991. Thank you for visiting Medicare Insurance Finders.

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