Medigap, or Medicare supplement plans are outstanding coverage for those who are on Medicare part A and part B. With over 10 different plans available, beneficiaries have the option of choosing coverage that meets their needs perfectly to supplement their medical bills. That being said, it is difficult to say what the best Medigap policies for 2018 are without knowing each individual’s different scenario.
The Different Plans
Although there are in fact 10 plans there really is no best plan. Many people will say that Medicare supplement plan F is the best simply because it offers the most coverage. Plan F is the most comprehensive plan available by Medicare because it covers 100% of the gaps in part A and part B. However, this also comes with the largest price tag each month. Many people who are healthy it may not want to consider plan F just because it has the most comprehensive coverage. These people might want a different plan with more out-of-pocket expenses and less coverage so they can save on their monthly premium.
For example, someone who is relatively healthy and is not visit their doctor very often they want to consider a Medigap plan G or plan N. These plans still offer outstanding coverage for relatively low premiums, yet the plan holder must pay some additional out-of-pocket expenses prior to the plan paying. So these expenses include things like deductibles or co-payments.
So What is Best?
So it really depends on one’s definition of what “best” is. Do you want every medical bill paid without ever having to pay anything out of pocket? Then Medicare supplement plan F might be considered the best for you. However, if you found out that Medigap plan F was a little too expensive and you didn’t need that much coverage, then it is highly likely that a plan G or plan N might be best for you.
So now you can see why there is no one best plan for everyone, it is all dependent on your own situation. As a general rule plan F and plan G are the two most popular plans. Depending on your age group plan G will save you the most money in nearly every case. This is because you must first pay the annual part B deductible out-of-pocket before the plan will pay anything. This results in lower monthly premiums for the plan and they are almost always cheaper in the long run over plan F.
Regardless of which plan you choose there are a few steps that everyone should take to make sure you are saving the most money possible each year.
Step number one
Use an independent agent who is experienced and represents several different companies. They can then shop the market to make sure that whichever plans suits your needs the best you are getting at the lowest premium.
Step number two
Shop multiple companies. This is extremely important due to the fact that every company has different premiums for the exact same coverage. Those premiums can vary up to 70% in if you’re not careful you could end up paying far too much than you need to.
Step number three
Make sure that you and your agent to get together each year or every time that you get a rate increase. Because you can change Medicare supplement plans at any time throughout the year you can shop the market if you get a rate increase and see if there’s a better option available for you. Regardless of the time of year you can change policies and begin saving money as quickly as possible should you get a rate increase.
Regardless of which Medicare supplement plan you end up choosing following the steps can save you time and money in the long run. The best Medigap policies are only the ones that fit your needs the best and save you the most money possible while ensuring that you are covered on your medical bills.
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