Medicare Supplement Policy

Medicare Supplements Are Standardized by The Federal Government

Medicare supplement policies sold today are standardized by the federal government. The policies are designated by the letters "A, B, C, D, E, F, G, H, I & J". While the benefits sold with the same letter designation by competing companies are the same, many companies charge higher premiums for identical coverage. This makes it easy for seniors to compare coverages and companies. It is important to find a company that will provide good service and that is financially stable, while finding the best rate. You should consider not only your current health situation, but also your possible future health care needs.

Only One Policy is Needed

It is important to remember that you don't need more than one Medicare supplement (medigap) policy. It is illegal for an insurance company to sell you a second Medicare supplement policy unless to tell them in writing that you will replace your current policy. It is also very important not to cancel your current policy until the new one is in place, and you decide to keep it.

Guaranteed Renewable

If you bought your Medicare supplement after 1992, it is "guaranteed renewable" This means that the insurance company cannot drop your coverage unless you stop paying your premium, you were not truthful about something on your application, or the insurance company becomes bankrupt or insolvent. A licensed professional agent that specializes in this area, could be very helpful in finding the right policy for your situation and budget.

A licensed professional insurance agent that specializes in senior insurance, can help you find the best coverage for your particular situation and budget.