Don’t Get Pushed Into Paying Too Much for Supplemental Insurance

Seniors have long been a target of pressure and scams over the years for everything from purchasing cars, TVs, phone service, insurance and more.  One of the biggest areas that seniors can be defrauded is in the area of Medicare Supplemental Insurance, also called Medigap insurance.

Medigap covers what Medicare does not.  This could be prescriptions, co-pays and other products and services.  The problem is that there are a lot of companies that sell this type of insurance and it is easy to get confused.  In addition, if you have a sales person who is smooth enough or pushy enough – or both – you could be talked into coverage that is too expensive or coverage that is not right for you.

The good news is that each supplement – no matter which company is selling it – is the same and has the same coverage.  Only the premiums are different, depending upon the company you purchase the supplement from. 

For instance, if you are looking at Medicare Part J with three different companies, the coverage for Part J is determined by Medicare and is the same no matter which company you decide to buy from.  The difference is that company A might charge $20 more per month than company B, and company B and C might charge $40 more per month than everybody else.

It is important to check prices and check to see how good the insurance company is that you are buying from.  You can check with the insurance commissioner in your state to find out how well the company pays claims, how long they have been in business and other important facts about them, including whether there are complaints or lawsuits against them.

So, if you are looking for Medigap or Supplemental Insurance, be sure that you have the facts about the company, the amount they are charging, and don’t let anyone push you into buying anything you don’t feel right about.  If that happens, call someone else for a second opinion.