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Friday, July 16 2010
When shopping for insurance, most people want to know that they are getting the best coverage possible at the best price. Depending on the type of coverage you are looking for, this search can be easier than someone might think. It is always a good idea when searching for any type of insurance, to always use and independent insurance agent or agency. Making sure that you have an agent that can offer more than just one, or a handful of insurance companies can insure that you will always get the best premium for the coverage you are looking for.
With most insurance types, including Texas Medicare supplements, you are looking for specific benefits to be covered. Take life insurance for example, if you know the amount of coverage and the length of the policy you want than all you have to do is find the best rate from a good standing insurance company. On the other hand, if you are looking for Major Medical health insurance coverage not only will you be looking at deductibles and cost, but you will also want to compare co-pay amount for doctor office visits and prescriptions, what’s your maximum out-of-pocket, are there any caps, how preventive services are covered, and much more.
When dealing with Medicare supplement insurance in Texas, you do not have to put yourself through that much stress. If you are unaware, all Medigap insurance plans in Texas are standardized. This became in to effect in 1992 with the Federal Government standardizing all Medicare supplements to protect the consumer. Each Medigap or Medicare supplement plan was given a letter to help consumers distinguish between which plans offered which benefits. Even with the changes with the new Modernized Medicare supplements on June 1, 2010, all plans were kept standardized.
As stated in the  developed jointly by the Centers for Medicare & Medicaid Services and the National Association of Insurance Commissioners, “Choosing a Medigap Policy: A guide to Health Insurance for People with Medicare, 2010”, on page 9 it states;
Every Medigap policy must follow Federal and state laws designed to protect you, and the policy must be clearly identified as “Medicare Supplement Insurance.” Medigap insurance companies in most states can only sell you a “standardized” Medigap policy identified by letters A through N. Each standardized Medigap policy must offer the same benefits, no matter which insurance company sells it. Cost is usually the only difference between Medigap policies with the same letter sold by different insurance companies.
This hold true in the state of Texas, only in Massachusetts, Minnesota, and Wisconsin are policies standardized in a different way. This means that there is no difference in benefits provided from one company’s Medicare supplement plan F than any other insurance company’s Medicare supplement plan F. The only difference that you will find will be the price. Why pay more for the same benefits? Why pay more for your Texas Medicare supplement?
Do keep in mind that not all insurance companies use the same rating factors to figure their premiums. To find out more and to make sure that you are not paying too much for you Texas Medicare supplement, contact an agent today at Medigap Select of Texas.
Posted by: Cameron Kirchoff AT 02:39 pm   |  Permalink   |  Email
Friday, July 02 2010
With our the years experience and dealing with clients that are either becoming eligible for Medicare or clients that have had a Medicare supplement plan for years, it is still amazing to us that most people do not know that Medicare supplement plans are all standardized. Here is some information that will help explain what “standardized” means and how this could save you money on your Medicare supplement plans in Texas.
Most individuals know that a Medigap (Medicare Supplement) Policy is a private health plan designed to help cover the gaps or help pay some of (if not all of) the cost left by just having Original Medicare. Medicare has been around since 1965, but in 1992 the Federal Government standardized all Medigap policies. These Medigap policies must follow Federal and state laws designed to protect the individual, and must clearly state that it is “Medicare Supplement Insurance”. “Each standardized Medigap policy must offer the same basic benefits, no matter which insurance company sells it. Cost is usually the only difference between Medigap policies with the same letter sold by different insurance companies.” The following statement is on page 9 of “Choosing a Medigap Policy 2010”, published and written by CMS or the Centers of Medicare and Medicaid Services.
So, what does this mean? Point blank, no matter what the cost difference is from one insurance company’s Medicare supplement plan F to another’s there is no difference in basic benefits offered. With this being said, then why as a consumer would you choose to pay more on your monthly premium to an insurance company that offers the same basic benefits in their Medigap policy than another insurance company?
Now, there are still many factors to keep in mind. Making sure that the company you choose is Financial Stable, understand the different ways that insurance companies set their prices for Medigap policies, and making sure that you are getting the plan that is going to offer you the best benefits for your situation.
This is where having a licensed independent insurance agent on your side can help. If they are truly independent, than they should be able to show you all of your affordable options for Medicare supplements in your area and a licensed agent can also help explain the different Medigap insurance plans to make sure you find the best coverage to control the out-of-pocket cost left by Original Medicare. If you live in Texas, and you are in search of a Medicare supplement, give Medigap Select of Texas a call to make sure you find an affordable, yet comprehensive Texas Medicare supplement.
Posted by: Cameron Kirchoff AT 03:03 pm   |  Permalink   |  Email
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