Medicare is an excellent program that makes it possible for people who are of retirement age, or who suffer from a disability or illness that makes it difficult to work, to receive medical coverage without having to pay for insurance. Even so, Medicare is not enough to cover all of the costs associated with health care. For this reason, the federal government created medicare supplements to fill in these gaps. These plans offer standardized coverage, ensuring that the gaps in Medicare are filled and their is no redundancy in the coverage.
This is a common question. If all of the plans offer the same coverage, why do they cost differently? The reason for this is that, when the plans were created, legislators decided that while it made sense for the coverage to be laid down by the government, it would be an infringement of free market principles to set the prices that private insurance companies could offer. Whether or not you agree with this is up to you, but that is the decision that they made. This means that, while the companies can not decide how much coverage to offer you if you sign up for a specific plan, they can decide how much to charge for Medicare Supplements.
During the first six months after you sign up for Medicare, you are in an open enrollment period. During this time, an insurance company can not charge you a different rate on Medicare Supplements based on your medical past. They also can’t deny you coverage. After this six month period, they can charge however they want or refuse you coverage, so it is a good idea to sign up for a plan within the first six months.