Medicare Supplemental Insurance Quotes - How to Find the Best Deal
Purchasing and securing a Medicare supplement quote is simple as long as you take the time to learn about the different plans available and choose the best one for your needs. Keep in mind that although there are 12 standardized plans set forth by the government, they are sold by various insurance companies around the country, allowing you to comparison shop. You can search for the best rates or the best customer service, and get exactly what you want every time, no matter which plan you choose.
There are so many companies to choose from, and the insurance quotes are free. That means that you can apply for one Medicare supplement quote or ten, and it will never cost you a penny. Before you can get a quote, you will need to look over the different plans and see which one best suits your needs. Each plan varies in coverage, meaning that they will all have different prices. Add to that the multitude of companies out there that offer these policies and you will definitely be able to find a lot of price variances out there to from which to choose.
It does not matter if you are looking to get a little bit of gap coverage or if you need a lot, because the variety of plans offers something for everyone. Even if you do not really understand what you need or want, you can consult with any of the dozens of private companies that sell this insurance to figure out what you need. Not only will they provide you with a Medicare supplement quote, but they can also help you to determine how much coverage you need and which supplement plan is best for your particular situation.
Remember that asking for help from a company does not mean that you have to work with them. You can just as easily take the information that you gained from them and apply for other quotes with other companies. Then, you can choose whichever rate you like best, or whichever company has the best customer service, or whatever you really like. It is all up to you. You just need to know that there are resources that can help you, and that you do have options when it comes to getting a Medicare supplement quote and choosing your plan and provider.
The 411 on AFLAC - Is This Supplemental Insurance Right For You?
As the health care crisis and health care debates struggle on, many consumers are looking into supplemental insurance policies to cover the gaps in traditional insurance plans. Having health insurance can offer a great peace of mind but most traditional plans leave gaps that can just about swallow a family's budget whole in a medical crisis.
What services does AFLAC offer?
Accident Indemnity
Disability Income Protection
Cancer Indemnity
Hospital Protection
Life Insurance
Dental
Long Term Care
How is AFLAC different?
The supplemental insurance policies from AFLAC pay above and beyond traditional insurance policies and they pay directly to you. You can request a payment be made directly to a medical provider, but otherwise all payments will come to you.
Here's an example. If you purchase a policy for cancer indemnity that offers a $10,000 benefit and you are diagnosed with cancer, AFLAC will pay you $10,000 directly, regardless of your medical bills. This money can be used for medical bills that aren't covered of course.
One costumer we talked with had taken out an AFLAC supplemental cancer indemnity policy and was later diagnosed with prostate cancer. He says the insurance money helped to cover:
-Medical bill balances
-Above average phone bills for making appointments, family support and so on
-Travel and meals expenses during treatments
-To pay off debt and relieve some stress during this time of missed work
Another customer we talked to wishes she had purchased an AFLAC supplemental policy earlier. An AFLAC representative visited the school where she was teaching and although she was impressed with products, she thought she was too young at 26 to need them. A year later she was diagnosed with cancer and learned the hard way how fast medical bills and the incidentals such a gas money for travel and other supplies needed from bandages to electric blankets mount up. Of course AFLAC offers many products in addition to cancer indemnity products.
Another way that AFLAC is different is that it is portable. Even though you may enroll in AFLAC through an employer (or not) you pay your own premiums, or you can have them deducted from your paycheck and your insurance can go with you if you lose your job, change jobs or move. In today's mobile world and in such a volatile employment climate, the portability of AFLAC insurance is a big plus.
AFLAC is well-liked for these good points, as well as others such as easy claim forms that are available online and the fact that AFLAC plans also pay for some preventative services that many traditional plans don't pay for, but what about price? AFLAC is generally considered to have higher premiums than competitors but many feel that the ease, such as insurance without an exam, makes the cost worth it for an AFLAC supplemental policy.
Some people point out the frustration that you cannot buy an AFLAC supplemental insurance plan online which is common with many insurance companies but this may really be a plus since meeting with a representative can insure that you understand all of the details on the insurance products that you are purchasing.
Most customers report positive experiences with sales representatives and customer service reps although company administrators that oversee insurance benefits have privately said that customer service can be inconsistent which seems to be on par in the insurance industry.
Good points about AFLAC:
-Portable
-Pays you directly
-Offers many products
-Claim forms are simple and available online
-Pays for some preventative care
Questionable points about AFLAC:
-Higher premiums
-Inconsistent costumer service
-Can not be purchased online, must meet with a representative (which may be a positive)
Overall, AFLAC has proven to be a trustworthy supplemental insurance company that offers several unique products and has many good points. Potential customers will have to be the final judge on whether or not the premium prices for the services make AFLAC supplemental insurance a good value for them.
When to Buy a Medicare Supplemental Insurance Policy
Medicare supplemental insurance is designed to fill the gaps in your Medicare coverage, so it's often called "Medigap" insurance. The gaps these policies fill can include co-payments, deductibles and coinsurance payments. Many insurance companies offer supplemental Medicare insurance, and the amount they charge for coverage of individual items and services can vary widely. However, they are all bound by the rules governing the "open enrollment period."
Open enrollment in Medicare supplemental insurance begins on the first day of the month when you are enrolled in Medicare Part B and also are 65 years old or older. The open period lasts six months from that day. In some states, there are other open enrollment periods, so a check with your state insurance department or an agent experienced in the world of Medicare supplemental insurance in your state is a good idea.
