Do I Need a Medicare Supplement Plan?
Are you over age 65 and on Medicare? A Medicare Supplement plan could help even if you’re healthy with few health claims. Medicare doesn’t cover all your expenses and Medicare Supplement coverage can help fill in the gaps.
Medicare Supplement Plans
Medicare Supplements are offered through private insurance companies, but are regulated by the federal government. This guarantees that plans between private insurance companies are the same. This means the plan benefits are the same from one provider to the next.
Choosing a Medicare Supplement
Determine what needs are most important to you. Review the Medigap plans on Medicare’s website. Note which plan(s) meet those needs. Once you know which plan you want, you need to choose with which company to purchase the Medigap plan.
Now that you know which Medigap plan you want, you may be wondering how to choose a company. No two companies are alike. When researching Medicare Supplement providers, there are several things you should look out for.
- Company Stability – A stable company spends its money wisely and can afford to pay claims. You should look for companies with strong Financial Strength Ratings from industry analysts like A.M. Best Company and Standard’s & Poor’s.
- Customer Service – You should look for a company you can contact with questions and has methods for you to look up your policy information.
- Product Availability – While Medicare Supplements are federally regulated, insurers aren’t required to provide all Medicare Supplements. You should research which Medicare Supplement plans each company offers.