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Top 3 Medicare Companies

eHealth

eHealth allows consumers to compare insurance plans from several companies with numerous insurance plans. The company was founded in 1997 for the purpose of serving as an online marketplace for individuals that needed health insurance. Today, eHealthInsurance also helps consumers compare Medicare insurance options.

Pros
  • When you choose eHealth, you get to compare pricing and plans from various companies at once. The company is licensed in all 50 states and the District of Columbia.
  • eHealth also has the option to call their customer care center to speak to one of their 200 licensed agents that can compare plans for you.
  • eHealth offers 24/7 customer support through chat, email and telephone.
  • eHealth is a BBB accredited business with an A+ rating.
Cons
  • While eHealth provides the ability to view and compare plans on their website, consumers cannot enrol online. As a result, consumers must call in and speak to an agent in order to enrol which may be inconvenient for some shoppers.
The Bottom Line
  • eHealth allows consumers to compare plans online and over the phone with licensed insurance agents that have the knowledge to help consumers make informed decisions. While the option to compare plans online is available, navigating the website can be time consuming. Calling a licensed agent may be the easier option to compare multiple plans at once, get quotes and have your questions answered.

SelectQuote

SelectQuote helps consumers compare various types of insurance plans for auto, home, term life and Medicare insurance from highly rated insurance companies. The company was founded in 1984 and has since been working to streamline the process of purchasing insurance plans.

Pros
  • When shopping for insurance plans through SelectQuote, consumers have the ability to compare multiple plans at once. To get started, consumers have the option of filling out a form online and waiting to be contacted by an agent, or dialing in directly to get connected to a licensed insurance agent. The agent is able to use their knowledge to help find the best plans and answer any specific questions.
  • Using SelectQuote to find an insurance plan is free. The company turns a profit through commission earned from providers.
  • SelectQuote works with A-rated companies scored by AM Best - a company that reports on the financial stability of insurance companies. It has also been accredited by the BBB since 1996 and has an A+ rating.
  • SelectQuote suggests that they do not sell consumer contact information to insurance companies unless they have been given permission. This is a positive aspect for anyone who does not wish to share personal information.
Cons
  • To get started, consumers must call in to SelectQuote to compare policies. While the website may make it seem like shoppers can enter their information and view various quotes right away, this is not the case. When users enter their information on the website, it is sent to an agent who then contacts the shopper at a later time. Since the option to view policies online is not available, shoppers find this to be inconvenient.
The Bottom Line
  • While shopping for plans online would be convenient, it is not currently an option through SelectQuote. However, there are advantages to speaking to a live agent as they are able to answer all questions and help shoppers compare plans with ease. The entire process is simplified from beginning to end.

VelaPoint

Velapoint is a one-stop shop for any consumers searching for insurance plans. The company was founded in 2006 and strives to continuously create a stress-free and seamless experience for consumers when it comes to insurance.

Pros
  • When shopping for insurance plans through Velapoint, consumers can compare multiple plans at once.
  • Licensed agents are ready to answer any questions and the entire enrollment process can be done over the phone.
  • Velapoint has a dedicated security team to ensure that your data and information is kept safe and secure.
Cons
  • Information is not readily available online regarding which plans are available and consumers do not have the option of enrolling online. To get a quote, consumers must call in and speak to a licensed agent. For some, this can be inconvenient.
The Bottom Line
  • While enrolling in a plan online is not an option, consumers do have the option to call and speak to a licensed agent. Velapoint has agents licensed across all 50 states that have the knowledge and expertise to help guide consumers through the confusion of enrolling in insurance plans.

Medicare Overview

If you’re a Senior that is not content with your existing healthcare coverage, clearly understanding your options is very important. There is a lot of information available on the web and it can be confusing trying to decipher the facts from the sales pitches. What is a supplement plan? What is an Advantage plan? Medigap? Is there a difference? These are all questions that may be running through your head as a 65+ year old in need of better healthcare coverage.

Thankfully, there are several companies out there that have relationships with most major insurance carriers and are able to explain to you what the available plans are in your area. But which company is the best fit for you? Well, we’ve laid out the facts below so that you can decide for yourself!

What is Original Medicare?

Original Medicare includes Part A and Part B. Part A covers inpatient hospital care, skilled nursing facility care, home health care and hospice care. Part B on the other hand covers procedures, equipment, and services given by a health care professional. It also covers Durable Medical Equipment (DME) such as walkers, wheelchairs and oxygen tanks, home health services, emergency ambulance services, some preventative services, therapy services provided by certified practitioners, outpatient mental health services, x-rays, lab tests, some chiropractic care, and select prescription drugs.

What is Medicare Part C?

Medicare Advantage Plans also known as "Part C" or "MA Plans" are plans available through private insurance companies. A Medicare Advantage Plan may provide coverage for vision, hearing, dental and even wellness programs. You can qualify for Medicare Part C if you already have Medicare Parts A and B.

The main types of Medicare Advantage Plans that are offered include HMO plans and PPO plans. HMOs allow you to receive care from healthcare professional within the plan's network. However, to visit a specialist you may require a referral.

PPO plans on the other hand allow consumers to have more freedom to visit doctors, specialists and other healthcare works that are outside of the network.

What is Medicare Part D?

Medicare Part D covers prescription drugs and can be purchased as a stand-alone plan or it can also be obtained through a Medicare Advantage Plan.

Medicare vs. Medicaid

Medicare is a government run health insurance program that provides coverage for those over the age of 65 and some individuals under the age of 65 with disabilities.

Medicaid on the other hand is a government healthcare program for individuals with low-income. The program varies depending on the state in which you reside.

Breakdown of Medicare Costs

Premiums

Payments made monthly towards Medicare Part D, Medicare Advantage or Medigap are called premiums. You may also have to pay premiums for Medicare Part A if you have not worked in the past.

Deductibles

A certain amount must be spent before coverage becomes accessible for policy holders.

Co-payments and Co-insurance

Co-payments are set payments that must be made out-of-pocket for any medical service or prescription drug. Co-payments are a fixed dollar amount, whereas co-insurance is a fixed percentage.