Aren’t All Medicare Supplements the Same?
Yes.
Well…no.
Well— it’s at this point that I realize cut and dry answers don’t get along very well with Medicare. Or the federal government. Or really anything related to government for that matter. And I am forced to give you the incredibly vague answer that sometimes isn’t an answer at all: yes and no. Allow me to expound.
Yes, they are all the same because…
Medicare Supplements Are Now Standardized.
Starting in 1992, the federal government came out with 11 plans labeled A through L, each with their own distinct coverage level and associated benefits. These 11 plans are identical no matter where you purchase them, which means that Plan F is still Plan F (offering the same coverage) whether you buy from AARP or Aetna or any other company.
However, just because the plans are standardized, that does NOT mean the prices are!
Which brings me to the inevitable…
No, they aren’t all the same because…
Prices Can Vary Dramatically—
As much as $100 a month.
And for the exact same benefits! Here’s an example. Let’s say you are a 65-year-old male from Sidney, Ohio who doesn’t use tobacco. If you purchased Plan F Supplement insurance from Banker’s Fidelity Life, it would cost $152.06 a month. However, if you purchased Plan F from Physicians Mutual Insurance, you would pay $294.33 a month. This is like having the option of identical minivans. Same make and model. Same gas mileage. Same features. Except one is almost twice as much. The choice is a no-brainer, right? (Prices are current as of November, 2017).
Now it’s time for something definite:
You should ALWAYS go to a trusted Independent Advisor (see my blog for reasons why here) for help.
They will get you into a plan that is right for you. Since they are independent, they are free to shop with a lot of companies to find the plan with the best benefits for the lowest cost.
Ahhh…the best value.
Now that is cut and dry.
Still have questions? Sign up for our next workshop here: workshop signup.
If you need help shopping for a Medicare Supplement plan, call us at 937-492-8800 for a free consultation!
About the Author
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