Out of the 10 Medicare supplement plans available by far plan F is the most popular. This is due to the fact that it has outstanding coverage. In fact plan F covers 100% of the gaps in Medicare leaving you with no bills for all Medicare approved expenses. If this sounds like the type of coverage you would like to have then you should get Medicare supplement plan F quotes from multiple carriers.
Why Are The Rates So Different?
As you can see by entering your zip code on our website you can check the rates from the top carriers in your area. The important thing to remember is that plan F has identical benefits regardless of which company you choose. Then why are the rates so different?
Medicare supplement rates are determined by the amount of claims that are being paid out of the group that you are in. Because each company has different groups and varying health claims they are required to base the rates differently.
What This Means For You
This means by choosing wisely you can take advantage of a lower monthly premium on your coverage. Conversely however, choosing the wrong company can end up costing you hundreds of dollars extra per year for the exact same coverage and benefits.
Remember that during your open enrollment period you have the choice of any company or plan that you would like to enroll in. This is the period lasts six months from the effective date of your part B Medicare. You may still change plans after this period is over however you will have to go through medical underwriting with the new company and get approved. Most people do not learn this until they have a Medigap plan for a few years and realize that the rates are skyrocketing on them.
Choosing A Company
Insurance carriers have financial ratings that allow the public to see how stable they are. These are typically put out by companies like AM best and are rated like grade letters with A++ being the best rating. Should you go with the highest a financially rated company? Not necessarily.
Companies all have their own underwriting guidelines which help to control their own risk pool. In other words if a company looks back two years in medical underwriting for major health issues such as a heart attack or stroke they may end up having higher health claims that a group who goes back five years.
Also larger companies will have a higher financial rating due to offering more products in their portfolio where as a company that just offers two or three may be an excellent choice but have a lower financial rating. The best way to decide is to first get quotes on this website and then allow us to advise you and what is the best choice.
You can get Medicare supplement plan F quotes now by entering your zip code below. Compare plans and get rates from the top carriers to see which options might be best for you.