Medicare Supplemental Insurance 2018 Medicare Supplemental Insurance 2018 Purchasing Affordable Medicare supplemental insurance Insurance - The Agent's Role There are several Medicare supplemental insurance insurance firms operating throughout the country. Just about all offer policies with the help of agents in order to promote enrollment and reduce overhead. First, it is crucial to understand Medicare supplement prices are controlled legally. Which means that agents cannot undercut each other by providing better rates than a competitor nor can the insurer underwriting the coverage offer a different rate compared to agents they will use to help enroll members. Prices are exactly the same regardless of source there is no monetary benefit to buying direct or pitting agents against one another. This is why it can be a good idea to create a relationship with an independent insurance agent when shopping around for Medicare supplemental insurance policies. The cost would be the same, but you will also get the knowledge and experience form somebody that works together with several different companies. Medicare supplement regulations are uniform in the benefits provided (a Plan F is a Plan F), but there might be significant variances in price, underwriting standards, discounts, etc. between insurance providers; and you will find key regulations which will vary from state to state. An Agent's Perspective Into Medicare supplemental insurance Insurance Your broker plays an important role in the insurance transaction. Knowledgeable agents can provide insight into different rules and regulations in your home state. It can be very helpful to understand if your state offers supplemental coverage to those under age 65 - many don't. Or you might want to know if you're afforded an open enrollment window or anniversary every year where similar coverage can be bought without underwriting. Probably the most common misconceptions with Medicare supplement coverage is the fact that newer, more affordable coverage can be purchased every year during open enrollment from November 15th to December 31st. This is simply not the case. The annual open enrollment period is perfect for changing prescription Part D plans, dis-enrolling from a Medicare Advantage plan, or changing to a new Medicare Advantage plan. It is not however a time when you can purchase a new supplement without medical underwriting every year. There are some states that offer open enrollment windows to Medicare beneficiaries every year when (like or lesser) coverage can be bought without underwriting. For instance, California and Missouri both offer open enrollment periods each year, but they incorporate your birthday month and anniversary month respectively. Most other states however have no such rules and medical underwriting will often be required. If you reside in a state with no yearly open enrollment window, then in many cases your need to be in reasonably good health to change plans. You will see exceptions to this rule as well however. Some insurance companies will relax their underwriting standards from time to time.
For instance, there is one insurance company that provides Plan N with virtually no underwriting. There is another that bases their eligibility on whether you are within 3 years of signing up for Medicare Part B. There's still another which has temporarily allowed customers to change to like or lesser coverage without any underwriting at all - no matter age, health, and/or any open enrollment restrictions. Medicare health insurance Discounts and Perks When you're enrolling in supplemental coverage, it's a good idea to allow your agent know if a spouse might be joining you soon if s/he isn't yet 65 or still employed. Some insurance providers provide valuable marital discounts that whenever combined will offer you significant savings over a competitor. Additionally, a few providers offer free or discounted gym memberships. The program is usually known as silver sneakers and can help offset premiums that may well be less attractive initially. Additionally, some carriers underwrite to unisex rates while others have separate pricing models for guys and some women. And perhaps, supplement policies could be more or less expensive based on your zipcode. As you can see in the state and insurance provider specific rules and nuances listed above that the Medicare supplement companies are fluid. While the benefits will always be the same for like coverage no matter the carrier, other variables could be a bit different - including underwriting that is one of the most important factors. Again, this is why the representative is essential. If you're unacquainted with the usually changing state and/or federal rules governing Medicare insurance or if you are not familiar with the numerous variables affecting underwriting, then you can be passing up on opportunities to sign up for less expensive coverage.