Wednesday, May 11, 2011

Best Medicare Supplement

What is the BEST Medicare Supplement?

Question:  What is the BEST Medicare Supplement to purchase through which insurance or carrier?

Answer: The Federal Government regulates Medicare Supplement benefits. No matter which plan, A through N, no matter which insurance company, that particular plan's benefits do not vary. Any plan with one company has the same benefits as that plan with another company. Insurance companies may set their premiums so that is where the only real difference comes in with plans. Premiums are set by state and region so someone in North Texas will not pay the exact premium as someone is South Texas. Some companies offer discounts to their policy holders for things like Silver Sneakers Fitness or Vision discounts, etc. but these are not very significant and should be considered a nice addition but not a "deal breaker". Price is the only real difference in Medicare Supplement Plans.

Medicare Supplement Plan F offers the richest benefits, it is also the most expensive, but when compared to what the average 64 year old is paying for health insurance pre-Medicare, it's practically free! You can get a Plan F in Texas for between $110/month to $150/month depending on where you live.

There is no "Best Company" supported by documented fact! I work with all the major health insurance companies. I have a favorite based on my experience with their customer service both to me and on behalf of my clients. This is based on how quickly they pay claims, issue refunds; resolve problems, all those things that are important after the sale. Mutual of Omaha has customer service down to a T, it’s the best I get anywhere and exceeds everyone else. This is not to say I am not sometimes annoyed with them (and I will venture to bet the feeling is mutual about me sometimes!) There are other companies who do a good job but we're talking "BEST".

I know it's confusing and you get a TON of material on plans as you near age 65. My advice is to find an agent you trust. (I , of course, think that should be me but recognize you need to arrive at this conclusion yourself!!) Your agent should help you find the plan that is best for YOU based on your situation. Really, while indisputably Plan F is the best plan, it may not be what is best for you. You may not even need a supplement. Find someone who isn't trying to "SELL" you something but who is advising you and who will continue to advise you down the road after you make a decision on what is best for you.

I wish it was as cut and dried as saying "It's this plan from this company" . Please continue to ask questions as you need, I'm happy to help and hope I'm clearing some of the confusion.