Here's some text I paraphrased from one webpage which purports to be an authoritative source on buying Medicare Supplement Insurance:
"Since all the Medicare Supplemental insurance plans are standardized the supplemental coverages are all the same, your best bet is to just compare Medigap premium rates.... pick the cheapest plan that has the coverage you want."
Sounds true enough on its face but it is just a select slice of the truth presented as a 'whole' truth.
In a state where insurance carriers are allowed to issue Medicare Supplement plans only under the 'attained age' rate structure it's a true enough statement. But, that is rarely the case.
In most states there are usually two rate structures available and often three for Medicare Supplements. Your right (and it is a right) to pick the most favorable (more stable) rate structure can amount to tens of thousands of dollars in savings over the life of a Medicare Supplement policy.
Think "total cost of ownership". How much will a cheap plan today cost you in the years to come? This can really bite you if your health declines after your Medicare Open Enrollment has passed.
Furthermore, while the Medicare Supplement plans are uniform in the coverage details, the companies which fulfill the commitments made in those details are vastly different.
Things as simple as speed of claims payment or additional "added value" incentives should all be considered in your decision.
Please understand that you may have more options than the broker/agent is presenting to you.
