Medicare supplement and Medigap plans are regulated by the Federal government. If you have a Medicare supplement plan G with Company X and your friend has a Medicare supplement plan G with Company Y, you both have the same coverage. The amount you and your friend pay in monthly premiums may be different, but your benefits are the same.
There is no reason to pay more for your Medicare supplement with one company verses another company. The Medigap plan you have (F, G, or N) dictates your coverage. You are not getting additional benefits by paying more in premiums.
Our clients often ask why companies have different monthly premiums for the same medical coverage. The fee charged for monthly premiums is set by each individual company and is often determined by their administrative costs, operating expenses, and financial goals.
It is important for you to “shop” your Medicare supplemental coverage. We are appointed with approximately 30 different carriers and can assist you in finding the best possible monthly rate.
For questions regarding Medicare, please give us a call at 1-877-756-9005 or 662-454-9800, or you can also view our overview page here and the Medicare.gov Medigap page here.
