Purchasing Affordable Medicare Supplement Insurance – The Agent’s Role

There are several Medicare supplement insurance providers operating throughout the country. Almost all offer policies with the help of agents in order to promote enrollment and reduce overhead.

First, it is very important to understand Medicare supplement prices are controlled by law. This means that agents cannot undercut one another by offering better rates than a competitor nor can the insurance company underwriting the coverage offer a different rate than the agents they use to help enroll members. Prices are the same no matter the source so there is no monetary advantage to buying direct or pitting agents against one another.

This is why it can be wise to develop a relationship with an independent insurance broker when shopping around for Medicare supplement policies. The price will be the same, but you will also get the knowledge and experience form someone who works with several different companies.

Medicare supplement rules and regulations are uniform in the benefits provided (a Plan F is a Plan F), but there can be significant variances in price, underwriting standards, discounts, etc. between insurance companies; and there are key regulations that will differ from state to state.

An Agent’s Perspective Into Medicare Supplement 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 know if your state offers supplemental coverage to those under age 65 – many do not. Or you might want to know if you are afforded an open enrollment window or anniversary each year where similar coverage can be purchased without underwriting.

One of the most common misconceptions with Medicare supplement coverage is that newer, less expensive coverage can be purchased each year during open enrollment from November 15th to December 31st. This is simply not the case. The annual open enrollment period is 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 a few states that offer open enrollment windows to Medicare beneficiaries every year when (like or lesser) coverage can be purchased without underwriting. For example, California and Missouri both offer open enrollment periods each year, but they include your birthday month and anniversary month respectively. Most other states however have no such rules and medical underwriting will usually be required.

If you live in a state without a yearly open enrollment window, then in many cases your have to be in reasonably good health to change plans. There will be exceptions to this rule as well however. Some insurance companies will relax their underwriting standards from time to time.

For example, there is one insurance company that offers Plan N with little to no underwriting. There is another that bases their eligibility on whether you are within 3 years of enrolling in Medicare Part B. There is still another that has temporarily allowed consumers to switch to like or lesser coverage with no underwriting at all – regardless of age, health, and/or any open enrollment restrictions.

Medicare Insurance Discounts and Perks

When you are enrolling in supplemental coverage, it is a good idea to let your agent know if a spouse might be joining you in the near future if s/he is not yet 65 or still employed. Some insurance companies provide valuable marital discounts that when combined will offer significant savings over a competitor.

Additionally, a few providers offer free or discounted gym memberships. This program is often referred to as silver sneakers and can help offset premiums that might otherwise be less attractive at first glance.

Additionally, some carriers underwrite to unisex rates while others have separate pricing models for males and females. And in some cases, supplement policies can be more or less expensive depending on your zip code.

As you can see from the state and insurance company specific rules and nuances listed above that the Medicare supplement marketplace is fluid. While the benefits will always be the same for like coverage no matter the carrier, most other variables can be quite a bit different – including underwriting which is one of the most important factors.

Again, this is why the agent is so important. If you are unaware of the often changing state and/or federal rules governing Medicare insurance or if you are not familiar with the many variables affecting underwriting, then you can be missing out on opportunities to enroll in more affordable coverage.

In summary, Medicare can be confusing especially if you have newly been approved for government provided Parts A and B. If you wish to purchase a supplement to fill in the general 20% gaps that are not covered, then an independent agent can be a valuable resource now and in the future.

A.M. Hyers has been working in the insurance and investment industry for over ten years. He owns and operates Hyers and Associates, Inc. an independent insurance agency doing business in Arizona, California, Florida, Georgia, Illinois, Indiana, Missouri, Ohio, Pennsylvania, Tennessee, and Texas. His agency offers insurance products in the individual, family, and group markets. They have partnered with several nationally recognized and highly rated carriers to quote Medicare supplement insurance plans and Medicare Part D coverage for seniors.

They use the leading national insurance carriers to quote health insurance, health savings accounts, dental, and vision plans. Other lines of insurance offered include life insurance, disability insurance, and long term care insurance. Additionally, the independent agents of Hyers and Associates Inc. offer fixed, indexed, and immediate income generating annuity policies for in

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Medicare Supplemental Insurance – Offering Peace of Mind

Anyone looking for peace of mind can find it with Medicare supplemental insurance. Information is king and finding the right information makes a big difference in how people live their lives. Everyone knows that it is impossible to put a price on good health. Receiving the best insurance policy possible is the best ways to ensure that all your needs are met. Every individual has different needs and it is important to find a policy that can offer the best fit.

For a long time, people have had to rely on Medicare to cover their expenses. While some expenses are covered, there are always additional costs. These additional costs can leave anyone in financial difficulty. The Medicare Supplement Insurance has come in to bridge this gap by covering the additional costs. Those with supplemental insurance know that a major illness or health condition will not ruin them financially. This insurance policy is provided by different private insurance companies that attempt to fill the gaps that are left by basic Medicare. Whereas Medicare can cover about 80% of an individual’s medical bill and other medical expenses, the remaining 20% can prove to be too high for most people.

The gaps in basic coverage have led to people seeking alternative ways to get financing. Some of the costs that the policy aims to cover include co pays, deductibles, and other expenses. Depending on what one is suffering from, the expenses can add up, leading to a large financial burden. Patients, who have experienced the financial burden that comes with making extra payments, do not hesitate to get supplemental insurance. The peace of mind that comes with the knowledge that people do not have to sell assets to pay for medical expenses is liberating. Individuals are free to choose the Medicare supplemental plan that best suits their needs. The best part about the supplemental policies is that they are affordable. There are different options available that ensure that everyone can find a plan that suits their budget.

A major benefit of these medicare supplemental insurance policies is that one can get coverage without having to go through a medical exam. The insurance policies offer a ‘guaranteed issue period’, during which time the client does not require the medical exam. The policy is basically guaranteed, and it is renewable. Those with pre-existing medical conditions will find this guarantee quite helpful. Once coverage is given, the insurance company does not raise the premium. The client is also guaranteed that when the coverage runs out, they receive renewal option. There are different insurance plans available to help meet the client’s specific needs, as well as the level of coverage required. Online sites give clients the opportunity to do comparison shopping on the different costs and coverage available from the different insurance company’s medicare supplemental insurance.

A major benefit of these medicare supplemental insurance [http://www.medicaresupplementalinsurancehelp.com] policies is that one can get coverage without having to go through a medical exam. The insurance policies offer a ‘guaranteed issue period’, during which time the client does not require the medical exam. The policy is basically guaranteed, and it is renewable. Those with pre-existing medical conditions will find this guarantee quite helpful. Once coverage is given, the insurance company does not raise the premium. The client is also guaranteed that when the coverage runs out, they receive renewal option. There are different insurance plans available to help meet the client’s specific needs, as well as the level of coverage required. Online sites give clients the opportunity to do comparison shopping on the different costs and coverage available from the different insurance company’s medicare supplemental insurance

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