Medigap Plans and How To Choose One

MedigapPlansGuide.com was created to help take all the confusion out of shopping for Medicare Supplement insurance. Using this site can help you learn about all of the options available, as well as allow you to obtain quotes from multiple companies from one location. This is your one-stop-shop for Medigap insurance!

The most important think to remember when looking for supplemental Medicare insurance is that every insurance company has the exactly same coverage. Therefore, a Medicare Plan F from one company is identical coverage from another. The rates on each plan can, and do vary widely. Therefore, you owe it to yourself to compare Medicare supplement plans and premiums from a variety of companies to make sure you get exactly what you need.

If you or perhaps a loved one is turning the age of 65 and currently on a Medicare, then you may be considering the option of purchasing one of the several Medigap plans available. After all, depending on any specific medical conditions and special medical needs that you have, there is a good chance that your government-funded Medicare policy will simply not be enough to cover all of the costs. As a result, you could end up with hefty medical bills that can be difficult to pay, especially if you are on a fixed income. Because of this, purchasing a Medicare Supplemental insurance policy can be a great way to compliment your insurance and enjoy the peace of mind in knowing that your medical expenses will be paid for.

Still, choosing one of the many plans available can be a challenging task, especially if you are unfamiliar with the process. Luckily, we have provided some easy steps you can take to ensure that you end up with a Medicare Supplement policy that not only covers all of your health needs, but one that is also very affordable for you.

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Where to Start

With so many different Medicare Supplement plans available, the best thing to do first is to determine what kind of coverage you are going to need. During the process of determining this, it is extremely wise to consider any preexisting medical conditions you may have, as well as those that run in your family and that you may be at risk of developing at some point down the road. Changing plans can and often does happen, typically to obtain a better rate. However, with serious health conditions options become extremely limited so it is wise to think ahead. From there, you will want to ensure that any coverage you consider not only meets your budget, but offers enough coverage to minimize out-of-pocket expenses.

Turning 65?

For those who are just turning the age of 65 and are eligible for Medicare Part A and Part B there is an open-enrollment period that lasts 6 months. This period begins on the effective date of Part B Medicare and allows people to enroll in any Medicare Supplement plan available from any company, regardless of their current health condition. There is no medical underwriting during this time and one cannot be turned down for coverage for any reason whatsoever.

Shopping For a Better Rate and Already Have Coverage?

It is extremely common to change companies every few years when on supplemental insurance to Medicare. Because each company offers identical coverage within the plan letters, they all have different premiums, and they have rate increases nearly every year, it’s important to have an advisor who will perform annual rate reviews so make sure that you’re always paying the least amount possible for your Medicare Supplement.

If you do wish to change Medigap policies and you are outside your open enrollment or guaranteed issue period, then you must go through medical underwriting with the new company that you are wishing to obtain coverage from. This simply involves answering medical questions on the application, there is no blood test or exam. The insurance company will then review your past medical records and based on their own underwriting guidelines will either issue the new policy or not. Some companies may issue the policy, yet charge a higher premium do to preexisting conditions.

It’s important to realize that you are not stuck with the first Medicare Supplement policy that you get, and you may change any time throughout the year. The Annual enrollment period, which is from October 15th through December 7th each year, only applies to switching Part D drug plans and Medicare Advantage plans. Therefore if you receive a rate increase on your current Medigap insurance you may apply to change policies regardless of what time of year it is.

It is wise to not cancel any existing policy that you have until the new one is issued and approved.

Qualifying for Medigap Plans

For those who are shopping for a better rate for  Medicare Supplemental insurance and are not in a guaranteed issue or open enrollment period, there is medical underwriting that will take place when switching Medigap policies. The underwriting guidelines vary from company-to-company so again it’s extremely important to have an experienced advisor help walk you through the process to make sure you are getting the best coverage for the lowest premium that you qualify for.

Next, you will want to do a price comparison from a variety of companies. This is the best way to find out which insurance company will offer you the best price for the coverage you need. The easiest and quickest way to go about finding the best plan for the price is by using this website.

With MedigapPlansGuide.com, you can simply enter your zip code at the top of the page and instantly compare the top plans from companies in your state while obtaining the Medicare Supplement Rates from each carrier.

Be Sure to Compare Medicare Supplement Plans

When shopping for supplemental Medicare insurance one of the most important things you can do is to compare Medigap Plans from several different carriers. If you are turning age 65 you have likely gotten some form of mail from nearly every insurance company out there wanting you to sign up for their Medigap coverage. Many of these companies have some names that everyone has heard of such as AARP, United of Omaha, and Gerber Medicare Supplement insurance.

These companies are outstanding and offer the same plans and benefits as some other Medicare Supplement insurance companies that you might not have heard of. This is because many of them specialize in things like Medigap policies, Final Expense (burial insurance), and annuities. Therefore if you are just turning 65 it’s very unlikely you would have needed their services until now. That’s not a good reason to avoid them and go with a “big” name just because you’re heard of them. In fact by not checking all the Medicare Supplemental insurance rates from every company available in your area you could end up paying hundreds, if not thousands more for your coverage over the next one to five years.

How MedigapPlansGuide.com Can Help
Viewing your options side by side and more easily allows you to figure out which plan will be the best choice for you. As well you can also find the best price for the type of coverage that you need in just a matter of minutes by using a quotes comparison website. Because Medicare Supplemental plans are standardized the coverage for each plan letter is the same no matter which company you choose.

The plans are lettered A – N, therefore if you’re choosing a Medicare Supplement Plan F, for example, the coverage for this plan will be identical whether you choose to get your Medigap Policy from Mutual of Omaha or a company like New Era Life. However, the premiums for the exact same supplement can and often are quite different. Each carrier also has their own guidelines for premium rate increases each year depending on which type of rating the plan has.

If you are looking to shop around for Medigap plans, be sure to follow the above steps. In addition, taking the time to read online reviews of different insurance companies can be a great way to make sure that the company you are considering is a reputable and well-liked company. From there, you can enjoy the peace of mind that comes with having a Medicare Supplement.

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