For Medicare beneficiaries who have Medicare supplements, I strongly encourage you to take a look at what you are paying and then do some comparison shopping. Many are surprised to learn that they can get the same exact coverage (or better coverage) through another carrier and save money. Typical savings will range from $300/year to as much as $1200/year per person.
Mary contacted me about options and we decided that BCBSGA medicare gap cover plan F was a good fit. The plan would save her about $60 per month for identical coverage.
Despite there being so many plans, there really are only two that are the most popular. These two plans are called Medigap Plan F and Medigap Plan G. They’ve got some of the best coverage and fairly low monthly rates. One plan pays everything 100% while the other has a small deductible.
In most states (except for three), Supplemental plans are all standardized. What this means is that a Plan F from Company 1 offers the same exact benefits as a Plan F from Company 2. The only real difference is the price.
medicare supplements come in standardized levels. These are the only ones that can be sold. There are about a dozen plans with very plain names like Plan A or Plan L. A Plan A policy will always be the same, no matter which insurer sells it to you. Again, the details of each policy is standard. However Plan A is different than Plan J. Each plan has a different set of benefits.
In other words, use the term “baby boomer” only when waxing nostalgic, not when trying to market a product. If your product is meant for someone in their 40’s, still struggling with kids at home, market to that person, not the person in their 60’s who is downsizing and ready to retire.
The final pricing method is by community. This is also referred to as no age related policy. This type of policy is offered to those who are part of a large group of people that all share something in common. As long as you are all part of the same community, your age is not a determining factor in pricing. All policy holders will pay one flat fee that will not go up, except in cases of inflation. This is a good policy for those who need a fixed premium. It relieves financial pressure.