How To Choose The Best Medigap Policy

​Most people register for Medicare to ensure their health for the future. Unfortunately, Medicare does not cover all of the healthcare expenses. Most Medicare recipients will still have to pay out-of-pocket costs such as deductibles, copays, or services that aren't covered by their standard Medicare insurance.

As a result, many people opt to purchase Medigap plans, also known as Medicare Supplement Insurance, to help cover these costs.

Several other plans possess higher deductibles, lower costs, or exclude predefined assistance. Consider which plan benefits are most important to you to make the best choice for your needs. When considering Medigap coverage, keep the following points in mind.

Medigap Plans And Their Benefits
Medigap plans are labeled with different letters: Medigap A, B, C, D, F, G, K, L, M, and N. (As of January 1, 2020, Medigap C and F are no longer available to newly eligible Medicare beneficiaries, but those who are already enrolled in those policies can continue to use them.) 

Please note that you should not mix up Medigap A, B, C, and D with its counterpart Medicare plans because they have different plans.

Although all Medigap policies provide the same primary benefits (such as reimbursement for Medicare Parts A and B), several plans offer different support levels and added features.

Medicare Supplement vs. Medicare Advantage
Some people wonder if Medigap and Medicare Advantage are similar (also known as Medicare Part C). However, these are two distinct types of coverage.

Medicare Advantage (Part C) is a type of private health insurance agreement with Medicare. Part C plans are supposed to cover all of your Part A and Part B benefits, and some even cover prescription drugs.

You should not purchase a Medigap policy if you have a Medicare Advantage plan. If you already have Medicare Advantage, it is illegal for anyone to sell you a Medigap policy.

However, depending on where you live and your overall coverage preferences and goals, Medicare Advantage may not be the best option for you. Examine the plan's specifics and read the fine print. Original Medicare and Medigap may suit you. 

When should you purchase Medigap insurance?
When you first become eligible for Medicare, it is best to purchase Medigap coverage during your six-month Medigap open enrollment period. If you wait past this enrollment period, you may be unable to obtain Medigap coverage. You may also be required to pay a higher premium or have coverage for certain pre-existing conditions excluded.

Plans Differ by State
Medigap coverage is standardized by federal and state law, but the exact plans available and the prices you'll pay vary by state. Massachusetts, Minnesota, and Wisconsin each have their distinct Medigap offerings that differ slightly from other states.

Visit Medicare.gov and enter your ZIP code to find plans and price ranges in your area. It will show a list of programs with state-specific premium price ranges and information on the benefits provided by insurance companies in your state.

You'll need to contact the insurance company directly to enroll in Medigap coverage once you've found the plan you want. To do that, you have to find an insurance company that will guide you all throughout the process. 

At Insurance Plans of America, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (877) 752-6711. Get your free quote today by CLICKING HERE.