Compare Medigap Plans
Compare Medigap Plans
Medicare Supplements can help seniors to pay for the healthcare costs that are not being covered by Original Medicare.
These are also known as Medigap plans, and they can minimize the amount of money you pay out of pocket every time you got to the doctor’s office or stay at the hospital.
When you compare Medigap plans to ensure you are getting the best one, you will be able to save money and get suitable coverage that helps you stay protected from increasing healthcare costs.
We are going to look at a few of the most common questions that people ask about Medigap plans and show you how you can compare them to ensure that you get a good deal, find a plan that fits you well and help you to make the smart choice for health insurance.
What Is Medigap?
Medigap is a Medicare-type plan that Medicare created but that it allows private insurance companies to sell.
There are 10 different Medigap plans that you can pick from, but not all of them are available to people who are signing up for Medigap for the first time.
Some have been delisted and are only available to those who already have them as their insurance plan and who choose to renew their coverage year after year.
Medigap plans are specifically designed to fill in those coverage gaps that Original Medicare leaves.
Essentially, Medicare covers you up to a point on a lot of medical benefits, such as for most of your blood used for the year and for some of your hospital stays during the year.
The Medigap plans can extend that coverage, fill in the gaps and ensure you have more comprehensive protection.
They reduce your out-of-pocket costs, and here is a list of the kind of medical expense that they can cover for you:
- Copayments – covering you for the per-visit cost of seeing your doctor, going to the hospital, receiving nursing care, receiving hospice care or visiting the emergency room, among others
- Annual Deductibles – covering you for the annual cost of having a medical insurance plan
- Excess Charges – covering you for Medicare Part B outpatient services when your doctor doesn’t fully accept Medicare
- Blood – taking care of the first three pints of blood you use each year, since they are not covered by Original Medicare
- Foreign Travel Exchange – covering you for $50,000 in expenses over your lifetime and up to 80% each time you need this benefit
A Medigap plan would attach onto the base Medicare plan, adding coverage to it and not overlapping in any way, despite some similar medical benefits.
You will need a basic Medicare plan if you are going to get coverage from the Medigap plan.
Which Are the Best Plans?
We told you that there are 10 different Medigap plans that you could select from, and we want to tell you about the top-selling ones and the ones that do the most for you.
You can compare the various Medigap plans better if you understand how they differ and who they are designed for.
Supplement Plan F
This is one of the delisted plans, and not that long ago it was the most popular of all the Supplement plans.
With Plan F, you get full coverage, and that means it will provide you with all of the medical benefits we listed above.
That’s going to leave you with very little to pay out of pocket, but you also have to pay a hefty price for Plan F every month.
It is by far the most expensive of all the Supplement plans, and it’s not just because it offers so much coverage.
Plan F is considered a prestigious plan because it gives seniors complete supplemental coverage.
Some insurance companies take the opportunity to charge some incredibly high rates for this plan just because it can be given the title of full coverage Supplement.
That is why this plan is delisted, and you probably won’t be able to sign up for Plan F.
That’s okay, though, as there are better plans available for seniors to pick from that cost less and cover nearly as much.
Supplement Plan G
If you are okay with just a little less coverage, you can go with Plan G as your insurance policy.
This one will cover most supplemental expenses, so you really aren’t missing out on much coverage by choosing it instead of Plan F.
The benefit of picking Plan G is that it is much more affordable than Plan F, and the only item it doesn’t cover for you is the Medicare Part B annual deductible.
You’ll only pay $198 out of pocket for that expense, and you only have to pay it once a year, so it can be well worth it to just choose Plan G.
This is actually the most popular Supplement being offered right now, and it has been for the last few years.
Seniors just love getting as much coverage as possible from their health insurance plan, and with that high coverage comes great peace of mind for many people.
Even if they don’t use all the coverage it offers every year, they can rest easy knowing that if they need medical care, it shouldn’t cost them very much.
Supplement Plan N
For the most cost effective Supplement plan, you should look at Plan N.
This one covers most supplemental expenses, but it will not cover your Medicare Part B excess charges, the Part B annual deductible or minor copayments for $20 and $50 each.
It covers all the remaining supplemental expenses, though, still making it a high coverage plan.
What makes this such a cost-effective health insurance plan is that it is often noticeably cheaper than Plan G, even though their coverage is very similar.
