Medicare Supplements – How to Shop For a Policy

By David Hecker

The best time to buy a Medicare supplement policy is during your Medicare open enrollment period because companies must sell you any plan they offer without considering your medical history or pre-existing conditions. Don’t be afraid to shop around. Supplement policies are standardized by the federal government, so the benefits from company to company are the same, but prices can vary widely.

While price is important, it should not be your only consideration. Especially in today’s economic environment, you should check the company’s financial strength. Find out the financial rating of the insurance company by companies such as A.M. Best. Customer service is another area to investigate. Call your state’s Insurance Department to find the number of complaints filed against the company. Your family and friends, as well as a trusted “independent” insurance agent, can be other sources of information about a company’s customer service.

You only need one Medicare supplement policy. It is illegal to sell you more than one Supplement policy. There are other policies that may offer benefits that may overlap your supplemental coverage. These include cancer, hospital indemnity, and long-term care policies. If there is any duplication of benefits, it must be disclosed writing.

Protect Yourself. Don’t let an agent rush you. Take your time and understand what you are getting. Find an agent that you can trust, preferably somebody who specializes in Medicare products, and can answer all your questions. Make sure that the agent is properly licensed by your state’s insurance department. Don’t be afraid to take notes when the agent is talking. You can even have a trusted friend or relative present. When filling out the application, answer all of the questions truthfully and accurately. Falsifying information could cause denial of claims or cancellation of the policy. It is very important that you read what you are signing before you sign it. Never sign a blank application form. Do not make a check payable to the agent, only the insurance company, and make sure you get a receipt. Make sure that you get the agents name, address and phone number so you can contact him if you need to. When you get your policy, read it carefully and make sure that all the information is correct. You can return a policy for any reason and receive a full refund within 30 days.

To sum up, when shopping for a Medicare supplement, do your research on the company and the agent. Read everything carefully and do not get pressured into making a quick decision. Make sure that you understand everything, and that you have an agent willing to help!

David Hecker is a Licensed Insurance Agent based in Longview TX. He specializes in Insurance for Seniors. He is licensed in Texas, Louisiana and Arkansas. He can be reached at (903) 918-9091. E-mail: [mailto:dhecker@cablelynx.com]dhecker@cablelynx.com or on the web at: http://davidheckerindependentagent.com/

To receive your “Free” e-mail newsletter about Medicare Supplements, send an e-mail request to: [mailto:dhecker@cablelynx.com]dhecker@cablelynx.com

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Consumers Turn to Money-Saving Web Sites

NewsUSA – As the economic recession continues, Americans look to pinch their pennies. And while a good pair of scissors and sales flyers can go a long way toward cutting expenses, many people are printing, rather than clipping, their coupons.

Here are some top Web sites that consumers are using to find deals on items ranging from prescription drugs to home furnishings:

BidRx.com. Here, the pharmacies bid for your business. This Web site allows registered users to access an auction, where they can view different pharmacies’ rates for prescription medications. If a user notices that a pharmacy in another state charges less than their local pharmacy, they can place a mail order to receive their medications at a lower cost. BidRx.com also lists similar drug options that fulfill the same function as their current medications, but at a lower price. When registering, enter M4E014 in the referral code box for immediate savings.

Bradsdeals.com. Basically a savings tracker, the Web site bradsdeals.com tells users when their favorite stores and companies offer sales, bargains and other promotions. Users can print out coupons or access codes that save them money online. Products range from groceries to electronics to clothing. The site updates daily.

Pricegrabber.com. If a user knows what item they want to buy, they can search for the item at www.pricegrabber.com. The Web site will show the price of the item as it is sold by different vendors, so users can quickly hone in on the best deal.

Bookfinder.com. Whether a user needs text books or a pleasure read, bookfinder.com will show what different vendors charge for the same used or new titles.

Mint.com. If an Internet user struggles to keep track of their online spending, they can create a free account at mint.com. Users enter financial information, including credit and debit cards, bank accounts and budget information. The Web site will then help users track and categorize their spending. Mint.com also alerts its users when they receive paychecks or when they exceed a preset budget.