Medicare Supplement Plans are the type of insurance plans that cover the gaps in Original Medicare plans. Also known as Medigap plans, private insurance companies offer Medicare Supplement plans, but the benefits it provides are standardized or regulated by the government. There are ten different types of Medicare Supplement Plans to choose from. Each type offers different levels of benefits and remains the same no matter what insurance provider sells you the plan. The only difference is the cost of the premiums that you have to pay which varies from different companies and rating system that is used.
Is Medicare Supplement Plans Right For You
Before you jump into finding the best type of plan, first, you have to know everything about Medicare Supplements. You don’t want to waste your time and effort looking for something that at the end of the day doesn’t fit your needs, right?
A Medigap Plan might not be good for you if:
- You still have a benefit that covers most of the medical costs not paid by Medicare Part A and Part B which is usually provided by a union or your employer.
- You are enrolled in Medicare Advantage Plans. You could not own the two plans at the same time.
Related references to help you decide if Medigap is right for you:
- Just Enrolled in Medicare: Do I Need a Medigap Policy?
- 9 Reasons Why a Medicare Supplement Plan is What You Need
How to Find the Best Medicare Supplement Plans
1. Consider your needs.
Do you visit your doctor often? Do you use a hospital or medical services often? Do you have preferred doctors or service providers? Do you travel a lot? Do you often move from one location to another? Those are just some of the questions that you need to answer and consider.
Look at your medical landscape and history; it will greatly help you find the type of plan that offers the benefits that your health will usually need. Also, make sure that you are legible to enroll in Medigap plan. You should have Medicare Part A and B and are within the open enrollment period before or after turning 65 years old.
2. Compare the plans
Once your needs are clear, it is time to compare the plans. Compare the ten Medicare supplement plans side by side using the comparison chart to view the coverage of each plan clearly.
Also, consider how much you would like to spend on out-of-pocket costs, deductibles or copays while analyzing the plans.
3. Check your budget and the cost of the plans.
Once you narrow down the types of plans that fit your needs, it is now time to know the costs of those plans and look for the one that will fit your budget. The best way to do this is by checking for Medicare Supplement Quotes which you can easily get online or by calling different insurance providers manually.
Remember, Medigap plans are standardized, which means all plans are the same across the different insurance providers, the only difference is the premium or costs that you will pay. Also, know that getting expensive ones does not mean that you will be getting better coverage of the certain plan.
There are 3 Ways how the price of your Medicare Supplement Plans is determined. These are:
Community Rated - People of different age and gender pay the same premiums. Premiums go up because of different factors such as inflation but not because of your age.
Issue-age-related - Premiums will be based on your age when you buy the policy will be the basis of your premium. The cost might increase because of inflation.
Attained-Age-rated - Premiums are based on your current age and will continue to go up as you grow older. It can be very expensive in the long run because aside fro your age, it can also go up due to inflation and other factors.
Choosing the best Medicare Supplement Plans can be confusing, but at the end of the day, taking time to get to know your needs and each of the plans can be rewarding. Also, the best plan isn’t the one that is popular or what your other family members or friends got; it is the one that is chosen because it suits your needs and at the same time fits your budget.