If all the plans are the same, how should you direct a prospect to select a plan?
Selecting the Right Company
These are a few factors you should consider:
- Price: prices vary widely across companies and states. Speak with a broker or request a quote online to find one of the lowest quotes.
- Healthcare vs. life insurance company: many life insurance companies also sell Medicare Supplement plans, but may not have as good customer service. We typically recommend going with a health insurance company if they are reasonably close on price.
- Credibility of the company: you want to be sure that the company is credit-worthy and can pay your claims. This will rarely be an issue, but it's worth considering more creditable companies in your search.
Keep in Mind:
- To be eligible, you have to have Part A and B.
- Each Medicare Supplement policy covers only one person.
- The monthly premium will likely increase every year. We recommend getting a policy review every few years.
- You should purchase a Medicare Supplement policy during your Medigap Open Enrollment Period, which lasts 6 months and starts on the first day of the month in which you turn 65 AND are enrolled in Part B. Consequently, if you delay enrolling in Part B, your enrollment period will start later. During this time, you CANNOT be denied coverage, though your quote will depend on your age, gender, smoking habits, marital status, and where you live.
- If you miss your enrollment period, you may NOT be able to enroll in a plan, or may have to pay more. That's because companies can refuse to sell you a policy based on pre-existing conditions, and might subject you to a 6-month "waiting period" before they cover pre-existing conditions. However, different rules may apply if you have a guaranteed issue right.
- If you're under 65, you may not be able to purchase a plan. Check with the company to see if you're eligible.