Supplemental Plans ARE created Equal
On Page 66 of the Medicare and You Guidebook , provided by the US Government, it tells us that all Medigap (Medicare Supplement Insurance) plans are the same. The benefits must be identical, as they are strictly enforced by the government.
What's the difference? PRICE
The price, or commissions a company wishes to embed within the price, is the only difference between a Plan F from Company A or Plan F from Company B. The benefits are all the same. Today, all companies utilize electronic claims payment. They absolutely MUST pay the bill on Medicare-approved claims. While it is important to shop with “A” rated carriers for strength, it is equally important that seniors not fall in love with a brand name with Medicare Supplement insurance. Why? Because a policy with one company does not pay any more benefits than the policy with the lesser known company brand. They all function exactly the same.
Making your Medicare decision
Seniors often tell us, “Well, I’m happy with the company I have had for 5+ years because they pay all of the bills.” They have to pay all of the Medicare claims! That is the legal requirement of each and every participating company that offers Medicare Supplement insurance. You will not find one thing different between the bills that were paid with the more expensive companies than the bills paid by the less expensive companies. You can pay for glitzy television commercials, blimps that fly over stadiums, or salaried insurance agents – all in order to get that brand name, but the cost is reflected in your monthly premiums and the rate.
The best possible solution is to have an independent insurance brokerage service provide you with ALL of the available options in your specific zip code. When you contact the us, we can show you all of the companies offering your EXACT same plan, so you can make the best financial choice for YOU.
What is MediGap?
Medigap refers to various private health insurance plans sold to supplement traditional Medicare. However, Medicare Advantage and Medigap plans are not compatible.
What Changes When I Change Providers?
Only the logo on your insurance card. The service will not go down, the bills will still get paid, and yes, YOUR doctor will still accept the insurance, as it is all filed electronically through Medicare.