“I like my Medicare supplement insurance plan and I want to keep it.”
It has to be the most common response we hear from seniors when first talk about lowering the cost of their Medicare Supplement Insurance. Our response? If you like your plan, keep your plan. Just don’t pay an insurance company more than you have to. Studies show that ore than eight out of ten seniors are overpaying for Medicare Supplement Insurance.
You see, all Medicare Supplement insurance (aka Medigap plans) are strictly regulated. No matter which company sponsors the plan, it must be identical to other insurance company Medicare Supplement insurance plans of the same type. You can keep your plan and change the insurance company sponsoring your plan and save a lot of money.
Think of this analogy: Suppose there were seventeen different Chevy dealerships in your area all selling the same car Chevy Impala, same color, same interior, same options and built by the same manufacturer at the same plant. Every Impala is identical to all other Impala’s. If everyone is selling the same car, what is the first question you would ask the dealership? Wouldn’t the conversation go something like “Hey, you’re selling the exact same car as sixteen other dealers. Why should I buy from you? Are you going to give me a better price than the other guys?” Let’s face it, if the only difference between the cars is the price, then it’s only logical to shop for the best price. Right?
So, if dealership AA sold the car for $25,000 and dealership BB for $22,500, which dealership would you choose?
It is the same with Medicare Supplement insurance/ Medigap plans; where the plan is the car and the insurance companies the dealerships. All plans of the same type (i.e. F, G, N etc.) are completely identical by law. No matter who the insurer is that sponsors your plan, the benefits and service will be no different than any other insurer. Each Medicare Supplement insurance plan type is designed by the government (same manufacturer) and the service provided by one insurance company is the same as any other, by law. The only difference is the price one insurance company charges versus the others, and it’s mind-blowing how significant the difference in pricing is.
Why the difference? First, because insurance companies know that most seniors get set in their way and don’t make changes. So, like the proverbial boiling frog, they slowly raise rates confident you won’t peak behind the curtain to see the lower price being offered elsewhere. Second, insurance companies also change their rates based on their claims experience. When you purchased your first Medigap plan at age 65, insurance companies were not allowed to charge you based on your health profile. That means you were placed in the same insurance pool as seniors who are much less fortunate in regards to their health. Unless you switch to a pool of healthier seniors, you will always be paying more than you should.
Are you overpaying for your Medicare Supplement Insurance?
Below are five questions you should ask yourself. If you answer “Yes” to any one of the five, then it is probable you are among the 80% or more of seniors who are overpaying for your insurance.
1. Have you received rate increases in any two of the last three years?
2. Are you of average or better health for your age?
3. Has it been three years or more since you shopped Medicare Supplement insurance prices?
4. Did you purchase your Medicare Supplement insurance plan from an agent that works directly for an insurance company, rather than independent?
5. Has it been years since you last heard from your insurance agent?
How hard is it to find out if you are overpaying? Actually, its’ pretty simple. Insurance companies set their Medigap rates by your zip code, your gender, smoking status, age and plan type. Medicare uses letters to denote the different plan types. The most common are plans F, G and N.
Once we have the above information per the online Medicare Quote Form we can generate the premium costs charged by each different insurer and email that personalized report, along with other pertinent information, so that you can make an informed decision. It’s that simple, that easy and that painless.
Below is a sample report we prepared as requested. For your own personalized report, simply complete the Medicare Quote Form today.
Shield Insurance Solutions is independent. Our goal is to find the best insurance company, price and policy for you. We specialize in living benefit life insurance and Medicare Supplement insurance. We work with nearly 100 different insurance companies in order to find the right policy at the right price and value for you. We are transparent so you can make the most informed decision and have been in the financial services industry since 1984. Our life products include Medicare Supplement insurance / Medigap insurance, Whole Life, Universal Life and Term Insurance (all living benefit life insurance), mortgage protection insurance and final expense insurance. We are based in Jupiter and Palm Beach Florida and licensed in almost every state including Virginia, Maryland, Oklahoma, Indiana, Pennsylvania, Alabama, Florida, California, Illinois and expanding. If you are shopping for a life insurance quote, we can show you what many of the top insurance companies will offer. The price differences will amaze you. Visit www.ShieldInsuranceSolutions.com to get a free life insurance quote comparison, or call us at (800) 847-9680