Shopping for a Medicare supplement insurance plan
It can pay to shop around for a Medicare supplement insurance plan. Even though the federal government defines standard benefits for the plans, prices vary among companies. You may find that two companies charge very different prices, or premiums, for identical benefits.
Several factors can affect your premium. First, prices reflect marketplace conditions, so you may see increases in your Medicare supplement insurance premium from year to year.
Second, Medicare supplement insurance plan sponsors use several different methods of pricing their plans. This is called "rating." Different rating methods can affect your premium, too.
To find out which plans are available to you, visit the Medicare website or call your State Health Insurance Assistance Program (SHIP), which can also give you free counseling about choosing a Medicare supplement insurance plan. If you still have questions, contact Medicare Made Clear at 1-877-619-5582, TTY 711. Representatives are available 8 a.m. to 8 p.m. local time, 7 days a week.
Medicare supplement insurance plans are private insurance plans, and the companies that offer them are regulated by the state you live in. You can call your State Insurance Department to find out more about a company that offers Medicare supplement insurance plans in your area.
Medicare supplement insurance plans A through N: An overview
There are 10 different Medicare supplement insurance plans, named with letters from "A" to "N." (These letters have no relationship to the Medicare Parts A, B, C and D designations, and Medicare supplement insurance plans are named differently in Massachusetts, Wisconsin and Minnesota.) The different types vary by which benefits they provide. To keep it simple, all plans with the same letter, regardless of who provides them, offer the same benefits, though the cost may differ between providers. This chart shows standard benefits for each plan type.
Important: Not all plans are available in all states. Call your State Health Insurance Program (SHIP) for descriptions of these plans.
