» Pricing Policies and Medicare Supplement Comparison
The Insurance industry has a great number of Medicare supplement companies providing quality supplemental insurance plans. Every company has its own pricing and marketing policies and this adds to the confusion of many Medicare enrollees who are already burdened with a seemigly endless number of Federal and state regulations.
The situation of a new insurance seeker is similar that of a person walking down a road, who suddenly comes to a point where the single road splits into several more roads with no signpost to inform where each road is leading.
Before we take on what each supplemental insurance company has in offer for us and make Medicare supplement comparison. First we need to understand the basic structure of Medicare supplemental insurance.
We need to familiarize ourselves with the way insurance companies set prices and what options are available to us. Here we present the information in a tabular form to make it easier to conduct a Medicare supplement comparison.
Setting Rates and Medicare Supplement Comparison
Every company has its own budget limitations and they set rates according to these limitations and their projected target. It is the right of a prospective customer to know how a supplement company sets its pricing.
A little research will help make you aware as to how much the Medicare supplemental plan will cost now and how the prices will increase in future. Companies set insurance rates in three different ways:
- Community Rated (or no-age-rated)
- Issue Age rated (or entry age rated)
- Attained age rated
Let’s take a look as to how each of these pricing policies work. For customer convenience we have presented it in a tabular form for better understanding. The amount given in the examples are not actual costs.
Medicare Supplement Comparison
As can be seen from the above comparison, rates vary widely from one plan to another. An insurance plan where similar benefits are offered is priced differently by each company.
For example, fill our quote form at the top of this page to compare quotes online in your area. Every Medicare supplement company is more than ready to provide you insurance quotes.
Medicare supplement comparison pricing depends on the following factors:
- Discounts (such as discounts for non-smokers, women, married people, discount on yearly payment or for payment through electronic fund transfer, or discounts for enrolling in multiple policies).
- For people without guaranteed issue rights or falling outside open the enrollment period; the insurance company uses medical underwriting to decide the premium.
- Companies selling the Medicare SELECT policy may allow you to use certain providers. In these policies the insured person is required to pay less premium.
- The company offers high-deductible options on Medicare Supplement Plan F. People enrolled in Plan F are supposed to pay the first $2,070 of copayments, deductibles and coinsurance before the supplement plan pays anything. The enrollee is also required to pay $250 every year towards emergency foreign travel services if required.