How to Find the Best Medicare Supplement for You

One simple step you can take to make sure you're not overpaying for your Medicare Supplement.

The best Medicare Supplement? "That's pretty bold talk for a one-eyed fat man." (True Grit fans nod approvingly).

"Best" is rather subjective, but for the most part, when I refer to the best Medicare Supplement, I'm referring to the plan that fits your situation the best.  From the level of benefits it provides to the premium it costs.

Cost of the plan:

Let’s start with the premium of the plan.  I’m assuming that you would be willing to pay a fair amount but not one penny more than is necessary.  The easiest way to find the best rate on the plans in your area is to talk with someone who has quoting software.  They can give you the rates for any company that is available.

Company ratings:

Try to stick with “A” rated companies.  There are plenty of them around.  Make sure they’ve been in the market for at least 5 years.  This lets you know they’re committed to the Medicare Supplement market and they’re just not going to lowball you with an initial “teaser rate” that will go higher than a cat’s back at the first renewal date.

The hard way and the easy way:

There are basically two ways to get this information…the hard way and the easy way.

First the hard way.

1.     You can fill out forms on the internet, or cards you get in the mail.

2.     You can attend seminars

3.     And the old standby, you can ask your brother-in-law or your neighbor because they turned 65 last year. (I’m sure they know what they’re talking about).

The problem with doing things the hard way, is that it’s labor intensive.  It forces you to deal with multiple salespeople.  And if you go with your brother-in-law’s recommendation, you run the risk of him giving you bad advice that could cost you significant penalties if you do something wrong.

Now, for the easy way.

You can work with an independent broker who can give you rates for all the available companies.  I have software that gives me up-to-the-minute rates for any company.  And it takes less than 30 seconds.

It also gives me information on company ratings, as well as their length of time in the market.

Don’t make this more difficult than it has to be.

One of my clients is an attorney.  When she was turning 65 she called me and asked for my help in understanding Medicare and in finding the best insurance plan for her.

I asked what she wanted me to do for her.  She said, “I’m an attorney, I’m not in the insurance business, and I don’t want to be in the insurance business.  I just want someone who is.”

Don't try to become an expert.  There are plenty of people who know what they're talking about who are willing to help you.

Kevin Kaye is licensed insurance broker.  He has helped thousands of people in his 35 year insurance career. He can be reached at 800-465-3164 or at kevinkaye1@yahoo.com.