This is FALSE. The official Medicare handbook states, “Each standardized Medigap policy must offer the same basic benefits, no matter which insurance company sells it. Cost is usually the only difference between Medigap policies with the same letter sold by different insurance companies.” That means that if you have a Plan F supplement policy with Company X and pay $120/month, you are paying too much if Company Y also offers Plan F, but would only charge someone your age $100/month!
Every company, by law, is required to cover you the exact same way and pay the same claims as all the other companies. Start thinking, “Plan G (or F, C, N, etc.) covers me the same way no matter which company I have my coverage through, so I should find the company that can offer it to me for the lowest monthly rate!”
Absolutely not. Medicare Supplements were actually designed to be shopped around. You may apply to switch Medicare Supplements at any time; however, you are not guaranteed to be accepted. Usually, when switching Medicare Supplement plans or companies, you will need to complete a simple health questionnaire.
Just like how Medicare Supplement companies don’t lower rates for healthy individuals, they also will not increase your rate for being unhealthy. Don’t worry, even if your health severely declines, they will not drop your coverage or decrease your benefits either.
No need! Any doctor or hospital that accepts Medicare (basically all of them in the country) will accept your Medicare Supplement insurance, no matter which company you have it through. Medicare Supplements are completely standardized are meticulously regulated. Because of this, you do not need to worry about network restrictions with Medicare Supplements! If you find a company offering your same letter supplement plan for a lower price, go ahead and switch!