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Weiss Medigap Report – only $49 for free rates

Over the 4th of July weekend, I received an e-mail offering a comparison of all of the Medicare Supplement rates in my area for ONLY $49!

This was such a deal because their usual cost is $99 for an unbiased quote of all Medicare Supplement plans in my area.

What a deal, right? Wrong.

I’m often asked by potential clients what my service costs.. for me to look up the rates and also provide them the background on the companies listed in the results.

Very happily, I tell them that our service costs them nothing, as it is included in the cost of the premiums, whether they went direct to the carrier OR used the service of an experienced agent.

No extra cost!

I did a video about my reaction, and show the e-mail from the company offering the $49 Medicare Supplement quote.

For the record, we do free quotes all the time and help with plan selection.
You can call us at 1-800-729-9590, even the call is free!

 

Weiss Research: Medigap Rates Vary as Much as 1,316{57afd372ef552335ba870edf523b8e4a4ddf98dad7cf21c72091c800f1bfac05}

Weiss research says that Medigap rates, on the same plans, can vary by up to 1,316{57afd372ef552335ba870edf523b8e4a4ddf98dad7cf21c72091c800f1bfac05}.

We, at the SeniorSavingsNetwork, often save clients $1,000 per year or more, simply by shopping their existing market for all of the companies available, and there is quite a difference in the rates.

From Weiss:

Medigap policies help senior citizens cover the costs for medical care beyond those covered by Medicare itself.   Plan types range from A, the basic benefit plan, through Plan N.  The benefits within each plan are mandated by the government.

In analyzing more than 5.6 million premium rates among more than 165 insurers offering Medigap insurance in 2011, Weiss found that premium rates continue to vary dramatically among all Medigap plans.  Rates for Plan A range from a minimum of $439 to a maximum of $5,776 for a 65-year-old male. The broad ranges in premium rates for Plans A through N for a 65-year-old male are illustrated below:

 

Weiss Ratings senior financial analyst Gavin Magor commented: “For 20 years Medigap rates have varied due to regional differences in pricing methodologies, state regulations, and the cost of health care.  While we expect these differences in pricing among plans and across regions, we find that there is no justification for such wide price differences for exactly the same product in the same area.  Consumers who research their options are likely to find opportunities for significant cost savings when purchasing Medigap insurance.”

Some examples of dramatic pricing differences include:

  • In Florida, Plan C costs $4,647 with Humana Health Insurance Company of FL, but only $2,880 with State Farm Mutual Automobile Insurance Company, representing a 61{57afd372ef552335ba870edf523b8e4a4ddf98dad7cf21c72091c800f1bfac05}  difference in cost.
  • In California, the plan would cost $5,133 with United Teacher Associates Insurance Company, which is three times more than the $1,693 with Globe Life & Accident.
  • In Maine, premiums for Plan F vary from a low of $1,916 with Globe Life & Accident to a high of $3,590 with Humana Insurance Company, representing an 87{57afd372ef552335ba870edf523b8e4a4ddf98dad7cf21c72091c800f1bfac05} difference in cost.
  • Plan F rates in Missouri run from $955 with Old Surety Life Insurance Company to $3,002 with Standard Life and Accident Insurance Company, a 314{57afd372ef552335ba870edf523b8e4a4ddf98dad7cf21c72091c800f1bfac05} difference.

Source: http://www.weissratings.com/news/ins_hmo/111010-medigap-rates-vary.aspx

 

To compare Medicare Supplements rates, call us at 1-800-729-9590 to get the best price on Medigap.

How will Obamacare Impact Medicare Advantage?

Obamacare will have a significant impact on Medicare Advantage, starting in the 2014 plan year.

Seniors should be cautious when considering staying on their existing Medicare Advantage plan, as many of the plans now have a different (higher) maximum out-of-pocket costs. Many plans have gone from $3,400 maximum out-of-pocket per year up to the max: $6,700 out-of-pocket.

This means if you have a catastrophic health event that requires multiple hospitalizations, doctor visits, physical therapy treatments, etc. these costs can quickly add up to the maximum, $6,700 before you are done with the cost sharing on the Medicare Advantage plans.

If this health event happens late in the year, you can see the reset of the $6,700 limit on January 1, meaning that you are on your own to hit that limit again, fully, before the health plan takes over all costs.

See these videos on the impact of Obamacare on Medicare Advantage:

These are specific ways that Obamacare will impact seniors on Medicare:

Seniors seeking to drop Medicare Advantage should first check on Medicare Supplement quotes before returning to original medicare.

This is easily done by visiting the Senior Savings Network, a free service to seniors that compares all available Medicare Supplement plans to find the best deal in the market.