Many people overpay for their Medicare Supplement. They do not realize and sometimes do not know there are other companies out there that offer the same coverage. There are many times that I can save customers $30 to as much as $110 monthly. That can translate to $360- $1320 annually. Remember the saying “a penny saved is a penny earned” For some reason, even that much of a savings does not get certain people to make a change. There could be several reasons that people will not change their Medicare Supplement company. I will address this one by one. 1. Fear- ok most people do not like change. When you are getting the same exact plan for at the least 30% savings- why pay more? In the 2017 Medicare and You guide, it says- different insurance companies may charge different premiums for the exact same coverage. In other words, a Plan F is a Plan F is a Plan F and Plan G Medicare supplement is the same no matter which company. You will not get ANY more coverage with one company vs. another one. People mistakenly believe that if I am paying more, surely I am getting more. That’s not true. Medicare Supplements are mandated by the Federal Government. So all companies have to sell the same exact plan.
The 2nd reason is loyalty and possibly pride. Whenever I ask a proud owner of their Medicare Supplement which company do you have sir or madam they will say I have XYZ company and imply it’s the best thing to have since sliced bread. Then I ask how much are you paying for your Medicare Supplement? Then my jaw drops. You are paying how much? I have to ask the question twice sometimes to make sure I heard it right. When I inform the potential customer that there are lower-cost plans available. For example, what is Medicare supplement plan g? It’s the same exact plan. When I explain there is no difference in coverage and I tell them the price that is at 30% lower. They think the price can’t be that low! I am not going to get the same coverage. I must be getting ripped off or what’s the catch? Another issue is- What is the name of the company that is offering this lower price and coverage?
Then I tell them and because it’s not a household name like some of the other big name Medicare supplement Companies. Some people may get more suspicious and think again that I am getting ripped off. Look I get it, a prospect may get a call from me out of nowhere and doesn’t know me. Then I let them know for the first time they are overpaying for their policy. That’s not the best news they can hear. They may ask themselves, I thought I was getting the best price out there with the best company and the best plan. Now they find out they are not. It a hard pill to swallow sometimes
Let’s read on about not knowing the name of a new company that the agent recommends.
1st the insurance companies can’t just come into your state or neighborhood saying they have this Medicare plan available and at this price. To put you at ease, the Insurance company providing your policy has to be approved by that state’s Insurance Commissioner. The Insurance Commissioner will do his due diligence to make sure that the company is able to pay claims and is solvent. This means that if the company gets too many claims they will be able to pay those claims. So think of it like this: Medicare Supplement companies are state regulated when it comes to this. No one can set up a lemonade stand in your neighborhood and start selling.
What if I make a mistake and go with a lower cost company and I don’t like it? In most cases, you can go back to your previous company especially if you do it within the 30 days free look period. This means if you don’t like the policy then you can return it for a full refund. This eliminates buyers’ remorse. This is available on all Medicare Supplement policies. This is also in the Medicare guide.
Here at Allstar Senior Benefits, we can help persons turning 65 by offering them the best lowest cost unbiased solution. We are able to shop the market for you free. We do all the heavy stressful lifting for you. We can help you navigate the Medicare puzzle. If you are skeptical, we have customer testimonials on our website www.allstarseniorbenefits.com We will answer all of your questions. If you feel like Medicare and Medicare Supplements and the different plans available are confusing, we can help. You can also find out why 95% of our customers stay with us. If you currently have a Medicare Supplement and would like to know if we can help, give us a call. We will make sure it’s the right fit for your situation. We make it as easy for you. It does not take long at all to help you save money. You will have peace of mind knowing you are not being gouged anymore by your current company. We will strive to keep you in lower cost coverage. We know a “thing or two” about Medicare Supplements. Our company has over 34 years of helping people in all situations. You are better off choosing an Independent brokerage like we are. You see there are some companies that can only offer one brand and one price. That usually doesn’t benefit you as the customer. Since we are independent, we can offer you more choices when it comes to your Medicare plan. The big thing is we can offer you lower prices especially if you are on a fixed income. Wouldn’t you like to save money? Most people do. We can also teach you tips on saving money and not going into the doughnut hole like some people do. We can help teach you ways of saving on a long-term care policy. We have also saved people money on their life insurance policies.
Written by Mitch Winstead
Mitch is a Medicare Supplement Expert and has vast Medicare experience not only as a broker but as a healthcare worker. His email is Mitch@allstareseniorbenefits.com You can reach him toll-free at 866-598-8170 He also has a Facebook page: https://facebook.com/medsuppguru