Do you know how to compare Medigap plans and find the right plan for you? In this guide, we’ll look at some top tips to help you find the right plan.
Did you know that over 60 million people in the United States rely on Medicare for their health insurance coverage? If you are currently trying to compare Medigap plans but are feeling confused about all the terminology, we are here to help.
Keep reading to learn some top tips where you are looking for the perfect plan for you.
- The Plans Come in Standarized Varieties
In every state except for Wisconsin, Minnesota, and Massachusetts the Medigap plans come in 10 standard benefits packages. Each plan varies based on how many of the expenses they will cover. The more expenses you want them to cover, the more you can expect to pay each month for your premium.
The standardized plans are: A, B, C, D, F, G, K, L, M, and N. Plan A with one insurance company such as MedicareWire will be exactly like Plan A with another insurance company. Keep in mind that not every plan is available in all states.
- Most Popular Plan
The plan most people opt for is Plan F because it pays for almost everything that Medicare does not cover. It even covers the 15 percent excess charge that doctors can bill you if they don’t accept Medicare as payment.
- You Have Six Months
You do not want to miss the initial enrollment period for Medigap. When you first enroll in Medicare Part B, you have six months to purchase a Medigap policy without having to deal with any insurance company going through your health history. If you miss the deadline, you don’t only have to deal with waiting for medical underwriting, they might decide to not insure you.
- Working With an Agent
If you prefer to have an agent help you, you can ask them how many insurance companies they work with ahead of time. If your spouse is also looking for a Medigap policy, ask them if they can find a company that offers a household discount. There are quite a few companies that do offer this discount and it can save you anywhere between 3% to 14%.
The premium average cost for Medigap Plan F is currently around $326 per month. The high deductible ($2,340) Plan F option is around $68 per month as of the writing of this post.
The premium prices are based on a few different ratings and they vary based on where you live. One rating is the community rating where the same monthly premium is charged to everyone with this policy no matter their age. The other rating is an issue-age rating which is based on your age when you first buy the policy.
The third rating is the attained-age rating. This is where your premium is based on your current age but it might raise the older you get.
Now You Know the Top Tips to Compare Medigap Plans
We hope that now when you compare Medigap plans you are able to make a decision without feeling as overwhelmed or confused. Everyone has different medical needs, therefore you want to make sure that your Medigap plan fits your needs.
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