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What is the Average Cost for Supplemental Insurance for Medicare?
Because every Medigap plan must include a set list of benefits, comparing Medicare supplemental insurance and finding out the cost is significantly easier than shopping for most other types of insurance. Here are a few factors you might want to consider when you select a plan provider.
- Premiums :Insurance companies each charge their own premiums, which they can set themselves. Comparing a select plan with multiple providers can help you quickly narrow down your most affordable option.
- Customer service :If you’re new to Medicare, it may give you peace of mind to know that a helpful customer service team is standing by. Look for insurance providers that offer live assistance that works for you.
- Ease of use :Your Medigap plan provider shouldn’t make you jump through hoops to learn about your coverage. Look for a plan provider with an online portal or website that’s easy for you to use and understand.
How to Buy Medicare Supplement Insurance
Buying a Medigap policy is a straightforward process. Though the specific steps you’ll take may vary by insurance provider, here are the basic steps you should expect to go through when purchasing a policy:
- Compare each Medigap plan option available to you and consider which set of benefits best fits your needs.
- After you know which plan you’re interested in, find a company licensed to offer this coverage in your state. You can find plans by reaching out to Benzinga’s recommended providers directly or by searching with Medicare’s Medigap search tool here.
- When you find a plan from a company you want to work with, complete your application.
Insurance companies are required to provide you with a clear and easy-to-understand statement of your benefits before you buy a Medigap policy. Be sure to read it thoroughly so you understand what is and isn’t covered with your plan. If you have questions, contact an insurance agent to ask questions before you agree to a policy.
When Can I Buy Medicare Supplemental Insurance?
Remember, the best time to purchase a Medigap policy is during the 6-month open enrollment period, which begins the day you have Medicare Part B insurance if you’re 65 or older. During open enrollment, you can purchase any Medigap policy in your state, regardless of health problems. If you wait until this period closes, you may not be able to buy a Medicare supplemental insurance plan. This makes it especially smart to start comparing your options and getting quotes from Benzinga’s recommended providers early so you don’t miss your enrollment window.
Final Thoughts on Supplemental Medicare
Medicare can be confusing — and understanding exactly what type of supplemental coverage you need can be even more frustrating and time-consuming. However, like most other types of insurance, the best way to make sure that you’re getting the best rate possible is to request as many quotes as you can 。
Every health insurance company uses its own unique formula to determine how much you’ll pay in monthly premiums, so it’s possible to get five totally different quotes from five different insurance companies.
Don’t be afraid to shop around for coverage and ask any agents you speak to how you can lower your premium — health insurance providers have a hefty financial incentive to sign on qualified users, so there’s usually a few discounts that can be found for you if you’re debating between two providers.
A valuable resource for consumers is the Medicare Insurance agency directory hosted by the American Association for Medicare Supplement Insurance. Use it to find local Medicare insurance agents in your area. Access is completely free and also private.
