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Compare Medicare supplement plans before you buy

Medicare | Jul 13, 2015

You might find navigating new healthcare changes to be a daunting task but it doesn't have to be. Taking time to compare and contrast Medicare Supplement insurance plans is easier than you think and can ensure you find the right coverage at the right price.

What is it?
Medicare Supplement plans are also known as Medigap plans. They are issued by private insurance companies and help you pay healthcare costs that original Medicare does not cover, some of which include co-payments, coinsurance and deductibles. As there are up to 50 companies selling Medicare Supplement insurance in some states, it can seem overwhelming trying to navigate this marketplace. However, it doesn't have to be, and more companies does mean more options.

Best practices while shopping
It's important to know whether you are eligible for discounts when shopping. Certain companies will provide lower rates if you are married, don't smoke and sign up with an automatic bank draft. Additionally, there are high-deductible options available, which will help lower monthly payments. However, the money is needed up front to make the high deductible.

You will also want to assess the experience of a company. There are Medicare Supplement companies that have been around for years, and some that are opening as a result of changes to healthcare. Your best bet is to do your homework when choosing a company, and lean toward ones with more experience. While Medicare Supplement plans are regulated by the federal government - thus ensuring they are similar from company-to-company - it's still in your best interest to choose ones that are trusted and have shown they can thrive.