Medicare Supplement insurance is Federally-standardized - that is, each company that does the plans is required to offer the exact same coverage plans. So, once you have one, you should just keep it since they are all the same and youll never have to think about it again, right? Absolutely wrong!

By itself, Medicare pays for 80% of most covered services. That leaves you responsible for the other 20%. While 20% does not sound overwhelming, it most certainly can be when you are looking at a hospital bill for cancer, heart attack, stroke or some other major medical event.

There are three primary reasons that a Medicare Supplement plan is essential to the financial well-being of those over age 65:

1. It takes the health care costs variable out of your monthly budget. When you are on a fixed income, as many seniors are, having a budget is vital. Health care, or medical expenses, is one part of this budget that is hard to pinpoint unless you have a Medicare Supplement plan. What a plan like this does is to take the health line in your budget and give it a fixed amount (your monthly premium). Since the supplements are designed to fill in the gaps in Medicare, you should not have additional out of pocket costs.

1. Individual states also have the authority to create additional GI situations, and some have done so. Also, some of the specific GI situations have particular requirements for the plans that you can go into. For example, you may be eligible for a GI into a Medicare Supplement plan; however, it may have to be one of certain plans.

   3. Company Rating and reputation. This is undoubtedly the least important of the three, as many times, company ratings have proven not to be the best indicator of the long-term viability of a company. However, it can be summarized to say that, all other things equal, it is preferable to be with a higher rated company over a lower rated one

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