Medicare Insurance

Medicare is the federal government program that provides health care coverage (health insurance) if you are 65+, under 65 and receiving Social Security Disability Insurance (SSDI) for a certain amount of time, or under 65 and with End-Stage Renal Disease (ESRD).

The Centers for Medicare & Medicaid Services (CMS) is the federal agency that runs Medicare. The program is funded in part by Social Security and Medicare taxes you pay on your income, in part through premiums that people with Medicare pay, and in part by the federal budget.

Instead of spending hours on the phone, giving various agents the same information, OL Insure can find you the best coverage at the most affordable prices after you fill out one simple questionnaire to start receiving free quotes right away.

Key Takeaways
  • Medicare insurance covers much more than your Medicare itself.
  • Comparing quotes is the best way to find the right policy.
  • It is not required by law to have Medicare insurance but those with a mortgage must enroll in a policy.
  • Rates vary by individual factors, but Medicare insurance premiums can cost in excess of $2,000 per year.

How to shop for Medicare insurance

Decide which plan you want:

  • Medigap plans are standardized, and in most cases named by letters, like Plan G or Plan K.
  • Not all plans are offered in every state, and if a state offers a plan, not all insurance companies sell policies for it.
  • Compare the benefits of each lettered plan to help you find one that meets your needs now and in the future. You might not be able to switch Medigap policies later.

Pick your policy:

  • Find insurance companies selling the standardized plan you want and talk to them.
  • Call your State Insurance Department for a list of companies selling policies in your state. Ask if they have any complaints against insurance companies.
  • Contact your local State Health Insurance Assistance Program (SHIP) to get free help choosing an insurance company in your area. SHIPs aren’t connected to any insurance company or health plan.

Contact the company:

  • Get an official quote from the company. Read your Medigap policy carefully and ask questions if you don’t understand it.

How to compare quotes

Getting numerous quotes allows you to compare both the cost and the coverage being offered by Medicare insurance companies. Remember that the cheapest quote may not be the best. Making sure that your most valuable asset is fully protected is crucial when comparing policy options.

Have a look at our rundown below to see the best process for comparing the quotes that you receive.

Choose how to get quotes

The first step is to get the quotes themselves. You have a few options for this, including visiting a local Medicare insurance agent, contacting an insurer directly online or over the phone, or going through an online marketplace such as The Zebra. The great thing about using a quotes comparison site like The Zebra is that you get the chance to compare Medicare insurance quotes side-by-side from multiple companies at once, saving you time and — very likely — money.

Compare cost

The cost is probably the first thing that will grab your attention. While it's important to fit your Medicare insurance into your budget, remember that the cheapest policy isn't necessarily the best one. If a quote is exceedingly low, make sure that it actually provides the coverage that you need.

Compare coverage

One of the most important parts of shopping for Medicare insurance is finding a policy that fully covers you, your Medicare and your belongings. This includes both coverage types as well as your coverage limits. Learn more about how much coverage you need.

Compare deductibles

A big contributor to how much you pay per month on your Medicare coverage is the cost of your deductible. A lower deductible often means higher monthly payments. Just be careful not to set your deductible so high that you may struggle to meet it should you need to file a Medicare claim. Also, make sure to consider whether there are separate deductibles for perils such as hurricanes or windstorms.

Compare companies

The reputation of your Medicare insurance carrier should be considered when choosing a policy. It's important to go with a trusted insurance company that is responsive and able to resolve claims in a positive and timely manner. Find more information in our guide to the best Medicare insurance companies.

coverage of medicare insurance

Medicare Part A covers:

  • Inpatient care in a hospital.
  • Skilled nursing facility care.
  • Nursing home care (inpatient care in a skilled nursing care facility that's not custodial or long-term care).
  • Hospice care.
  • Home health care.

In general, Medicare Part B covers two types of services:

  • Medically necessary services: Services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practice.
  • Preventive Services: Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.

You pay nothing for most preventive services if you get the services from a health care provider who accepts assignment. In general, Medicare Part B covers things like:

  • Clinical research.
  • Ambulance services.
  • Durable Medical Equipment.
  • Mental health.
  • Inpatient.
  • Outpatient.
  • Partial hospitalization.
  • Limited outpatient prescription drugs.

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