Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
It's generally who is offering it to you at the lowest cost. The benefits of a given Medicare supplement (Medigap) plan are EXACTLY the same from every company. This means that if you're looking at a plan F from United Healthcare and a plan F from CareFirst, the coverage under the plan is identical.
The main ways carriers differentiate themselves is through their premiums, their rating method for the premiums, and any value added services.
Carriers can use 1 of 3 rating methods:
1) Attained-age rated - this is the most common rating method used. It means your rates increase as you get older each year.
2) Community rated - this is used by United Healthcare (I don't know of any other carriers that use this method). This means your rates do not increase based on your age. Everyone in a given area pays the same rates - e.g. a 85 year old and a 75 year old pay exactly the same thing.
3) Issue-age rated - this is used only by a couple of companies. This means your rates are based on your age at the time the policy was first issued. While this seems great, it's often featured as the most expensive Medigap plans.
Value added services are things like dental and vision discounts (not dental and vision insurance, just discounts for services).
I hope the information is helpful - please feel free to contact me for assistance with your coverage and if you have any further questions. Thanks very much.
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The main ways carriers differentiate themselves is through their premiums, their rating method for the premiums, and any value added services.
Carriers can use 1 of 3 rating methods:
1) Attained-age rated - this is the most common rating method used. It means your rates increase as you get older each year.
2) Community rated - this is used by United Healthcare (I don't know of any other carriers that use this method). This means your rates do not increase based on your age. Everyone in a given area pays the same rates - e.g. a 85 year old and a 75 year old pay exactly the same thing.
3) Issue-age rated - this is used only by a couple of companies. This means your rates are based on your age at the time the policy was first issued. While this seems great, it's often featured as the most expensive Medigap plans.
Value added services are things like dental and vision discounts (not dental and vision insurance, just discounts for services).
I hope the information is helpful - please feel free to contact me for assistance with your coverage and if you have any further questions. Thanks very much.