Medicare Supplement insurance is standardized all over the federation – that is, every company that executes the plans is required to offer the same coverage plans. So, once you have one, you should just keep it because they are all the same and you’ll never have to think about it again, Is that true? Absolutely wrong!
While coverage with these supplemental plans is standardized, there are a few other factors that differentiate the companies that you should consider when comparing plans.
When comparing plans, there are three main factors to consider:
- First and foremost, you have to consider the price (monthly premium rate). Since the coverage is the same, the price is to a large extent the most important consideration. For some it is the only consideration, and it makes sense to say that if you figure out that you are paying too much for your current Medicare Supplement plan, as soon as you find the same plan for less, jump on it!
Cigna 2019 Medicare supplements can be quoted at https://www.medisupps.com/cigna-medicare-supplemental-insurance-2018/
- Additional value-added discounts, benefits and features. This is an aspect of the comparison of Medicare supplement plans, which is not often discussed. Some companies offer an added benefit or two as a value added part of their plans. This is not part of the nationwide standardized plan, but more of what the company does. An example of this is a discount vision insurance program or a monthly Medicare newsletter. Both are programs that distinguish some companies. Again, this should not be the basis for a decision; It can, however, play in it, all other things remaining the same.
- Business valuation and reputation.
This is undoubtedly the least important of the trio. Often times, company valuations did not prove to be the best indicator of a company’s long-term viability. However, it can be summarized that all other things are the same, it is preferable to be with a higher rated company than a lower one.
Know your options! If you have not researched to figure out the plans that can give you the most benefits, you’ll either need to search Google, ask a friend, or call a Medicare Supplement Broker to assist you. This is an important step in the pre-registration process.
Once you enter the Medicare Supplement field, things can be quite confusing pretty quickly with so many companies and plans to choose from. So, instead of making a critical mistake and going with a company or plan that does not really suit you or your lifestyle / health, let someone help you. Ask for help! Does not hurt to ask. There are licensed agents out there who are paid to provide you with this service for free, so you could benefit as well.
Some Medicare supplement plans also help pay for a few services that are not covered by Original Medicare.