Compare Medigap Plans
Compare Medigap plans, which can also be referred to as Medicare Supplements Plans, are designed to cover the healthcare costs that Original Medicare does not. While comparing Medigap plans that suit you the most, you will not only be able to get the best one for you but can also minimize the cost of a visit to the doctor’s office or stay at the hospital. Medigap plans can help you cut costs and save you from the gradual increment of healthcare services that happen every year.
There are some queries that people have while deciding on whether or not to purchase Medigap plans. In this article, we are going to tell you all you need to know about Medigap plans and how to compare plans for health insurance to get the best deal that suits your needs.
What Is Medigap?
Medicare created a Medicare-type plan known as Medigap that private insurance providers sell. Medigap plan has 10 different plans for people to choose from but certain plans are not available for people who have recently signed up for Medigap plans. For instance, there are some plans which have been delisted and are now only available for people who had already signed up for those plans. Such plans do not take new intakes and are only available for those who decide on renewing these plans every year.
Medigap plans help people cover the gaps left by Original Medicare providing extended coverage and a sense of being completely insured and protected. Medicare plans cover you up to a certain extent on medical services, for instance for most of your blood usage for the year and some hospital stays. The purpose of Medigap plans is to extend the coverage that Medicare provides to ensure that you have more comprehensive coverage.
The following is a list of the type of medical expenses that Medigap will provide coverage for:
- Copayments- this covers your per-visit cost of seeing your doctor, going to the hospital or emergency room, receiving nursing care, and hospice care among others.
- Annual Deductibles- this covers the entire annual cost of your medical insurance plan.
- Excess Charges- This covers Medicare Part B outpatient service in case Medicare isn’t accepted by your doctor.
- Blood- Medigap will cover the first three pints of blood you use annually, a gap that Original Medicare doesn’t cover
- Foreign Travel Exchange- The plan covers $50,000 worth of expenses over your lifetime along with almost 80% coverage when you require this benefit.
A basic Medicare plan is going to be needed for you to get coverage from the Medigap plan. Medigap will add up on coverage of the existing Medicare plan without overlapping even though there are some similar coverages.
Which Are the Best Plans?
Since there are 10 different Medigap plans that people can select from, we are going to talk about the ones that are the best-sellers and those which will be perfect for you. Comparing the plans and who it’s designed for will give you a better insight regarding your choice.
Supplement Plan F
Plan F was the most popular among Supplement plans until it got delisted. The plan provides you with complete coverage and will also provide all the benefits listed above. With its full-coverage, Plan F saves you from having to pay out of your own pocket, but that also means that you would be paying a significantly higher price each month for the coverage. Because of its reputation as a high-coverage plan, some insurance providers charge a very high price for it.
Its complete coverage is one of the reasons why the plan is delisted and that’s why seniors who haven’t signed up for the plan already will not be able to sign up for the coverage provided by Plan F. However, there happen to be other suitable plans for seniors who are looking for high coverage medical plans which cost lower and provide as much coverage as Plan F.
Supplement Plan G
If you want an insurance plan with just a little less coverage than Plan F, Plan G will be most suited for you. Plan G is not as expensive as Plan F and covers nearly all of your Supplement expenses as Plan F does. The only item that Plan G doesn’t cover is Medicare Part B annual deductible. The deductible amounts to only $198 per year, so choosing to go forth with Plan G may be worth your while.
In the last few years, Plan G has proven to be the most popular Supplement being offered currently. Every person wishes to purchase an insurance plan with maximum coverage and Plan G provides the seniors with more than adequate coverage on their healthcare expenses. The fact that with this plan the out-of-pocket expenses is kept at a bare minimum can bring peace of mind to many seniors. Even if they don’t require all the coverage the plan offers, seniors can rest assured that if they require medical services, it won’t cost them much.
Supplement Plan N
A high coverage plan which is cost-effective among other Supplement plans is Plan N. Plan N will provide you coverage for most supplemental expenses but there are certain costs that this plan will not cover such as Medicare Part B excess charges, the Part B annual deductible or minor copayments for $20 and $50 each. All the other supplemental expenses are covered though, making Plan N a high coverage plan.
