How do I shop for a Medicare Supplement Insurance Policy?
Determine how much coverage you need.
There are a number of factors to consider before deciding on the right plan for you,
including the cost of the various plans and your present and future healthcare needs.
It is best to compare the benefits of each plan.
Here are a few questions to ask yourself:
Can you afford to pay the Medicare Part A hospital deductible of $992 each time you are hospitalized?
Are you willing to pay extra premiums for coverage such as prescription drugs, preventive care,
or foreign travel emergency care?
Is home care coverage a priority for you?
Are you willing to assume the cost of paying excess charges should you ever see a doctor who
does not take assignment?
Research the companies offering the plan you want.
Since all Medicare supplement plans are standardized, the only difference in the coverage
is the company behind it. There are several factors you should consider about an insurance
company before you purchase a product.
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Premiums - Premiums can vary
tremendously from company to company. Don't just look at
current pricing. See how the rates are calculated, whether
they are based on your age at policy issue (issue-age
rates), whether they will increase each year with your age
change (attained-age rates), or whether they are based on
one rate for all ages (community rates). New York is a
community rated state.
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Service - How the policy is
serviced should be a big consideration when choosing a
company. Is it serviced by a personal Agent or by a Home
Office 800 number?
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Ratings - A company's industry ratings from companies like
A.M. Best can be a big indication of its financial strength
and reliability.
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Choice - Is it important to you to be able to choose
your own doctors and hospitals? If so, you may prefer a private insurer rather than an HMO
for your supplemental insurance.
Source: 2006 "Medicare & You 2006". First United American Life Insurance Company is not associated with Medicare, Social Security
or any other governmental agency.
Medicare Supplement Insurance Policies: The policies meet the minimum standards for
MEDICARE SUPPLEMENT INSURANCE as defined by the New York State Insurance Department.
The expected benefit ratio for this policy is 65%. This ratio is the portion of future
premiums which the company expects to return as benefits, when averaged over all people
with this policy.
Important Notice - A consumer's guide to health insurance for people eligible for Medicare may be obtained from your local social security office or from this insurer. |
