FAQ
What is the difference in Medicare Supplement Insurance and Medigap Insurance?
They are both the same. These are just different terms used to refer to the same insurance coverage.
What is a Medicare Advantage plan?
An Advantage plan is set up like a traditional health plan, with a network, co-pays, deductibles. The Medicare Advantage program; however, limits a member’s choice of providers, physicians and hospitals. All care must come from physicians and health care providers within the HMO network, except on emergencies.
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“Discover the 8 Critical Questions You Must Ask to Guarantee You Select the Right Medicare Supplement Plan!”
I kept the coverage that was provided by my former employer. Is this a Medicare Supplement Policy?
No. The only “Medicare Supplement” policies are the approved Policies that are designated “A” through “J”. They can only be purchased through an insurance company authorized to sell Medicare Supplement Policies in Missouri, Kansas or Iowa. All other types of coverage you may have are policies that “Supplement Medicare” and are subject to changes in benefits and in most cases can be canceled at any time by the company.
Everyone says that I need Plan “F”. Do I really need to pay the extra money for Plan “F”?
Plan “F” is the most common plan chosen from our experience. It is usually more expensive because it pays 100% of Excess Charges.
What are “Excess Charges”?
Excess Charges only apply to doctors who do not Accept Assignment. Doctors who do not Accept Assignment can add no more than 15% to the amount that Medicare approves. If your doctors Accept Assignment then you may not need one of the more expensive policies that will pay for Excess Charges.
Is Plan “C” a good choice?
It can be if you prefer not to pay the once a year Medicare Part B Deductible of $135.00(for 2008). However, you may find when comparing Plan “C” with other plans available that you will be paying well over an additional $135.00 per year in premium just to have your Medicare Part B Deductible paid by the insurance company. Another plan may be a better choice.
Will my premiums increase?
Every year each company evaluates how well their programs performed. Depending on their expenses, they will adjust premiums if need be to remain profitable, some increases will be more than others.
A part of premium increases are directly related to the amount of claims that are filed. Usually the companies that have the fewest health questions are the ones that have the biggest premium increases. The easier the questions are, the more likely the company is insuring people with health problems who are going to have a large amount of claims. You can learn about other reasons why rates may increase here.
How do I choose a good insurance agent?
It has been said that your insurance policy is only as good as your agent. Selecting an agent is just as important as selecting a company and a policy. Look for the following when selecting an agent:
- Start by checking with the Better Business Bureau for a trusted agent who has a good reputation.
- An agent who helps you make a well informed decision, not an emotional decision by using “high pressure” or “scare tactics”.
- One who explains all the details about the coverage provided by the different policies so you have a clear understanding of the benefits you will receive.
- Is not in a hurry to have you sign the application.
- Makes good eye contact when speaking to you and answering your questions.
- Speaks slowly and is concerned that you thoroughly understand the answers to all of your questions.
- Has your best interest in mind, not the amount of commission he/she will earn.
- An agent returns your calls promptly.
Remember, every agent receives a small percentage of every premium you pay. That means that you are paying a portion of that agent’s income. (Doesn’t that make you the “boss”?) If that agent is not working in your best interest or not promptly returning your phone calls then why would you want to continue paying him/her?
