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How to Choose a Medicare Supplement Insurance Plan

Illustration for article titled How to Choose a Medicare Supplement Insurance Planem/em

Medicare Supplement Insurance Plans, also called Medigap, are policies that will help baby boomers deal with the often expensive “gaps” (out-of-pocket health care costs, such as copayments, coinsurance charges, and deductibles) found in the Original Medicare program. These gaps, if not addressed, can quickly deplete hard-earned savings.


To further illustrate how damaging these gaps are, a recent post from FreeMedSuppQuotes, “The Best Medicare Supplement Plans: Where are They?,” revealed these surprising findings. As cited from a Commonwealth Fund report mentioned in the post, a quarter of Medicare Beneficiaries spent more than 20% of their household income on insurance premiums and out-of-pocket health care costs last year. Considering the gaps alone, an average of $3,024 is spent on a yearly basis.

Such is the case why more people need to consider Medigap Insurance Plans. Here are a few simple yet useful tips for one to enroll for coverage.


Identify the Plans

There are ten standardized Medicare Supplemental Insurance Plans to choose from. Labeled as Plan A to Plan N (with E, H, I, and J discontinued), applicants need to take the time to learn which policy will best suit their needs or preferences.


Depending on the chosen plan, premium rates and benefits coverage may differ. The basic coverage (which all plans offer) benefits are as follows:

· Coverage for Medicare Part A coinsurance fees

· Coverage for Medicare Part A copayments (hospice care)

· Coverage for Medicare Part B coinsurance charges or copayments

· Coverage for the first three pints of blood (per calendar year)

Please refer to the mentioned FreeMedSuppQuotes article above for a summary on what each Supplemental Medicare Insurance Plan has to offer.


Seek an Expert

After learning what Medigap policy may provide you with the necessary coverage, make sure to reach out to an insurance agent for more information. More than selling you a policy, finding the right agent will also help you plan efficiently on the best ways to approach your retirement. Private insurance companies sell Medicare Supplemental Insurance, giving applicants the edge to compare Medicare Supplement costs between various agents.


Additionally, requesting for a free Medigap quote will give you a clearer perspective on how much you’d need to save for premiums during the twilight years. A quote request can either be done online or during consultations with agents, providing you the flexibility of planning ahead for your future.

Enroll During the Medicare Supplement Open Enrollment Period

Lastly, enrolling during the open enrollment period (OEP) will grant you the convenience of the following:

Private insurance companies cannot charge you higher premiums

Private insurance companies cannot refuse to sell you any Medicare Supplements it offers


Private insurance companies cannot delay the start of your coverage

Medical underwriting isn’t conducted during the OEP, assuring even those with health problems the edge of being granted a policy. Please contact an agent for more information about the best time to purchase a Medigap policy.


We hope that these tips will help you purchase a supplemental insurance plan. Everyone deserves the best during the golden years – make sure that you secure yours today.

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