During Medigap open enrollment, insurance companies cannot turn you down for any policy it has available or charge you more because of your health. The companies also cannot put off your coverage, except under certain circumstances.
Insurance companies might be able to delay coverage of a pre-existing condition, that is, a health issue you already have. However, unless the pre-existing condition was diagnosed or treated within six months of the date coverage begins, there's a limit to the delay. Although you might have to pay out-of-pocket costs for a pre-existing condition, you will only have to do so for up to six months. At worst, you will be out the out-of-pocket expenses. Medicare-covered services will be taken care of by Original Medicare (Medicare Part A and Medicare Part B).
You can avoid or reduce waiting periods for pre-existing condition coverage if you purchase it during open enrollment and recently had "creditable coverage." In other words, if you had other health insurance for at least six months before you applied for supplemental Medicare insurance, the insurance company that sells you your Medicare supplemental insurance cannot delay coverage.
Two more points about creditable coverage:
First, you can only cite your previous policy if there were no breaks in coverage of more than 63 days. If you didn't have coverage at some point for more than 63 days, you can only count coverage after the break.
Second, you don't need to worry about creditable coverage if you have a guaranteed issue right ("Medigap protection"). If you have this protection, your insurance company cannot place a waiting period on pre-existing condition coverage.
Who Offers the Best Supplemental Insurance Policies For Employee Benefits?
You've done all of your homework. You've received insurance quotes from 3 different insurance agents, each showing different insurance companies. You've selected 1 carrier for group life insurance. You've selected another for group "Long Term Disability" insurance. You've selected a third carrier to be used for your "short term disability" insurance. This is a voluntary insurance plan which the employee may purchase via payroll deduction. The fourth insurance offered to the employees is for cancer / critical illness. This, too, can be purchased through payroll deduction.
The employer has saved $200 per month on the plans paid for by the employer, and the rates from the other companies are the best offered based on the proposals received.
While you are pleased with yourself and feel that you've done your job well, you will not know how much extra work you have given yourself until you live in the future....
It's claim time and an employee has a heart attack. In addition to the paperwork of the health insurance carrier, the employee has to contact two additional insurance companies, the critical illness carrier and the short term disability carrier. Each of these carriers has their own claim form to be completed by the employer, the employee and the doctor.
After a few months, the employee's health takes a turn for the worse. It's time to contact another insurance carrier for a long term disability claim form. Again, this form must be completed by the employer, employee and doctor.
In the event the employee does not recover and dies, a fourth claim form must be completed!
With one company insuring all phases of your supplemental insurance, you might have paid a little extra money each month. Is the extra work at claim time worth a savings of $100 or $200?
One insurance company might have required one claim form and a copy of the death certificate in the end. While not all insurance companies have a "seamless" system requiring only one claim form. It is important to know all of the facts when making decisions about employee benefits.
We often deal with one insurance agent and never offer an opportunity for another agent to provide a quote. This decision is often more costly than we know. If you have an insurance broker or agent offering more than one carrier it is sometimes because the commission structure is different with each insurance carrier. One insurance company may offer an additional 10 per cent to the agent on disability insurance and 5 per cent less on critical illness. If this is the case, who is your broker / agent actually looking to service, you or their own pocket?
Medicare Open Enrollment And Supplemental Insurance
Medicare open enrollment is a six month period which includes the three months before and after a consumer's 65th birthday. In many cases, it is advantageous for seniors to purchase a Medicare supplement policy during their open enrollment window. Under certain circumstances, consumers who allow their six month window to expire may not medically qualify for a supplemental plan.
Guaranteed Eligibility at Age 65
Medicare qualified seniors are guaranteed eligible for insurance during open enrollment regardless of their health history. Health underwriting is not necessary and there are no medical questions to answer on an application. All Medigap insurance plans offered in the applicant's state will be available for purchase. Simply put, insurance companies cannot deny Medigap coverage if application is made during the six month time-frame.
Other Guaranteed Periods of Eligibility
There are other time periods of guaranteed eligibility for Medicare supplement insurance for those outside of their six month window. Consumers age 65 and older who are involuntarily losing group health insurance or group supplemental coverage will also be guaranteed a Medicare supplement plan. However, they may have to go through underwriting for certain plans (Plan J for example) and they might not be offered premium discounts on their plan choice.
Additional Advantages of Purchasing Coverage in Open Enrollment
There are many supplemental insurance providers who provide discounts during open enrollment. In some cases, the applicant's price reduction can be as much as 15%. This savings will carry over into subsequent years helping to keep premiums lower as the insured grows older. Additionally, some insurance companies will require underwriting for popular supplements, like Plan J, if the applicant is more than three months past their 65th birthday. If applying during open enrollment, health underwriting will not be required for Plan J.
Medicare Disability and Open Enrollment
In some states, acceptance into Medicare disability is a qualifying event for guaranteed coverage. Consumers under age 65 who are approved for government disability will have a six month window to purchase a Medicare supplement regardless of health history. (Missouri is one such state.) It is very advantageous for Medicare disability consumers to enroll in a plan during their six month opening. Otherwise, they will have to go through medical underwriting and acceptance would be unlikely due to health concerns.
In summary, seniors near their 65th birthday and disabled persons eligible for Medicare coverage should consider applying for supplemental coverage. Applying during a period of open enrollment will render underwriting unnecessary, allow for more plan choices, and also offer premium discounts.