You can usually save a lot of money each year by choosing Plan N instead of Plan G or Plan F.
We recommend it as the best high coverage plan available since the leftover supplemental benefits it does not cover are easily paid out of pocket in most cases.
You’ll want to compare the coverage from these plans and see which one suits you best.
If you aren’t sure what to pick, you can always call us and get some professional advice.
Our team is happy to answer your questions and help you figure out the best health insurance plan for your situation.
How Can I Find the Best Prices?
Medigap prices are determined by health insurance companies.
The companies decide how much to charge for the plans, and they can change their prices when they like.
Now, once you enroll in a Medigap plan, your rates will hold steady for the entire year, but they can increase when it is time to renew your plan.
You will have to determine at that point if you want to renew your coverage or choose another plan.
The best way to check rates for Medigap plans and compare Medigap plans in general is to use our site.
The quote search tool we provide here lets you find a list of rates for Medigap plans.
You can see how major insurance companies compare in pricing.
There isn’t any faster way to source quotes or compare them than through our website.
We make it simple to find out who is offering the best price, and we give you the tools you need to ensure you don’t miss out on the very best deals.
Rates are changing all the time on Medigap plans, and the different insurance companies all have their own rates.
Don’t let all those different prices confuse you, though.
Even when the prices change or are different from one insurance company to another, the coverage remains exactly the same.
You get the same medical benefits from Medicare Supplement Pan N whether you pay a lot for it or just a little.
So, if you are looking for a good deal on Medigap plans and you want to compare them to find the best price, you don’t need to worry that you are going to miss out on some of the medical benefits.
They will all still be there for you because they are all guaranteed by Medicare.
If you need help finding a great deal on your health insurance, then be sure to use our site to search for some quotes.
We will give you local rates to ensure that the information is relevant for you, and you’ll be able to sort through the options available for your local area.
How Do I Enroll in a Medigap Plan?
Any senior 65 or over can enroll in a Medigap plan.
You will need to have an active Original Medicare plan, though, as we mentioned.
The Medigap plans simply cannot function without a Medicare plan to supplement. Medigap plans are available to seniors who are US citizens or green card holders.
If you want to apply for a Medigap plan before you turn 65, then you will need to qualify for disability.
Only some states offer disability benefits, though, so you may not be able to enroll early where you live.
You can apply for a Medigap plan up to three months before you turn 65.
You’ll have seven months from that initial period in which to enroll.
This period, known as Open Enrollment, gives you the very best deals on Medigap plans.
You will not have to worry that your preexisting health conditions will be used by the insurance companies to charge you a higher price.
They can do that to you if you apply later on, though.
You also get guaranteed approval on Medigap plans when you apply during Open Enrollment.
You can get whichever plan you want from whichever insurance company you like, and the insurers cannot tell you no.
Apply later on, though, and you may be denied because of preexisting health conditions.
This can be a serious problems for some seniors, and those who have end-stage renal disease won’t even be able to enroll.
Other than your 65th birthday and the period around it, you can enroll during annual enrollment.
This will start on October 15th and it lasts until the 7th of December.
Once you apply in this period, your coverage will start for you on the first of the following year.
How Do I Choose an Insurance Provider?
One thing that seniors often struggle with when it comes to enrolling in Medigap plans is choosing the right insurance provider.
How do you tell which insurance provider is going to give you a good experience?
You can tell who has the best prices by using our site and the search tool we have provided.
You can source quotes here and find out which insurer is giving great deals on Medigap plans.
But what about the other factors that you should be considering?
You’ll want to factor in the financial stability of the insurer.
This tells you how likely they are to change prices on you drastically or unexpectedly.
You should also look at the customer service experience they are offering, such as their reputation, their claims process, and their member perks.
You may want to look at the Medicare star rating for their plans as well, which is a rating each Medigap plan receives from Medicare based on its value.
Medigap plans can save you money and help you to cover your essential healthcare costs, but you want to be sure that your insurance company has your back and that they are giving you some decent value for what you pay them.
You can talk to us for some assistance and use our site to compare Medigap plans and their providers.
You may also want to read some customer reviews to get an idea of what each insurance company is offering.
Take your time and carefully choose your plan so that you can feel confident in the insurance policy you enroll in.