Medicare supplemental insurance providers offer specialized state and federally legislated healthcare policies designed to fill-in the gaps in the Original Medicare Part A and Part B coverage. In order to best protect those participating in Original Medicare, governmental guidelines have been set to create uniform coverage options that all insurers must adhere to when offering any type of supplemental insurance for Medicare, otherwise known as Medigap plans.
Medigap insurance companies may set their own prices for these insurance plans. However, the basic benefits of each plan, identified by certain letters of the alphabet from A through N, must remain the same in accordance with the aforementioned government stipulations.
Comparing National Supplemental Insurance Companies and Regional Supplemental Insurance Companies
Supplemental health insurance companies may operate nationally or regionally. National insurance companies that offer Medigap insurance tend to have more variation in plan options and most likely have stronger brand recognition than smaller supplemental insurance providers.
Regional Medigap insurance companies may not have the clout of a strong brand name, but in many cases offer much more personalized service and superior agent relations. As well, a smaller insurance company tends to have a quicker turn-around-time than the larger national Medigap insurance providers.
Because the basic benefits of all Medigap insurance plans must comply with the government guidelines for mandatory coverage, you can be sure that no matter if you choose to work with a National supplemental insurance company or a regional supplemental insurance company, your basic coverage will be the same. It is also important to note that during open enrollment, both national Medigap insurance companies and regional Medigap insurance companies must sell you a Medigap policy regardless of any pre-existing health issues you may suffer from.
It is a matter of personal preference when choosing to work with a well-known national Medigap insurance company or a smaller, regional supplemental insurance company. What you sacrifice in variety with smaller regional insurance company, you will likely make up for with customer relations and personal attention.
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