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Sunday, March 17th
2024 Medicare Supplement Plan Reviews
SelectQuote Senior
- Quoted prices from $175+/month
- Broker model with tons of insurance options
- Helpful online resources
- Annual check-ins
- Protects you from receiving constant contact from companies
- Tons of 5-star reviews
- "A+" rating and accreditation from the BBB
SelectQuote Senior is an insurance broker with 36 years of experience. This company stands as a reliable service connecting prospective clients with over 20 different insurance providers for Medicare Supplement Plans.
Check if your state is covered
SelectQuote Senior has partnerships with well-rated insurers like Aetna, Cigna, Anthem, and Humana, so that you have access to a wide variety of options for coverage. Plus, SelectQuote Senior notes that it provides around 8 Medicare Supplement Plans in most states. While the site doesn't say specifically how many states are covered, you can easily check if your state is one of them by entering your zip code.
Tons of helpful tips on the website
SelectQuote Senior is especially strong with information. The site has tons of detailed explanations, charts, and downloadable PDFs. No matter what you want to know about the process, SelectQuote Senior has your back. On top of that, browsing this site is a breeze. With a clean sitemap and easy-to-find buttons, you can get as much information as you need without ever picking up the phone (though that is an option if you prefer to get your details from a human person). One feature we liked was that SelectQuote Senior will break down extra details by location if you select your home state from an interactive map.
SelectQuote Senior protects your information
To explore plans through SelectQuote Senior, you start by answering a set of online questions. These cover your current Medicare enrollment status, age, and preferences regarding prescription drug, vision, and dental coverage. Providing basic details like your zip code, state, name, phone number, and email is also part of the process. At the end of the process you have to submit your email, and then SelectQuote Senior says that they will text you with a phone number to call for a quote. This seems unnecessarily complex. The company does offer a toll-free number (855-356-4854) for direct contact if you wish to clarify information or get right to the call without texting.
Time-consuming quote process
The process for getting a quote was unfortunately really long. The site says you can expect a call within 15 minutes of filling out the forms; however, SelectQuote Senior never called us for a quote. We had to initiate the call ourselves. While preliminary quotes may be available online, attempting to view rates caused the website to redirect us to the respective companies' sites. This meant we had to submit a new request for a quote on the other sites instead of just finishing the process through SelectQuote Senior. For our quote process, we provided basic information for our example profile - a 65-year-old woman from Wisconsin who doesn't smoke, seeking a Plan G (or equivalent plan). The process of connecting with an agent took much longer here than with other competitors. We were first connected with a receptionist and then waited almost 15 minutes on the line to talk to a licensed representative.
Competitive pricing, but a slow process
Once we finally got a quote from SelectQuote Senior, we were offered an Aetna plan, including the necessary riders. The price was $175 per month there, and we were given pricing up to $450 (from a company the representative didn't disclose) which includes all of the necessary riders. Notably, this was more expensive than the actual quotes from Aetna, which was concerning.
Annual check-ins
The ongoing relationship offered by SelectQuote Senior is helpful to customers who want to feel protected by their Medicare Supplement Plan provider. SelectQuote Senior's process involves annual check-ins to make sure that the plan is still the right price and the right fit for you before renewal. This process is helpful for customers as the rates may change over time, and you'll have options going forward.
Impressive ratings and vetting process
The company holds an "A+" rating and accreditation from the Better Business Bureau, reflecting its commitment to fair and honest treatment of clients. Despite the potential for technical glitches and a prolonged process (in our case, close to an hour), SelectQuote Senior maintains a strong reputation supported by BBB ratings and positive customer reviews. The reviews specifically praised the service offered after policy selection where customers felt very comfortable and protected by their service representatives. Customers also loved that SelectQuote Senior provided vetting of partner insurers as reputable options to make sure they weren't badgered by every Medicare Supplement Plan provider on the market.
Solid option for comparing insurers
Despite the technical hiccups and potential for extended phone calls, SelectQuote Senior is still worth considering for your Medicare Supplement Plan. With helpful tips and detailed information on the site, you can call with confidence that you know plenty of details about the process already. However, the prices aren't top notch, so that brought down SelectQuote Senior. But, the site is highly rated by the BBB and has received tons of praise from reviewers, showing that this is a provider that offers satisfaction for its services.
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Which Medicare Supplement Plan is the Best?
If you or a family member is approaching the age of 65, or if you are soon eligible for Medicare Parts A and B due to other qualifying reasons, now is the perfect time to start looking at additional coverage options for your Medicare. While Medicare insurance covers many of your medical expenses, it doesn't cover everything. To help pick up the extra slack, you can dive into a Medicare Supplement plan, often referred to as "Medigap" .
These plans work to address the gap between the 80% of medical concerns covered by Medicare and the remaining 20% that isn't covered. This way, you can reduce your out-of-pocket medical expenses and feel safer and more comfortable with your coverage.
Continue reading below
Medicare Supplement Plan FAQ
Medicare Supplement Insurance is additional coverage beyond traditional Medicare. Also known as "Medigap" , these plans cover some or all of the expenses that aren't covered by your basic Medicare benefits.
