Here are 3 tips on how to pick the right Medicare supplement company for your health care. Selecting the right Medicare supplement company can provide you with peace of mind and security of knowing your health care is in good hands.
The more people the company insures for Medicare supplement the less likely you are to experience jumps in rates. It’s the way insurance works. The more people in the pool – who have the product or plan you have – the more people there are to spread around claims and increases in health care costs. As one of our advisors likes to say – it is the difference between jumping into a small backyard swimming pool and the ocean. In the ocean you hardly see a ripple.
There are more than 12 million people with Medicare supplement insurance plans, according to Mark Farrah Associates. Here are the 5 largest Medicare supplement insurance companies (by lives covered) who held more than 50% of the market share in 2015. United Healthcare, Mutual of Omaha, HCSC, Anthem and Aetna.
Each year there are several new insurance companies that enter the Medicare supplement market. They offer eye dazzling rates. But experience shows that those rates are short lived and soon go up to market level or more – it all depends on how fast or if the company grows. The danger of taking one of these new offerings is being stuck and unable to move because of a health condition. Medicare supplement plans require you to answer health questions to move to a different company. If you aren’t healthy enough to move you can be stuck in that Medicare supplement plan or find it necessary to move to a Medicare Advantage plan to reduce your costs.
Companies that have been in the market for years know how to work with Medicare. And remember your plan pays only when Medicare pays. Smooth systems integration and experience with claims processing gets your bills paid faster. Ask your friends about their experience with their Medicare supplement plan if you are thinking of switching or buying for the first time. Your doctor’s office to can be a help in letting you know about claims processing and service.
At Longevity Alliance we think it’s important that you have the security of a company with experience in this very complex product. We only offer companies with good financial ratings, experience and size to deliver rate stability.