Medicare Supplement Insurance Company Ratings

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Medicare Supplement Insurance Company Ratings

If you are researching Medicare supplement plans and are trying to figure out which insurance company might be best, this video is for you.

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So, what is this one biggest mistake that is so important that I decided to make a separate video specifically on this subject?
Strangely enough it is a problem that started with a court case back in the 1990s.
Unlike the younger generation, many of us remember when public access to the internet was new. In the early 190s the public internet was still getting its footing.
There was a company that decided to create a website to promote complaints about insurance companies. Its business model was to publish every bad comment they could find and then charge the insurance company to “clean it up”.
Of course, insurance companies sued to shut-down the website arguing it was nothing more than extortion. The courts, however, were very concerned about stifling free speech on the internet. They ruled that as long as the comments were real comments from real people, the website could continue to operate. Even if the comments or complaints were not relevant.

Consumer Affairs. If your first impression was to think this is like Consumer Reports, that may be intentional, but it’s not correct. I will show you the difference in a moment.

Medicare is the only organization that can create legitimate Star Ratings for Medicare Plans. No other organizations Star ratings are considered valid and cannot be promoted or illustrated by a certified Medicare insurance agent.

Second. Medicare supplement plans do not have a Star Rating. Only Medicare Advantage Plans and Medicare Part D prescription drug plans have star ratings.
Why this is the case is the most important point you need to understand.

The answer: because the insurance company has no say in your benefit coverage. Your experience with a Medicare supplement is your experience with Medicare and because that does not change from one plan or one insurance company to another, there is no need to create a measure of average performance. Medicare would be rating themselves and all supplement plans and insurance companies would have the same rating. It would be kind of silly for Medicare just to give itself a 5-star rating.

Resources: https://medigapseminars.org/new-to-me...
https://www.medicare.gov/
https://medigapseminars.org/wp-conten...
https://www.medicare.gov/Pubs/pdf/100...



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