Medicare Supplements, also known as Medigap, allow seniors to afford the costs of healthcare that Original Medicare doesn’t cover. Medigap plans minimize the out-of-pocket costs you are responsible for when you spend time in the hospital or visit your doctor.
However, there are several to choose from, so it is important to compare Medigap plans. Doing so will save you money, supply you with ample coverage, and protect you from the costs of healthcare that increase.
Below we will be answering some of the more common questions that we get about Medigap. We will also discuss comparing plans in order to get the best deal, best coverage, and reduced worry of medical costs.
What is Medigap?
Put simply, a Medigap plan is Medicare created plan that is sold by private insurers. You are able to choose from up to 10 different federally regulated plans.
However, some of these plans may not be available to you if you just enrolled in Medigap when you are first eligible. There are some plans that can only be purchased by those who have already had them incorporated into their insurance and wish to renew their coverage annually.
What Medigap does is cover the gap in healthcare costs left behind from Original Medicare. From some of the blood you use in a year, to hospital stays, Medicare does offer you coverage to an extent. However, some of the costs aren’t covered by Original Medicare.
Instead, you need to rely on Medigap insurance to handle most, if not the rest, of these out-of-pocket costs. Medigap does offer comprehensive protection.
The Medigap plans will absolutely reduce the out-of-pocket responsibilities left behind by Original Medicare, some of the expenses covered are:
Co-Payments- The cost that is charged every time you visit the doctor, receive hospice care, visit the emergency room, nursing care, and more.
Annual Deductibles- Annual deductibles you have to pay annually for your medical insurance plan.
Blood- The first three pints, a year, of blood aren’t covered by Medicare. Medigap will cover the first three pints.
Excess Charges- If your doctor doesn’t accept Medicare fully, you may be charged additional costs from Medicare Part B. Medigap helps with these costs too.
Foreign Travel- Expenses of $50,000, over a lifetime, are covered. As well as up to 80% is covered each time this benefit is needed.
Medigap plans work with base Medicare, adding to the coverage you receive without overlapping. There will be similar benefits. In order to have a Medigap plan, Original Medicare is needed. Medigap is an extension of Medicare.
Which Plans are the Best?
As stated previously, there are 10 plans that you can choose from. All of them are different, and some may seem better than others. Listed below are the top-selling Medigap plans, along with information about them.
It is easier to compare Medigap plans when you know how they differ from each other and what situations they are best designed for.
Medigap Plan F
As we said once, some plans are only available under certain circumstances. This is one of them. If you don’t qualify for this plan when you become eligible for Medicare and Medigap, then you can’t get it. However, it was considered the most popular plan. What it covered was everything.
Yes, everything. All the co-payments, deductibles, and leftover costs of original Medicare. It leaves you with little, if not nothing at all, to pay out-of-pocket. However, this comes at a hefty monthly cost.
It is also considered the most expensive of the Medigap plans. The reason why it is so expensive isn’t because of the full coverage. It is because it’s considered to be a prestigious plan. Insurance providers will sometimes take this chance to charge greater rates for Plan F.
That is one of the reasons why this plan was delisted. However, there are other wonderful plans that offer a lot of coverage for prices that are more budget-friendly for seniors.
Medigap Plan G
This plan is basically designed to replace Plan F while offering prices that are friendlier. With Plan G, you are still responsible for the Part B deductible that needs to be paid annually. That out-of-pocket expense is nothing in comparison to the savings you get with this plan.\
Seniors really enjoy this plan because of all the coverage that they get for a price that matches their budget better than Plan F did. Honestly, in the last few years, seniors have switched from Plan F to Plan G.
They did this for peace of mind. Even if the medical care that is covered isn’t used every year, having that coverage can be a great relief in the event that something happens.
Medigap Plan N
Now, you may be more worried about finding a plan that is cost-effective, rather than one with the most coverage. There isn’t anything wrong with that. That is why Plan N exists. Most of the supplemental expenses are covered.
Except for the excess charges of Medicare Part B, the Part B Deductible, and minor co-payments. All the remaining expenses are covered, though. It is still considered to be a high coverage plan.
There are a couple of reasons why this is considered a budget-friendly plan, and many choose it over Plan F and G. For starters, Plans F and G are noticeably more expensive than Plan N, despite similarities in coverage. It is considered, by us, to be the ideal high-coverage plan.
