Are you paying too much for your supplement coverage? The short answer… YES!
One of the only ways a Medicare supplement policy can differentiate is through price. Keep in mind that Medicare supplemental policies (Medigap) are labeled with the letters A through N. A specific set of coverages accompanies each letter and those coverages cannot differ from one company to another.
For example, in the state of Iowa, a Plan F (most popular) with one company is $80.60 monthly that same Plan F with another company will cost you $226.83 monthly. That’s a huge difference in premium for exactly the same policy. (Published rates as of 5/30/2017)
It’s not all about cost though or a least it shouldn’t be. It’s just as important to review financial strength ratings, claims payment history and customer service performance.
This is where working with an independent agent can be of great value and stop Medigap premium increases. They typiclaly are contracted with many different companies. Which will give you greater flexibility when it comes to looking for savings with other companies. A great agent will do all the legwork for you and then present the best options available in your area.
Alicia is a Senior Office Administrator in the Medigap industry and has 10 years experience. She is a one stop shop for answers, information and support for Medicare clients. When shes not writing you can find her in the garden.
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