The best Medicare Supplement plan is a plan that is the lowest cost for your age and zip code, from a reputable company. There are obviously many factors that go into your decision about which Medicare Supplement plan to purchase. However, the most important two factors, put simply, are: price and company reputation/rating.
Medicare Supplement plans are Federally-standardized, so it is important to remember that coverage will be the same with every company for a “like” plan. Also, because of this standardization, claim payments and doctor acceptance are the same with every company also. The only differentiating factors from one company’s plans to another are price and company rating/reputation.
So, why are the prices for the Medicare Supplement plans so widely varying? That is a great question. Here are a few of the reasons:
- Company’s individual pricing strategies – some companies target different areas, different plans, different age groups, etc.
- Pricing methodologies – different companies set their rates in various ways – some use attained-age (prices are based on your current age) while others use issue-age (based on your age at the time of issue and go up over time but not based on your age)
- Administrative costs – some companies have higher administrative costs – more employees, advertising, etc. than others
Although these differences abound, they are easily deciphered, and you can get the best Medicare Supplement plan by merely comparing the options and choosing the plan that makes the most sense for your unique situation. Here is some information about choosing a Medigap plan if you are turning 65. We would always recommend, whether it is us or someone else, using an independent brokerage/agency. This allows you to compare multiple options in a centralized place, so that you can make an informed choice from all of the options. In most cases, this informed choice should be the company that is most competitively priced for your age and zip code.
To get a Medicare supplement quote comparison or to find out what the best Medicare Supplement is for your situation, contact us on our website – Medicare-Supplement.US – or call us at 877.506.3378.