Medicare Supplement Insurance, It's All About the Cost!

Medicare supplemental insurance plans are standardized and regulated through the federal government. There are 12 plans, A-N having different levels of coverage. The fact is there are many companies that offer these plans. They vary in cost form one company to the next, however the plans do not vary in benefits. Plan N with one company is the exact same as plan N with another. Below are the five most common questions people have and the answers to those questions.

1-Q-Will my doctor except my supplement?

A-If your doctor accepts Medicare; they accept your supplement plan.

2-Q-I never heard of this company before, will my doctor accept them?

A-If your doctor accepts Medicare; your supplement is good to go!

3-Q- Why does one company charge more than another for the same coverage?

A-Because they can. We still live in a land of free enterprise and these companies are in competition just the same as Auto insurance companies.

4-Q-You mean my doctor will accept my supplement even though I never heard of this company before?

A- Yes

5-Q- Wow, I can't believe this, are you sure my doctor will accept my supplement?

A-Yes, they will accept your supplement if they accept Medicare.

Next, there is a very common reflex people have that should be addressed. Often, folks have a tendency to say, "My neighbor has blank" and they are very happy with it. I won't tell you not to ask your neighbor for advice, but I will warn you that they probably do not have the same health and financial situation as you. Also, it's very possible that you can get the same coverage for 30% less just by shopping around! It's also possible that you may not be comfortable with the coverage they have. Maybe they are willing to accept more risk. Are you? These are legitimate concerns that your neighbor is not going to be able to address.

The bottom line is when it comes to Medicare supplement plans, the cost is a big factor. Would you pay more for the exact same car by purchasing it from one lot versus another? Why would you do the same with your Medicare supplement? The answer is that you wouldn't if you were sure that the plan you have is the exact same coverage as the more expensive plan.

Let's address the various companies. There are over thirty companies approved to offer supplement plans in the state of Pennsylvania. A few of these companies you may have heard of, most of them you have not. Some companies pay millions for advertising so that you are aware they exist. They build a brand and establish trust simply through commercials. Other companies depend on their agents to educate clients and sell their products. Does it change the coverage? No, the plans are still the same. The companies are regulated the same. The only difference is that you are either working with a specific company through an 800 number or you are working with an agent who will meet face to face and explain things to you. If you go with the agent, you will generally get personalized serve and a less expensive plan.