This plan is recommended to seniors who want a cost-effective health insurance plan since Plan N is much cheaper while compared to Plan F and Plan G. You may want to purchase Plan N as your insurance plan since it gives you the same level of coverage as Plan G. The excess costs that Plan N doesn’t cover are considerably low and can be paid easily out of your own pocket without insurance backup.
We encourage you to compare plans and figure out the best one based on your needs. If you’re looking for professional advice, our team is always ready to help you and answer all your queries to help you pick the health insurance plan that suits you the best.
How Can I Find the Best Prices?
The Health insurance companies which provide the Medigap plans are the ones who decide the price of the plans as well as the change in the price of such plans. When you sign up for a Medigap plan, the rate will be the same for you the entire year, but they might increase at the time of renewal. It is then up to you to decide whether you wish to renew your plan again or change your plans.
The easiest way for you to compare the rates that insurance providers are charging for Medigap plans and to compare the rates to other plans is to use our search tool. You can search through our website to conveniently look up prices and make your decisions. We provide current and up-to-date details regarding the prices of the plans so that you can find the best deal and make your decision accordingly.
Even though the price differs from one company to another and is constantly changing, the coverage the said plan will offer will remain the same. Meaning, regardless of who you purchase Plan N from and how much you paid for it, the coverage you will be provided will be the same.
Since the benefits and coverage of the Medigap Plans have been guaranteed by Medicare, you can rest assured that you won’t miss out on any of the coverage on medical benefits provided by the plan. If you wish to compare the prices charged for these plans to get the plan that suits you best at a good price, then feel free to use our website. Our website provides you with current prices your local insurance providers are charging as well as any information that might be helpful for you to decide on what plan to purchase.
How Do I Enroll in a Medigap Plan?
All the US citizens and green card holders who are currently 65 years of age or over are eligible to apply for the Medigap plan. An active original Medicare plan is recommended because, without Medicare plan to supplement, the Medigap plan will not be able to function.
There are some states which provide Medigap plan to people who are not 65 years of age. For this, you need to qualify for disability. Not all states have this policy and depending on your location, you may not be able to sign up before you are 65.
Three months before turning 65, you can apply for the Medigap plan and will get seven months from then to sign up. The seven months’ period is generally referred to as Open Enrollment. During the Open Enrollment, you will be provided with great deals and the insurance company will not charge you for any preexisting health conditions you may have which can happen if you choose to apply for a plan after the Open Enrollment period. During Open Enrollment you will be able to get guaranteed approval and the liberty to choose any plan from any insurance company.
After the Open Enrollment period, though, the companies may deny your application due to preexisting health conditions on your part. This might prove to cause serious problems for some seniors and people with end-stage renal disease.
Other than the Open Enrollment Period, the Annual Enrollment is another period during which you can enroll. It starts every year on October 15th and lasts till 7th December. If you apply for your coverage during the annual enrollment period, your insurance coverage will begin from the first of January of the coming year.
How Do I Choose an Insurance Provider?
While choosing for the right insurance provider, most seniors go through the struggle of not being able to select the right provider from themselves. How can you tell which insurance provider is going to be the best fit for you?
The answer to that can be found through our website. We provide you with current quotes from every insurance provider which will help you compare the prices and check which providers are offering the best deals on Medicare plans. But is price the only factor that you need to take into consideration?
It’s best to check the financial stability of the insurer so that you can ensure that the price of your plan won’t change unexpectedly or drastically. The other factor that you should consider is the customer service provided by the company. You may also want to look into their reputation, the ease of claim process, as well as Medicare star rating which Medigap plans receive from Medicare based on the value provided by the insurance provider to its customers.
Medigap plan helps you cover all the essential health costs while saving you tons of money. Making sure that the insurance company is protecting you completely and knowing that it is providing you with a plan that provides value is equally important. Customer reviews will help you get further insight into the service of the insurance company as well as the popular plans they are offering currently. You can always use our site to compare the insurance providers’ services and their price rates. If you need any assistance or advice, please feel free to talk to us. It’s best to take the time to carefully choose a plan of your liking so that you can rest assured that your insurance plan will provide the coverage that is most suitable to you.