Things to Consider When Choosing your Medigap Policy Provider
Let us look at four areas that can make all the difference when it comes to choosing a Medicare supplemental insurance plan. Which Medigap policy to choose is a major decision affecting many areas of your life, and it is important to consider all four factors.
The Medicare Supplement Insurance Companies
Comparing the companies, and not just their policies, can pay dividends. You should consider everything from the companies’ experience and priorities to their stability and claims-paying experience. Before offering a plan by any company, MedicareMall takes these considerations seriously and initiates a comprehensive due diligence process. We learn as much as possible about each prospective provider because getting the best health care for you is our top priority. Any company providing health care to one of our clients has to be worthy of that responsibility- and we set the bar high.
This is a very specialized market, and not all companies are qualified to participate. Many highly respected Medicare supplement insurance companies are not household names. You will not see these companies daily on television spending millions on advertising—but they provide excellent service and expertise in providing Medicare supplements including prescription drug plans.
Medicare Supplement Rates
Medigap rates vary widely from company to company and plan to plan. Each company employs its own formulas to calculate premiums, basing its rates on anything from a client’s zip code to his or her prescription drug combinations.
There are three different Medigap rate strategies companies use. “Attained age” Medigap rates are based on your current age at the time of enrollment in the plan, and these rates increase by the year. “Issue age” or “age banded” rates see all members of a certain age range (for example, 65-69) pay the same Medicare supplement insurance rate. “Community rates,” meanwhile, ensure everyone in a community or state pays the same rate for the same Medicare supplement insurance plan. This means, of course, that a 65-year-old policyholder pays the same Medigap plan premiums that an 85-year-old would pay.
Regardless of the type of rates a company offers, inflation and changing healthcare costs force every company to adjust rates, usually on an annual basis. For this reason, it is hard to determine any long-term advantage of any of the three rate-setting strategies. It is also hard to see what lies ahead—which is precisely why it is important for you to depend on an independent agency like MedicareMall to keep you on the leading edge of competition and benefits.
Underwriting can be the most challenging consideration when it comes to determining which company or plan is best for you. Most Medicare supplement insurance companies today are using many underlying variables along with access to electronic medical and drug data to determine your eligibility. Each company has its own set of underwriting guidelines and the variations from company to company seem endless.
You may want to ask yourself these questions before choosing a Medicare plan or supplement:
- Whom do I call when I have a question?
- Do I have an agent of record?
- Who handles my claims issues?
- Do I have an advocate?
Is there anyone who is as concerned about my health care as I am?
Our business model provides the answer to every one of these questions and promotes the best in customer service. We do not work for the insurance company. We represent you. While MedicareMall’s job is to promote the insurance company’s position, our incentive is driven by our determination to provide the very best customer service to you the policyholder. It is very simple – our business survives and thrives based on doing what is right by you.
Contact MedicareMall now and we will set our sights on providing not only the best health care possible for you, but the very best in service as well.