Why Should I Shop Around for Medicare Supplemental Insurance?
Medicare Supplemental Insurance is insurance which is provided under law that works together with Medicare to help pay for medical costs that you come across. There are twelve different types of Medicare Supplemental Insurance plans. These plans are also known as Medigap plans. One question that comes across for people who decide to get a Medigap plan is whether or not they should shop around for the right one.
Should You Shop Around for Medicare Supplemental Insurance?
In a word, yes. But it is important to understand why. Again, there are twelve different types of Medigap plans, labeled A to L. The Plan A that you purchase from one company is the same Plan A that you purchase from any insurance company. The benefits are the same, but in many cases the insurance companies will charge different rates. It is important to shop around so that you can find the lowest rate that you can for the plan you are looking for.
Are Medicare Supplemental Insurance and Medicare the same?
No, they are two different plans that are meant to work together to help you pay for your medical costs.
The Three Ways Premiums are Chosen
There are three ways that an insurance company will charge premiums for your Medicare Supplemental Insurance plan. The first is based upon your age, which can often seem like the least expensive option at first. In fact, this option is not preferable because the costs of the premiums will rise the older you get, meaning you will pay the most when you have the least to pay. The second is the issue age, which can start off a little bit higher, but does not go up as you age, which is preferable. Finally, the third option is based upon your location, meaning that everybody within the area pays the same rate.