I represent several companies that are very good with Medicare Supplements.
I also have Medicare HMO coverage available in Dallas and Tarrant Counties.
Here are some important things for you to be aware of when choosing a Medicare Supplement Plan:
The Standardized Plans A through J have been available since 1992, when they were standardized by Congress. Each plan of the same type must offer the same benefits no matter which company offers that plan. For instance, a standard F-Plan for one company, is the same in coverage as a standard F-Plan from another company. (Note: There are some F-Plans that restrict the number of hospitals that you can use.)
Since the plans are the same, the major differences in these plans is the price. Typically a company which accepts higher risks will have high prices. One that is more selective in their underwriting will typically have lower prices.
One of the biggest factors to consider regarding premiums costs is called Issue Age vs. Attained Age ratings. Insurers base their premium rates on one of these two methods. Knowing this can save you thousands of dollars in premium costs over your lifetime.
With Issue Age companies, the age at which your policy is issued is always your age with that company. If you sign up at age 65, in 20 years when you are 85, premiums will be the same as the company is charging the 65 year olds at the time. With Issue Age companies, premiums will only increase because of increased medical costs, medical inflation, not just because you get older. This is very significant over time.
Attained Age companies base your premium on the age you attain when you have a birthday. Some Attained Age companies go up every year, some every five years, some at other different intervals. Remember that medical costs effect these policies as well, so you will get increase on two fronts – age and inflation.
Another key factor, I believe, is how long a company has been selling both Medicare supplements in general, and the particular plan you looking at buying. If your company has been selling Plan F for 10 years, and their premiums are $140 per month, would you rather have them, or a company whose premiums are $130, but they have also been in business a short time.
Please call me to discuss the pros and cons of different policies.
