Applying for a Medicare supplement is easier than you think.
While applying for Medigap may seem overwhelming at first, there are a few simple steps you can follow. This will ensure that you apply for the right Medigap policy for you. It will also help you have the best chance to get approved. Here are our suggestions:
Step 1 – Decide on Plan A – N
There are 10 standardized Medicare supplements to choose from. The most popular selling supplements are Medigap Plan F, Plan G and Plan N. Look at a Medicare comparison chart like the one on this website. Then read about each of the Medigap plans to determine which one is right for you. If you are unsure, don’t worry. We can help you analyze the costs and choose the one that seems to be the most appropriate.
Step 2 – Get Medicare Supplement Quotes
The next step is to get quotes for your chosen plan from a variety of insurance companies. There is nothing more tedious than calling each individual carrier and putting up with high-pressure sales tactics over the phone from a big insurance company. Instead, work with an independent insurance agency like ours that can generate a Medigap quote comparison for you in seconds.
However, don’t make a snap decision based just on price. We have found over the years that there are 2 other factors you will want to consider before making your final decision, and those are ratings and rate increase history.
Step 3 – Research the Medicare supplement insurance companies
You will likely find a few carriers with competitive low premiums. Make your final selection by investigating each company’s financial rating and rate trend history. Financial ratings tell you how stable the carrier is and whether it could pay out a lot of claims all at once. Generally any carrier with a B+ rating or higher is considered a safe choice.
Rate trend history is the term we use that refers to what kind of rate increases the insurance company has had in recent years. You want to look for carriers with single-digit rate increases. If you speak with an agent that doesn’t know this information, then find an agent who does. There is nothing worse than getting a low starting premium only to find it followed by 2 – 3 years of 20%+ rate increases annually.
Step 4 – Apply for Medicare Supplement
Once you have selected a carrier, your agent should help you with when to apply. If you are in your open enrollment window or a guaranteed issue window, an agent can help you submit an application that is guaranteed to be accepted. Your agent will be able to show you entire sections of the application that you can skip.
If you do not have an applicable window, then you will need to answer health questions before your application is submitted, and then the insurance company will review your answers as well as any information they can find about you in the insurance industries Medical Information Bureau reports. Your application can be either approved or denied based on this information. Your agent may recommend which carriers you can apply for where you have the best chance of being approved, depending on the health information that you choose to share with your agent.
How to apply for a Medicare supplement? It’s easy, if you are an insurance agent! For regular consumers like you, it can still be confusing! Please remember – you are not alone! Agencies like ours exist to help you with all this and there is no cost for our services. Better yet, you will always have a licensed agent advisor to help you with ongoing questions, claims issues, or explanations of your benefits.