St. Mary's Senior Connection Offers a Wide Selection
To Meet Your Health Insurance Needs
Medicare Supplements (See "Medicare & You" pages 64-67)
In 1992 Medicare Supplements were standardized into 10 basic plans (lettered A-J) to make it easier for individuals to compare the various plan benefits. Through changes over the years, the plans now available are: A, B, C, D, F, G, K, L, M & N.
Each of the letters represents a unique benefit plan. Companies that offer a particular benefit plan, for instance Plan F, must offer the same benefits as another company offering a Plan F; this makes comparison much easier. Choosing what benefits are most important to you is the first step to deciding which plan letter is right for you.
When shopping for a Medicare supplement you may find a significant difference in premiums from one benefit plan to another and from one company to another for the same benefits. There are a number of reasons that account for this difference. Sometimes it's as simple as a new company entering the market and setting a very competitive rate at the outset. As they begin to accumulate a significant block of claims, those premiums will begin to rise. If the company starts off with a very lenient underwriting policy, and low rates, they may attract an unhealthy population at the beginning and that can have an impact on future premium increases.
You may also see insurance companies that have been in business for many years but whose premiums have risen significantly over the years. The company may start a new branch of their business designed to attract new policyholders. Unfortunately for existing policyholders of the sister company, they may be excluded based on their current health conditions.One of our primary responsibilities at Senior Connection is monitoring all of this activity and offering a wide selection of companies so that you are able to choose what you feel is right for you.