Illinois Medicare Supplement Insurance

Most people reading this article are trying to find out more about the Illinois Medicare Supplement plans that are available to you or a family member. If you are searching for Medicare Supplement Rates, Medigap Insurance Plans, or general information about Medicare our website Medicare Insurance Finders can help you as well. These plans provide excellent coverage to people looking to find secure retiree health insurance. This article is specifically dealing with Illinois Medicare options and different laws pertaining to Illinois Medigap Plans.

Illinois Medicare Supplement Plans

Medicare Supplement plans in Illinois have the same plan design as most of the country. Medicare standardized these plans in 1992 and then again in 2010 under the Medicare Modernization Act, which made all companies selling Medigap Plans offer the same basic benefit structure. The plan design can be seen in the image below.


Medicare Supplement Insurance - Compare Plans

As seen in the benefits above, the Plan F is the most comprehensive plan and commonly referred to as “the best medicare supplement plan”. This plan provides the most benefits and probably most people would agree that this plan is the best Medigap policy available; however, it really comes down to the needs of those enrolling in the plan.

Illinois Medigap Rates

Illinois Medigap rates are very competitive and there are a lot of insurance companies competing for this business. In the “Medicare and You Booklet” it states, “Each Medicare Supplement Plan must offer the same benefits. Usually the only difference in these plans is the price”. We agree that the price is a very large difference and probably the largest difference between plans.

 Illinois Medicare Supplement Rates

In the rate guide above for a 65 Female (Non Tobacco - In Cook County, IL). You will notice that Mutual of Omaha has some of the lowest rates in county. However, Mutual of Omaha also has some of the highest rate increases in the country and spins off a new product every 3-4 years in most states. Combined, Philadelphia American, and American Continental all have much better rate increase experience than Mutual of Omaha. Don't get us wrong, Mutual of Omaha is a great company but their rate increases will really hurt someone on a fixed income.

There are also a few other factors to consider besides the rate of a Medigap Plan:

  • Loss Ratios – is the company losing money? If they are you can expect rate increases.
  • Company Financial Stability – is the company an A rated company? Do they have the capital needed to make it through bad years.
  • Illinois Medigap Laws – in the state of Illinois there are different laws pertaining to their Medigap plans. There is too much to review here in 400 words so if you would like to know more click on Illinois Medicare Laws.
To learn more about Illinois Medicare Supplement Plans click here to get your instant quote. Call our offices at 877-759-5760 where you can speak to someone in the United States (Probably with a southern accent) who can help explain your Illinois Medicare Options.

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