How to Get a Free Medicare Supplement Rate Quote

Medicare provides valuable health insurance coverage to senior citizens. However, it does not cover everything that a person may need. Many people may find that they need supplemental health insurance to cover what Medicare does not. This insurance that is designed to supplement Medicaid is referred to as Medigap supplemental insurance. You will need to know how to find Medigap supplemental insurance and then how much you need in a Medigap policy. An insurance "quote" is just a statement from the company about the price you will need to pay for particular coverage. There should be no cost for receiving a quote from a reputable company.

Part 1 - Researching Supplemental Insurance Resources

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→ Check with your own insurance carrier. You may contact any insurance company that is licensed to sell supplemental Medigap insurance in your state. The same companies are not necessarily licensed from one state to another. Also, a company that is licensed to sell some forms of insurance may not be licensed in your state to sell Medigap supplemental health insurance.

→ As a first contact, you can try calling the company that already provides your medical insurance, or even home or auto insurance. Ask your insurance agent if the company is licensed to sell Medigap supplemental health insurance. If you already have other insurance coverage with that company, it may be easier and cheaper to add the Medigap coverage.

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→ Use the official Medicare website search tool. The official U.S. Government website for Medicare information is Medicare.gov. From the homepage, follow the links to “Supplements & Other Insurance” and then “Find a Medigap Policy.” From there, you can enter your zip code, and the search engine will provide you with a list of insurance providers that are licensed in your state to sell Medigap supplemental insurance.

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→ Review the policy coverage information online. After finding the list of licensed insurance providers on Medicare.gov, you have the opportunity to view the policies that are offered. Select the provider’s name that you would like to check, and click on “View Policies.” On the next screen, you will see the policies that are available from that provider, along with an estimated annual policy cost.

→ Be aware that this cost is only a generic estimate. For a more accurate price quote, you will need to consider the information in the next section and call an insurance agent directly.

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→ Search the Internet for Medigap supplemental insurance providers. If you run a simple search for “Medigap” or “Medicare supplement,” you will find links to various insurance companies that provide Medigap supplemental insurance coverage. You should then review their website information for a description of the coverage that they offer..

→ The companies that you find by this type of search should mirror the results of a search on the Medicare.gov official site. However, searching in this manner may lead you to new information on the insurance company’s website.

→ Be aware that an insurance company may have a website that discusses Medigap supplemental coverage. However, the company must be licensed in your state to provide insurance. You must doublecheck by calling the company directly that it is licensed in your state.

Part 2 - Requesting a Free Supplemental Insurance Quote

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→ Determine your needs for supplemental insurance. Before you call anyone to get a quote for a supplemental insurance policy, you need to have an idea of how much additional coverage you will require. To do this, estimate your future health care needs, and subtract the amount of coverage that you currently have through Medicare. When you are estimating your future medical needs, include all of the following, which are not covered by Medicare:

→ Identify your current long-term care expenses (including custodial care, skilled nursing facility care and homemaker services)

→ travel expenses you may encounter when receiving health care

→ dental care needs, like dentures or bridgework

→ routine care costs, such as vision, hearing aids, or foot care

→ projected costs for acupuncture

→ medical care when you travel outside the U.S.

→ copayments

→ coinsurance

→ deductibles

→ prescription drugs. This applies only if you are supplementing an older policy. Prescription drugs were covered by Medigap supplemental insurance that were sold until 2006. Since then, however, supplemental insurance policies are not allowed to cover prescription drugs. If you want prescription drug coverage, you can join a Medicare Part D prescription drug plan.

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→ Contact an insurance agent directly for a free quote. After making a preliminary review of the policies online, you should call the insurance company directly and speak with an insurance agent. Discuss the coverages that you need. The insurance agent will discuss with you the polices that are available and can help you decide which is the best Medigap policy for your needs. Based on your discussion, the agent can explain the most appropriate policy and will give you a price quote.

→ It is a good idea to contact at least two or more different companies to compare coverage and prices.

→ Identify any added-value services the medicare supplement brokerage firm may offer. Some offer Medicare Part D help, Critical Illness Coverage, Identity Theft protection and more.

→ Be careful, when comparing prices, that you are comparing similar coverages. If one company costs less, but does not cover the same services as another company, you will need to decide which one better serves your needs.

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→ Request a policy quote for each spouse. Supplemental Medigap insurance is personal to each individual. It is not available for a married couple. If you are married, and each spouse needs supplemental Medigap coverage, you must request a quote for separate polices for each person.

Part 3 - Understanding Your Eligibility to Buy Supplemental Insurance

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→ Subscribe to Medicare Parts A and B. In order to be eligible to purchase Medigap supplemental coverage, you must first have both Medicare Part A and Part B. Part A covers inpatient hospital stays, nursing facility care, hospice care, and some additional health care. Part B covers doctors’ services, outpatient medical care, medical supplies and preventive care.

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→ Do not purchase Medigap supplemental insurance if you have Medicare Advantage (Part C). Medicare Advantage does not work together with supplemental Medigap policies. In fact, if you already have Medicare Advantage, it is illegal for an insurer to sell you a supplemental policy, unless you first switch from Medicare Advantage back to regular Medicare Part A and B.

TIPS

→ Medicare Supplements can be purchased at any time of the year. Contrary to popular belief, there is NOT an annual enrollment period for Medicare Supplement plans. However, if you are in an open enrollment or “Guaranteed Issue” period, you will not have to answer any medical questions on a Medicare supplement application. This is the best time to apply for a Medicare Supplement plan.

→ Medicare Supplement plans and rates vary by your age, gender, zip code and tobacco usage.

→ Use a reputable Medicare Supplement Brokerage Firm that has been around for over 10 years.

→ Medicare Supplements are “guaranteed renewable”. They cannot be canceled by the insurance company for any reason except nonpayment.