Weiss analyzed more than 5 million premium rates from a list of more than 100 insurance companies offering Medigap insurance in 2011. The independent analysis from Weiss found that premium rates vary dramatically among all Medigap plans (A-N).
As an example,Weiss found rates for Medicare Plan A range from a minimum of $439 to a maximum of $5,776 for a 65-year-old male. That’s a price difference of $5,337 for the exact same coverage.
"Clearly, this data illustrates the importance for senior citizens to shop around when it comes to Medicare Supplement Insurance," notes California insurance agent C. Thomas Jerden. "With Open Enrollment starting early this year, I would advise anyone who owns a Medicare Supplement Insurance policy to compare providers and not miss this window of opportunity,"
Based on the findings from Weiss Ratings, it seems reasonable that a few hours spent comparing providers on websites like www.medgap.com is in the best interest for those currently enrolled in a Medicare Supplement plan. The ability to reduce one's premiums by thousands of dollars per year should be a motivating factor. Cutting expenses is especially meaningful for retirees who are living on a fixed income. Because Medicare supplement plans are standardized by the United States government, price is usually the only difference between providers. Thus, comparision shopping is clearly in the best interest of the consumer.
Before the internet, comparison shopping for insurance was much more difficult and time-consuming. Today, anyone with personal computer can shop their options online. One of the unique features about the medgap.com website is that visitors are not required to submit personal information in order to see offers. By simply entering a zipcode on the home page, visitors can instantly see a listing of Medicare Supplement offers available in their area.
Keep in mind that this year the Medicare Open Enrollment period started earlier than usual and runs until December 7, 2011. During this Open Enrollment period Medicare beneficiaries are free to switch providers. Experts urge anyone who currently owns a Medicare Supplement policy to comparison shop during this window of opportunity. "It would be a shame not to shop your options and find out later that you haven been over-paying for years," commented Jerden.
The Medgap website was created as a free tool to help seniors comparison shop their Medicare supplement options in today's online marketplace.
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www.medgap.com is a secure website where consumers can compare Medicare Supplement insurance offers. Medicare Supplement Insurance plans are commonly referred as Medigap insurance because the plans fill the gaps in coverage not paid for by Medicare.