When you’ve decided to purchase a Medicare Supplement policy, the next consideration is which plan to choose.
Every Medigap policy must follow federal and state laws designed to protect you, and it must be clearly identified as “Medicare Supplement Insurance”. Insurance companies can only sell you a “standardized” policy identified by letters A through D, F through G, and K through N. All policies must offer the same basic benefits, but some offer additional benefits.
Different insurance companies may charge different premiums for the same exact policy, so when comparing two policies, make sure you are comparing the same plan type (compare Plan F from one company with Plan F from a different company).
Things to consider when choosing a Med Supp plan:
Price: Privatized insurance companies determine their own prices for standardized Medigap policies. When comparing two similar policies, be sure you are getting the best price to meet your needs. To make it easier, decide what you are able to spend or would like to spend on your healthcare. If you consider Medicare premiums, deductibles, and copayments, you can determine what you are able to pay for a Medicare Supplement policy. This will help you narrow down the plans and policies that fit your needs and budget.
Coverage: Probably the most important consideration when choosing a Medicare Supplement policy, you need to choose the coverage option that best suits your individual needs. See our article on Medicare Supplement Plan Types to learn about the 9 basic benefits that Medicare Supplements cover, and decide which ones you need.
Customer Satisfaction: When making any purchase nowadays, you want to know, what did other customers think of it? Luckily, Free Medicare Report uses its proprietary Customer Satisfaction Star Rankings provided by seniors just like you. This ranking takes into consideration the star rankings provided by actual customers of each insurance company, along with publicly-available customer complaint data to determine a star ranking on a scale of 1 star (poor customer satisfaction) to 5 stars (excellent customer satisfaction).
Other: There are other factors you may want to consider when choosing between the plan types and various policies available, such as market experience, financial stability, and price increase history of the company associated with each policy.