Best Medigap Plans
How can you find the right medical coverage plan for yourself? Do you just follow what other individuals go for or what the experts from the industry label as being the best plans? You want to be cautious when doing either of the two, so we’ll tell you why you need to dedicate some effort to decide on the best Medigap plans. At the same time, we will intensively take a look at these plans along with what they cover for you, and also teach you how to enroll in one.
Medigap – What is it?
Medigap is a different term for Medicare Supplements. These plans are designed to provide Original Medicare with additional coverage. You need to have the Original Medicare plan to be able to use the Medigap plan. You can’t simply enroll in a Medicap plan alone.
You can enroll in both Original Medicare and Medigap simultaneously, if you wish to. You may have a different healthcare insurance plan overlapping with Medigap, and if so you’ll need to give it up. Medicare Advantage plans are going to overlap with Medigap, so you’re not allowed to simultaneously sign up for the Medicare Advantage and Medigap plans. Take a look at some of the other coverage plans you have and compare it with what Medicare covers, so you can see whether or not you need to let go of any one of those to be able to register for a Medigap plan.
There is a diverse selection of Medigap plans, adding up to ten all in all, with several variations on a number of them being sold as well. You won’t find an insurance company that offers all ten of them, so you should pick and select the plan that you like, and then find a provider that will offer that plan to you for a reasonable price.
All these plans cover different things. Sometimes they conflict with each other, but they have differences that make them distinct in a way. Some provide low coverage while others are going to give you maximum coverage. Since they overlap, you can only register for one of those at any given time.
Despite the differences in their coverage, all of them receive their coverage from a common group of items. We will be listing those items for you here so you’ll have an idea of the what you can possibly have coverage for. Please bear in mind that it’s Medicare that decides the coverage of these plans, and it may eventually change the coverage, so be mindful of any changes before signing up for a plan.
The coverage may include the coinsurance of Medicare Part A and Part B. Every time you proceed to a healthcare facility and avail of the services for either Part A or B you will have to pay for this copayment, respectively. You need to make such payment, unless you have a Medigap plan to cover it.
The Part A and B service deductibles can also be covered. The deductible for Part A is notably large and provided coverage by many other Medigap plans. The Part B deductible is a lot smaller and only two of the plans are going to cover this for you. You probably don’t need to have it covered, particularly if you only spend $183 for the charge for just a number of times every year. It might be a lot more economical to simply choose a lower coverage plan without the deductible for Part B instead of paying to include it by enlisting in a plan that is very expensive.
You can also have the excess charge of Medicare Part B covered as well, but there are only two Medigap plans that are going to provide you with coverage for that. You only need to pay for this expense if you avail of the services for Part B at a healthcare facility that does not fully accept Medicare. Since it isn’t really common, most of the plans of Medigap don’t bother to provide coverage for it.
You can also be covered for overseas emergency medical transportation. This item will not cover the total cost of transportation to a healthcare facility outside the borders of the US, but it is going to cover a maximum of 80% for every incident. However, you are required to pay a deductible, if this coverage item is part of the Medigap plan that you have.
Another expense that a Medigap plan can cover is the three pints of blood per year. By now, you may have received coverage for such an expense through Original Medicare. However, this Medicare supplemental coverage provides you with additional three pints onto whatever is provided by Original Medicare. This item doesn’t overlap by any means, and the same can be said for all of the supplemental coverage materials that the Medigap plans include.
The coinsurance expense for your hospice care can also be covered, or else you’ll be required to pay for every hospice care incident.
The coinsurance costs for nursing care can also be covered.
The above-mentioned items are the supplemental coverage offered by Medigap plans. Most plans are only going to offer a few of them and Plan F is the one and only plan that is going to cover everything that was previously mentioned.
Where Can You Buy Medigap?
Medicare does not sell Medigap plans at all. Rather, it’s the independent insurance companies that sell these plans. There are many companies that offer Medigap plans for sale, which means you’ve got lots of options as regards where you opt to purchase the coverage from. You can purchase it from one of the many insurance providers in your local area, but you would want to ensure that you match up the different prices and endeavor to find the most economical plan version that provides the best coverage for you.
As you can see, each of the insurance companies set their own rates, which are subject to change every now and then. However, the coverage provided by all of the plans is the same regardless of the change in rates. It is Medicare that determines the coverage and all insurance providers that sell Medigap plans are required to follow the Medicare coverage rules.
Most of the companies that we will list here offer the best Medigap plans in the market. We will tackle a few of the good companies, although this does not indicate that these are the only options you have. Don’t forget to compare as many prices as you could from these companies and also from the other providers so you’ll be able to obtain the most superior deal.
Review of Carriers
Humana is one of the biggest companies that offer medical insurance for seniors. It has captured the market as regards the services on healthy living for the customers. It goes the extra mile to make sure that its customers have the best healthcare plans, as well as access to resource materials to enable the seniors to live a healthy life.
