Everyone, of course, wants the “best” Medicare supplement plan. So, what qualifies a plan as the “best” one? There are a few important factors that play into this analysis, and it is important to have a good understanding of Medicare supplement plans and how they work prior to figuring out which plan is best for you.
- First of all, you should recognize that Medicare supplement plans are Federally-standardized. This goes for the coverage, claim payments and doctor acceptance. This means that there are no differences, other than price and company reputation, from one company to another. So, in short, the “best” plan is usually the least expensive one – the one with the lowest rate.
- Medicare supplement insurance companies are rated by AM Best, which is an independent organization that rates insurance companies. These ratings can give you an idea of the financial size of the company (i.e. how much money they have in the bank); however, they are not an indication of which company is better or pays claims faster. Claim payments, with Medicare Supplements, are all paid through the Medicare “crossover” system, so there is no variation from one company to another as far as how fast, when or how much they pay on Medicare supplement claims.
- With the above facts in mind, the comparison of Medicare supplement plans is the next step. To find the best plan, you should find the one that gives you the best rate for your specific situation – rates can vary by age, gender, zip code, etc.
To compare the Medicare Supplement plans, you can call each individual company to get their rates, meet with an agent or look at their unique “selling points”. However, with the knowledge that the plans are standardized, it is most advantageous to compare all of the plan options in a centralized place. Although you cannot do this directly through the individual companies, there are many brokerages which provide the resources to do this, including Medicare-supplement-comparison.com.
You can get a Medicare supplement insurance comparison from us by visiting our website or calling us at 87.506.3378.
