How do I choose a Medicare Supplement Plan?
Because Medicare Supplement (or Medigap) Plans are all standardized – regardless of the insurance company – you can know what you're buying when it comes to Medicare Supplement Plans. Here are some things that you’ll want to know about every individual insurance company providing Medicare Supplement Plans:
1. The monthly premium
What premium is the company offering you? Is it competitive with other providers?
2. The history of the Medicare Supplement provider
Looking back a few years to see how the insurance company's rates have increased can help you decide whether they will stay competitive compared to other companies. (The rate increase is based on the inflation of cost for Medical services.)
3. The financial strength of the Medicare Supplement Insurance Provider
A number of rating companies keep track of the financial stability of each insurance carrier. These companies give grades (or reports) on the financial health of the insurer. When looking for Medicare supplement coverage, ask about the AM Best or Weiss rating for each carrier.
For a personal analysis of Medicare Supplement (Medigap) Plan carriers in your area – including prices, financial ratings and histories, click on the button below.