Medicare Supplemental Insurance policies are sold by a variety of different insurance companies to people who qualify for Medicare. Having Medicare alone may not pay for all medical expenses that you incur, so it is important to purchase a Medicare Supplemental Insurance policy so that your health needs are covered.
In general, most states use twelve standard Medicare Supplemental Insurance plans. These are lettered A-L. The A plan has the most basic benefits and the lowest cost. Each of the other plans has additional benefits and therefore will cost more.
If you have two different insurance companies that offer the same letter plan,such as plan J, the plans themselves will be exactly the same. However, the premium you are offered may be different from each insurance company. One rate may be hundreds of dollars less yearly for the very same coverage. This is one reason that shopping around for Medicare Supplemental Insurance makes sense.
There are several things to evaluate when deciding on a Medicare Supplemental Insurance plan. The first thing is to make sure you know what each letter plan offers so you can make an informed decision. The next thing is your current state of health, so that you purchase a plan that covers your current medical needs. You can upgrade later if you choose to. Then, consider your finances. You should purchase what you need and what you can afford. If you are married, you may save money by you and your spouse choosing different plans based on your individual health, instead of both automatically opting for the same plan.