For many years, AARP has been the preferred choice of a lot of seniors. It is renowned not just for its health insurance options but as well for the many benefits that are offered to its members. Enrolling in an AARP plan enables you to gain access to a variety of services that no other provider offers. However, AARP only offers its plans and services to seniors, as opposed to the other insurers we’re discussing here.
Cigna is another very big insurance company that offers lots of options. It is most distinguished for the online services it offers. It provides its customers with a variety of tools to assist them in keeping track of their accounts, to discover their coverage, and to enable them to implement changes while on the move.
This is a unique company in the sense that its various offices scattered throughout the U.S all work independently from each other. It offers an extensive selection of prices, plans, as well as services. It is very likely that there’s aBCBS office in your neighborhood.
How Can You Apply For a Medigap Plan?
If you like one of the superior Medigap plans that’s in the market, then you must apply when the timing is right. You’ll be able to apply during the Open Enrollment period, which begins on 15th October up to 7th December. This is by far the most appropriate time to submit your application for a Medigap plan. During this period, any plan that you apply for is guaranteed to be approved. You will also find the best rates because any preexisting medical condition you have cannot be held against you because your rates will be determined by the insurance providers themselves. They won’t be able to increase your rate due to your poor health condition, so you are sure to benefit if you apply for a Medigap plan at this time. There are also a lot of insurance providers that refuse to sell Medigap plans outside of the Open Enrollment.
You need to directly apply with the insurance provider from which you like to get the plan. So, if it’s the Mutual of Omaha plan you would like to have, just go to their website and apply thereat. There’s a form for you to fill out, and after getting their approval you’ll be required to sign the plan’s agreement and then start remitting payments. After doing that you can begin to avail of the services that are included in your coverage.
To apply, you have to be aged 65 or above. Though there are a few exceptions to that rule, they mostly only apply to people with disabilities or kidney problems.
What Medigap Plans Are the Best?
Let’s go over the best plans that Medigap offers and are being sold by insurance providers. It is worth noting that there is no such solo best plan. You need to find out which of the plans that are available is the best one for you. That isn’t something that anybody can tell you. You are the only one who knows how much you’re able to afford as well as what coverage requirements you have.
With that said, there are Medigap plans that provide great value and are possibly the best options for a majority of seniors. We’re now going to take a look at some of those.
Plan F and High Deductible F
This plan provides full coverage and is a plan that many seniors are going after. If you can recall all of the supplementary coverage items we mentioned earlier, all of those can be simply applied to Plan F. This plan is the only one that covers all of those items in full, and its strong coverage has caused it be widely sought after choice. However, a lot of the seniors are now beginning to think that it’s probably very costly and may be providing coverage for cheap items, which they can actually afford to pay for using their own money.
High F- This plan covers the exact same items that Plan F does. The distinction between the two plans is the cost. The high deductible Plan F has a cheaper premium compared to that of its regular counterpart. So, you’ll be paying less each month for this plan. The only downside is that you have to pay a significantly higher deductible for it in comparison to the regular Plan F.
The coverage of this plan is almost the same as Plan F; however, it does not offer full coverage. It rather covers all the items previously listed save for the deductible on Medicare Part B. As stated above, that only amounts to $183, so it makes sense to pick this plan and to pay that expense with your own money instead of paying for the pricier Plan F. That’s what many seniors are discovering, making Plan G the most wanted plan at present.
This is also a high coverage plan that practically provides full coverage for all of the Medicare Supplement items on the list that we told you about earlier. But, it requires you to spend for the deductible of Medicare Part B yourself. In addition to that, you’re also going to pay for the excess charges of Plan B using your own money in case they do come up, as well as for several small copayments every now and then.
These are the Medigap plans that are usually considered the best of the industry. There are also other plans available, but none of those is probably suitable for you. It’s something you need to decide for yourself, although you have to look at every one of them and what they’re offering to decide which among them is a perfect choice for your circumstance. Spend some time and make sure that you’ll be choosing to your advantage.
Saving Money on Medigap
The perfect plan is the plan that covers you very well while still being an affordable one for you. Once you’ve checked out all the available plans, you can then identify the ideal plan that you should have. Then, you only have to find an affordable variety of that particular plan.
To be able to do so, you have to match up the prices of similar plans across numerous companies. You can check out the price comparison sites to make use of the free tools that are going to look for the plans and to give you some free quotes to compare by yourself. Don’t forget to take into account the companies’ customer service as well as reputation since those will probably be significant to you after some time.
Comparing plans in this manner will allow you to save time and money, as well as find the best plan at the right price. The finest Medigap plans are those that are going to provide you with the most savings after all, so you’re supposed to spend time comparing the options you have with one another.