Who needs it? What does it do? When do I buy it? Tom Schisler, Director of Sales, and Tara Donohue Weiss, Sales Support Representative, answer Medicare Supplement insurance questions.
TOM: It’s a product that they are going to purchase because it is going to keep their health care costs cheaper than if they pay for them by themselves, like a good insurance plan should. The product accomplishes something that almost everyone 65 and older is going to need. Everyone who has Medicare is going to buy a Medicare supplement of some kind.
TOM: Medicare supplement insurance is a complement to your Part A and Part B Medicare plan from the federal government. Medicare pays a percentage of an individual’s Medicare-approved health care bill, up to 80 percent of that bill. The rest of the bill is the patient’s responsibility to pay, unless they have Medicare supplement insurance to pick up the remainder. If the medical expense isn’t covered by Medicare, say something like cosmetic surgery, your supplement policy won’t cover it either, which is why it is called Medicare Supplement insurance. It pays only when Medicare pays.
TARA: Medicare supplement insurance helps to pay the Medicare eligible expenses that are not covered by Medicare Parts A and B. In other words, Medicare A and B have some coverage limitations that the Medicare supplement will cover.
TARA: Anyone who is turning age 65 and receiving Medicare should purchase a Medicare supplement insurance policy.
TARA: My experience is that many members who are at the point of retirement are knowledgeable about Medicare and Medicare supplement insurance. Our members are conscious of what is offered in the marketplace and they’re also informed on price. Our Medicare Supplement is price competitive.
TOM: Almost all Medicare supplement policies are the same. What you’re getting down to is price and who you want to do business with. The agent and the company you deal with is where the distinction with the product lies, not really the features. By 2020, the distinctions between policies will be even less. Everyone will own a very generic policy that the federal government approves.
Catholic United’s product is great for “snowbirds.” Some products sold in Minnesota require the insured to be within a certain network of care providers in order to get coverage. If you travel, or go to a state like Arizona or Florida for the winter, our product is going to cover you anywhere in the country because we’re not network-based. We are a true Medicare supplement. That’s one of the features.
TOM: The price of our product is very competitive. We came into the market knowing our competitors and we came up with a price that would benefit our current and future members.
TARA: Medicare supplement insurance is highly regulated by the federal government. Therefore, the product is similar from one company to the next. The factor you need to consider when purchasing is not necessarily what you’re buying but who you are buying from. Your purchase with Catholic United supports the scholarships, grant programs, volunteerism and benefits that we see benefitting our Catholic communities every day. Almost everyone on Medicare needs this type of insurance, so why not buy it from a company that is contributing to the good of the Catholic community?
TOM: The other reason you buy products with us…the reputation, the longevity, 140 years in the business. Even though this insurance product is new to us we’re going to treat you as you’ve always been treated with our other products. You’re going to get good value and good service.
TOM: If you have Medicare supplement insurance questions and you need to call, you won’t get a phone tree, you’re going to get a person who can help. Medicare is confusing enough if you don’t get to talk to a person, but when you do it makes the process a little easier. When a member needs service, they can call their local Catholic United Sales Representative or call our administrative offices to get that question answered.