What is often leftover to pay out-of-pocket is oftentimes easily affordable.
Comparing these plans prior to choosing one will help you get the coverage that you need. If you are feeling overwhelmed about what you should choose, then contact us.
We are happy to answer any questions, and we can help you compare Medigap plans so you can pick the right one for you.
Best Medigap Plan Prices
It is the insurance company that determines the price of Medigap insurance. They make the decision of what to charge for each plan, with the ability to alter prices when they please.
However, once enrolled, your rates will stay stable throughout the year. When it comes time to renew your plan, they are able to change the price of what they will charge you. Then you have a choice to make, renew the coverage, or pick a new plan.
If you are looking for the best way to compare Medigap plans or find the best rates, you can use our website. We provide a quote search tool that finds a list of different rates for the Medigap plans.
Compare to the prices of the big-name insurance companies, it is super fast and easy. It is made easy to locate who has the best price, and we provide you with the tools you will need to obtain the best possible deal for your particular medical situation.
Even though the rates differ from one insurance company to the next, and all the different prices and numbers can be confusing and overwhelming, there is one thing that you need to know.
All 10 plans keep the same coverage regardless of the insurance company that is providing them. No matter which company you go with, Plan N will always be Plan N. This should make it a little less stressful to locate the right plan as you will not need to worry about coverage differing from companies.
That being said, you need to still be careful. The different prices can become stressful when you are working on a budget. Some people have little to spend but require a lot of coverage, others are looking for little coverage and a smaller price to go along with it.
Either way, you can find the right prices using the pricing tool on our website. You are able to search through quotes until you get one that is right for you and your budget. Local rates, relevant information, and easy to navigate the website, all of these are aspects of making it easier for you to find insurance.
Enrolling in Medigap
Seniors who are 65 or older are eligible to enroll in Medigap plans. You are required to have an active plan with Original Medicare. You need to have Original Medicare in order for the plans to function properly. You must be a green card holder or a US citizen to have Medigap plans available to you.
In order to get Medigap plans prior to being 65, you have to qualify for disability. It is a possibility, depending on where you live, you may not be able to enroll early. This is because not all states will offer any disability benefits.
The window for applying for Medigap spans for three months prior to you turning 65 years old. You get a total of 7 months from that point to enroll in Medigap. This is known as the OEP (Open enrollment period). This period gives you Medigap plans at the best deals. Your pre-existing health conditions will not determine your eligibility during this time. However, if you choose to apply later than this period, the insurance company can charge greater prices based on pre-existing health conditions.
The insurance company cannot refuse you coverage during the open enrollment. You are guaranteed to be approved for Medigap plans, regardless of the insurance company you choose. Applying, later on, you do face the chance of denial because of any pre-existing conditions. For some seniors, this is a serious issue. Especially for those with end-stage renal disease.
Aside from the 7 monthly open enrollment period, there is another chance you will have to apply for Medigap plans. This is the annual enrollment period or AEP. This period starts on October 15th and will continue until December 7th. After you apply during this time, you will receive your coverage at the beginning of the year following.
Which Insurance Provider do I Choose?
The biggest issue that many seniors struggle with is the choice of an insurance provider. When you have to compare Medigap plans, the insurance company you choose is important. Though the plans are always going to be the same, the prices will vary.
Our site will help you search through these providers by offering you the use of a tool that will help you compare the different prices from the different companies. You get the ability to get quotes and find great deals on the different plans. However, there are other factors you should consider.
The financial stability of the insurance company is a factor that you need to pay attention to. This will help you see if they are likely to change your prices unexpectedly or drastically.
Customer service is also important to pay attention to, as well as; reputation, claims process, and perks of being a member. You are also able to look at the star rating for the Medicare plans also. This rating is given based on the Medigap plan’s value. This rating is given by Medicare.
The reason why you need to compare Medigap plans is that you need to make sure you are getting the right value for the right price. When you use our websites, we guarantee that you will have an easier time getting just that. We are available to offer assistance in your comparison by helping you use our site.
Something that might help you decide what plan and company you want to use our customer reviews. Make sure you read reviews to see what other seniors have to say about the companies and the plans that they have chosen for themselves.