Original Medicare only covers 80% of most medical expenses. The remaining 20% can get extremely costly, especially if you have a long hospitalization or a condition that requires specialized treatment. Medicare supplemental plans can ease the financial burden, kicking in where Medicare stops and reducing your out-of-pocket costs.
That depends entirely on the plan you select. Will you choose a high-deductible plan with lower premiums, or is it worth it to you to pay more in premiums to pay nothing when you have a medical expense? It also is heavily influenced by your particular situation: where you live, if you're a smoker, male vs. female, your age, and so forth. For Plan G coverage (the most popular of the Medicare supplemental plans), expect monthly premiums in the $110 - $160 range.
It can be confusing at first, partly because they're all identified by letter names (for example Plan A, Plan B, and so on) - and they're often mistaken for the similarly-named components of Medicare itself (Part A, Part C, and more). Again, the main differences relate to the trade-off between deductible amounts and premiums: pay more upfront to spend less later, or vice-versa. Plan benefits are standardized, however, so whether you choose a Plan M with one insurer or another, your coverage is the same.
While your coverage is the same regardless of which provider you use, premiums vary. It's a good idea to speak with a few companies, or with a broker that can give you quotes from several insurers to compare. Also, each company offers a different package of "extras" to complement your Medigap coverage. Some services will keep an eye on your premiums and let you know if you're going to experience a significant increase - and they'll even recommend a new insurer if they find one that's better suited to your needs.
Unfortunately, yes. Just like any other form or insurance (such as auto, medical, homeowner's), your Medicare supplement insurance premiums may change. Insurers may lock in your rate for a year or two, but you should be prepared for an increase in the future. There are a few providers who have a strong track record for keeping increases infrequent and small.
That depends. While some states require Medigap plans to be available for disabled individuals under the age of 65 (the age that standard Medicare eligibility starts), there's no corresponding federal law. And, many states that permit Medigap coverage for the disabled also have restrictions that don't apply for the 65-and-up plans. You should speak to a Medicare Supplement Plan advisor to learn about the options in your state of residence.
Not only is it legitimate, it's an important component of many seniors' healthcare benefits and financial planning. Of course, you should be careful to choose a reputable provider and work with an agent or referral service that takes the time to understand your needs and explain all of the available options. There's a limited window of opportunity to sign up for a Medigap plan without having to submit medical reports, so it is recommended that you begin doing your research well before your 65th birthday.
Continued from above...
The Medicare Supplement Plans are assigned letter names to differentiate them, which can sometimes lead to confusion. With an ever-evolving landscape of plans and their coverage, keeping up with changes like swapping Plan F (once a popular choice but was discontinued for new enrollees after January 1, 2020) with its successor, Plan G, (which offers similar benefits but introduced an annual deductible) can be extremely confusing. Paying attention to the changes in the market will help you make a more informed decision about your healthcare coverage and help you recognize what coverage you need and what you don't.
One thing to keep in mind as you plan for your Medicare journey is the "guaranteed issue period" . This is a period that spans the six months following your 65th birthday. During this period, you can get a Medicare Supplement Plan without any prerequisites beyond paying your premiums.
For example, this means that while health conditions won't disqualify you, being a smoker might result in higher premiums. However, once this six-month grace period concludes, insurers may request more detailed health information, such as your history of diabetes or heart conditions that may potentially impact your premiums and change what plans are available to you.
When it comes to purchasing a Medicare Supplement Plan, you have two primary options: buying directly from an insurance company or getting your plan through the services of a broker. Going with an insurance company means you might be able to continue using a company you already trust, which may be appealing due to lower rates or trustworthy insurance adjusters. On the other hand, if you choose to go with a broker, the company gives you access to a range of insurance providers, so you can compare rates and plans side by side, including the rates offered by your preferred insurance company.
Regardless of whether you choose to work with a broker or purchase directly from an insurance company, the most important thing about choosing a Medicare Supplement Plan is that you need to do your research. While you can initially explore various providers' websites, keep in mind that Medicare rules dictate plans must be sold either in person or over the phone, so you should be prepared to talk with a representative to finalize your Medicare Supplement Plan.
If you're not sure where to start with your Medicare Supplement Plan, we've put together a few things that might help you narrow down your options:
- Cost. When it comes to the cost of Medicare Supplement Plans, your health and your pre-existing conditions may change the costs depending on which company you choose. To manage costs effectively, you'll want to compare companies to find the most budget-friendly options. However, keep in mind rates can also change over time.
- Coverage. There are tons of different plans and different names to choose from. As you look through Medicare Supplement Plans, make sure that you spend your time researching providers that offer coverage in your state. Given the time-consuming nature of this process, you may not want to have a phone call with a company that turns out not to have competitive plans or prices in your state.
- Reputation. To get a smooth and stress-free experience, it is recommended to select a reputable company. Whether you go through an insurance company directly or a broker, checking reviews and the Better Business Bureau ratings can provide valuable insights into the company's track record so you can pick one that really cares about its clients.
To help you stress less about your Medicare plans, Top Consumer Reviews has reviewed and ranked the best Medicare Supplement Plans available today. This way, you can save both time and money in your search. All you need to worry about is finding the best provider using our handy list and detailed reviews and getting back to enjoying your golden years stress-free!
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