Insurance Medicare Supplement plans are standardized in most states. This means that
no matter which company that an Insurance Medicare Supplement recipient chooses for
their Medicare Supplemental Insurance, the coverage will be the same.
Most Medicare Insurance recipients could save money by switching to the similar plan
with a different company. On the other hand, most people covered by Medicare Insurance
pay more than they should for their Insurance Medicare Supplement Plan. The reason
is that they just don’t shop around. By shopping numerous companies many could get
the exact same coverage at a lesser rate.
Generally, when you buy an Insurance Medicare Supplement policy, you must have Medicare
Part A and Part B. You will have to pay the monthly Medicare Part B premium. Additionally,
you will have to pay a premium to the Insurance Medicare Supplement Company. As long
as you pay your premium, your Insurance Medicare Supplement policy is guaranteed
renewable. This means it is automatically renewed each year. Your coverage will continue
year after year as long as you pay your premium.
Insurance companies can only sell you a "standardized" Insurance Medicare Supplement
policy. Medigap policies must follow Federal and state laws. These laws protect you.
It's important to compare Insurance Medicare Supplement policies, because costs can
vary. The standardized Insurance Medicare Supplement policies that insurance companies
offer must provide the same benefits. Generally, the only difference between Insurance
Medicare Supplement policies sold by different insurance companies is the cost.
You and your spouse must buy separate Medigap policies. Your Insurance Medicare Supplement
policy won't cover any health care costs for your spouse. Some Medigap policies
also cover other extra benefits that aren't covered by Medicare. You are guaranteed
the right to buy a Insurance Medicare Supplement policy under certain circumstances.