Secondary to Medicare, Medicare Supplement or Medigap plans help to cover what is not covered by traditional Medicare. Generally, senior citizens are enrolled in Medicare upon reaching the age of 65. While this governmental plan is a great one, it only covers 80% of approved medical costs. Many seniors seek to enroll in a Medicare Supplement plan to help cover the other 20% not covered by Medicare.
Since ratings Medicare supplemental providers vary so greatly, it is always essential to do your research beforehand. Here is a Medicare Supplement Plans Comparisson Chart
Some things insurers use when considering your application:
Age: Your age at the time of your application can make a difference because insurers assume that as you age, you are more likely to develop health issues.
Health: Your current health status is also considered by insurance companies. If you are already in poor quality health, it is safe to assume that you will continue to have health issues throughout your life.
Gender: Your gender is taken into account because one gender is sometimes more likely to contract certain illnesses more so than the other.
Tobacco: Whether or not you use tobacco can play a role. It is a known fact that tobacco can lead to cancer and other health issues. Insurance companies see this as a risk, therefore, your premium could be higher if you do use tobacco products.
It is important to note that plans of this type are uniform in that a Medicare Supplement “Plan F” will have the same benefits whether it is sold by Company A or Company B. However, just because they are standardized in this way, that does not mean that each company will charge you the same premium for that particular plan. Rates are not only based on the factors listed above, but other aspects as well. It is essential to request many free quotes from different companies to obtain the best possible coverage at the best rate available to you. It is recommended that one use an independent advisor who can provide you with an unbiased outlook.
A few of the most popular providers:
Blue Cross Blue Shield
Woodman of the World
Mutual of Omaha
Companies like these are well-known and highly sought as they provide only the best healthcare coverage to their members.
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