Medicare Supplement Insurance plans (also known as Medigap Insurance) have been standardized into plans designated by letters since 1992. In 2010, 10 different Medicare Supplement plans are available. These plans are labeled Plan A, B, C, D, F, G, K, L, M and N. The missing letters represent plans that are no longer available.
Each type of plan offers different combinations of benefits, ranging from the basic coverage of Medigap Plan A to the comprehensive coverage of Medigap Plan F. Every other plan includes the basic benefits of Plan A along with other combinations of additional benefits.
Standardization guarantees that every Plan A, for instance, will give you the same coverage regardless of which insurance company sells it. While that makes it much easier to decide which plan fits your needs best, it does not help to clarify premium pricing.
Is Comparison-shopping Necessary To Get A Good Price On Medigap Insurance?
Medigap policies that have the same benefits are being sold for strikingly different premium prices, according to the country's leading independent provider of analyses and ratings, Weiss Ratings, Inc. While insurers are required to offer the standardized benefits for Plan F, for example, insurers are not regulated regarding how much they charge for that Plan F.
To analyze differences in pricing, Weiss looked at the premium rates from 117 insurers out of 159 insurance companies offering Medicare Supplement Insurance across the country. Wide variations in price were seen for all Medigap plans.
In 2005, the national average price that a 65-year-old woman was paying for Medigap Insurance ranged from $1,159 to $3,443. When Weiss analyzed variations in pricing for specific Medigap plans, the range bordered on the unbelievable. For example, Medigap Plan C was being sold for anywhere from just $651 to over $9,000!
The difference in price for Medigap Plan F, which has been the most popular of the plans possibly because it offers the most complete coverage, was even greater. The prices ranged from a mere $516 to a whopping $10,788.80! Huge price fluctuations were also seen among the other Medigap plans.
Get help now from the most trusted Medicare Supplement broker in the country. Get a free quote for your Medicare Supplement Insurance. Go now to: http://www.lowcostmedigap.com
Each type of plan offers different combinations of benefits, ranging from the basic coverage of Medigap Plan A to the comprehensive coverage of Medigap Plan F. Every other plan includes the basic benefits of Plan A along with other combinations of additional benefits.
Standardization guarantees that every Plan A, for instance, will give you the same coverage regardless of which insurance company sells it. While that makes it much easier to decide which plan fits your needs best, it does not help to clarify premium pricing.
Is Comparison-shopping Necessary To Get A Good Price On Medigap Insurance?
Medigap policies that have the same benefits are being sold for strikingly different premium prices, according to the country's leading independent provider of analyses and ratings, Weiss Ratings, Inc. While insurers are required to offer the standardized benefits for Plan F, for example, insurers are not regulated regarding how much they charge for that Plan F.
To analyze differences in pricing, Weiss looked at the premium rates from 117 insurers out of 159 insurance companies offering Medicare Supplement Insurance across the country. Wide variations in price were seen for all Medigap plans.
In 2005, the national average price that a 65-year-old woman was paying for Medigap Insurance ranged from $1,159 to $3,443. When Weiss analyzed variations in pricing for specific Medigap plans, the range bordered on the unbelievable. For example, Medigap Plan C was being sold for anywhere from just $651 to over $9,000!
The difference in price for Medigap Plan F, which has been the most popular of the plans possibly because it offers the most complete coverage, was even greater. The prices ranged from a mere $516 to a whopping $10,788.80! Huge price fluctuations were also seen among the other Medigap plans.
Get help now from the most trusted Medicare Supplement broker in the country. Get a free quote for your Medicare Supplement Insurance. Go now to: http://www.lowcostmedigap.com
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