Tips For Getting The Best Medicare Supplement To Meet Your Needs
If you are approaching that magical age where you can finally sign up for Medicare and save yourself some money on healthcare costs, then it is important that you know how to get the best Medicare supplement plan. Medicare supplement plans help pay for the costs that regular Medicare doesn't cover. To find the best Medicare supplement plan to meet your needs, follow these important tips:
Tip: Understand that Medicare Supplement "Letter" Plans Are the Same Over Various Plan Administrators
When you sign up for Medicare, you soon learn that it is a program designed with an alphabet soup of plans, such as Plan A, Plan B, and Plan C. It is important that you understand that any plan with the same letter is the same regardless of who is administrating it.
For example, Plan H offered by one insurance company has identical coverage as Plan H offered by other insurance companies. This is very important to know, because once you have decided which letter plans you are interested in, then you can compare the costs of each plan over various insurance companies to find the cheapest policy.
Tip: Investigate the Past Yearly Rate Increases of Each Insurance Company
Since there is no government regulation limiting the yearly premium increases for Medicare supplement policies, it is vital that you investigate the past yearly rate increases for each insurance company's policy you are considering. This information can be obtained in three different places:
- the insurance company's website
- your insurance broker
- your state insurance commissioner's office
Just a few minutes of research online can save you a lot of money. Many insurance companies offer inexpensive supplement plans and then drastically raise the prices each year. Knowing how big the past increases were will show you if this is likely to be the case in the years after you purchase your policy.
Tip: Shop With a Local Medicare Insurance Broker to Find the Most Appropriate Policy at the Lowest Cost
While you can purchase Medicare supplement plans online, instead, you should work with a Medicare insurance broker in your local area. When you shop for a broker, ask them how many insurance companies they are appointed with. The term "appointed" means the broker can legally sell policies offered by the insurance company. You should work with the insurance agent that is appointed by the most companies possible. Finally, don't forget to ask your insurance broker if there are any discounts you qualify for to further lower your monthly premiums.
For more information, you will want to contact a company such as Alabama Medicare Plans.