Using our independent agency, you can compare the lowest Medicare supplement insurance rates in North Carolina online. With us it’s like calling each company direct, but without the hassle.
Our insurance agency represents all supplemental insurance carriers direct to you. Whether you want to compare rates or discuss the differences between different Medicare insurance plans, we can help.
Our brokerage represents several carriers, including: Aetna, Assured Life, American Continental, Anthem Blue Cross, Cigna, Central States Indemnity, GTL, Humana, Liberty Bankers, Manhattan Life, Medico, Mutual of Omaha, Sentinel, Shenandoah Life, United American, United Healthcare AARP and many others.
The first thing to know is that Medicare supplements are standardized. A Plan F is a Plan F no matter which company you choose. Insurance companies cannot change the benefits, they can only charge different rates. Some companies add items like Silver Sneakers to your policy, but your doctor and hospital coverage does not differ.
And in almost all cases, your supplement does not have any bearing on where you can go and who you can see for care. If your doctor and/or hospital accepts Medicare, then they will accept any supplement you provide to them. An Aetna supplement is no different than a Humana supplement. Your network is always Medicare.
And Medicare supplement insurance prices are controlled by law. A Plan G with Mutual of Omaha will cost the exact same no matter your source – even if you call the company direct. Agents and insurance cannot adjust the prices in order to undercut one another. Prices may vary based on your gender, age, zip code, marital status and tobacco use, but we all use the have to offer the same quotes to the same individual.
It can be a good idea to use an independent agent to shop prices. Your premiums will not change and you get the added benefit of viewing several plans at once while also discussing ratings, rate renewals and other important factors that are more readily available to independent agents.
In our experience, the most popular Medicare supplement insurance policies are Plans F, G and N. One size does not fit all however – it’s a balance between monthly premiums and benefits. For example: Plan G can offer more savings over Plan F when you do the math.
That’s why it is important to understand what each plan covers and which benefits you receive for the price. And some plans tend to increase rates faster than others. Plans like F & C that are offered on a Guarantee Issue basis in some cases tend to have larger increases than Plans G and N.
And it’s important to know Medicare deductibles, coinsurance, and copay amounts can change each year as determined by the Centers for Medicare and Medicaid Services. When these numbers change, it automatically affects all plans – both old and new. This helps to explain why supplemental rates typically increase year over year.
Finally, you should know that significant changes are coming in 2020. By rule, new Medicare beneficiaries in 2020 cannot purchase Plans F, C and High Deductible Plan F. Existing beneficiaries can keep these plans (and even shop for new ones), but not those who are new to Medicare. This means Plan G and D will become the new Guarantee Issue Plans F & C – and Plan N will be more like Plan G is now.
Furthermore, High Deductible Plan G will be introduce to replace High Deductible Plan F. This is because all plans that cover the Part B deductible will no longer be offered per Congressional law.
What does all of that mean for you? Well, it may end up that Plan N is the most stable plan in terms of rates and rate increases. Some are beginning to prepare for these changes now.
Most consumers will factor-in their budget, health, and tolerance for out-of-pocket costs. While someone might purchase a High Deductible Plan F to keep his or her premiums low, someone else might purchase Plan N or G so their coverage will be more comprehensive.
The point is that choosing a Medigap plan is somewhat subjective. What’s good for you may not be as good for someone else. In many way, you’re trying to predict the future – which is of course impossible. We know premiums will usually go up each year and some plans offer better value than others, but there is no perfect plan. We can only get it as close to right as possible based on what we know about your health and budget now.
However, the most common mistake consumers make is waiting to purchase a Medicare supplement plan until after their open enrollment window has expired. Should you miss your open enrollment window, you can be turned down for coverage due to medical underwriting requirements. Some people can defer Medicare Part B and wait to enroll in a supplement after 65 because they have group health insurance, but most others need to act at age 65 – or when first electing Medicare Part B.
That is to say, medical underwriting can be a factor outside of your one-time open enrollment window. Many people confuse the yearly Annual Election Period (AEP) with open enrollment. They are completely different and you can be turned down for supplemental insurance during the AEP window for poor health.
It is important to know that unlike most Medicare Advantage plans, Medicare supplements, by rule, do not include Part D drug coverage. While you can sometimes purchase supplements and Part D from the same insurance company, they will always be separate policies.
Should you choose not to enroll in a Part D plan during your open enrollment window (and you do not have any credible drug coverage elsewhere) you can be assessed a late enrollment penalty. The penalty is a lifetime one, so it is wise to enroll in a plan of some kind at the onset of your Medicare Part B. For those on limited or no rx’s – we have inexpensive plans that will avoid the late enrollment penalty.
The good news is that if you in new to Medicare Part B and in open enrollment – or your losing credible coverage from somewhere else – you can purchase a Medicare supplement in North Carolina when you are under age 65.
In most areas, Plans A, B, C, F and High Deductible F will be available. Insurance companies are allowed to charge higher rates for those under 65 however. It is wise to shop around as rates can vary widely. Medicare Advantage plans can also be a good choice for those under 65 as their rates are much lower. We can help you compare the two.
We are an independent agency offering Medicare supplement insurance in North Carolina direct to our clients. We can help you compare plans, quotes, rates, benefits, and renewal history with several carriers. There are never any additional fees or costs to place your business with us.