Medicare Supplement Insurance is a practical way to cut health costs for people who are on Medicare. To make the best choice and find the coverage that fits your needs you’ll need to do a Medigap plans comparison in 2018. This will help you decide on monthly premiums, which insurance carrier is best, and what your, if any, out-of-pocket expenses will be.
Medicare is the program that most qualifying people 65 plus years of age receive to help them with medical and hospital expenses. But Medicare leaves subscribers on their own for some major charges linked to those covered costs. Welcome, then, to the shortfall catcher called Medigap!
Medigap is a program that the buyer can pay fairly little for – or a great deal. Choosing a Medigap policy requires some choices. It’s well worth the effort of making the right choices.
Every Medigap buyer needs to make two choices:
1- Choose a Plan
There are ten plans in all. Each plan (known by its letter – A through G, K through N) offers a different group of benefits. Each benefit helps with one kind of cost. A benefit may pay all of a cost amount, or a percentage. It is a great idea to look at the list of plans on the site mentioned above. You will want to see which benefits would be helpful to you right now.
➢ For example, if you travel a lot, the six policies which cover Foreign Travel Expenses might be a good place to begin a search.
➢ If you have a lot of doctor visits or other outpatient costs which are partially covered by Medicare Part B, you will want to see how much of Medicare Part B Coinsurance or Co-payment is covered by each policy.
(Of these policies, eight cover Coinsurance or Co-payments in full. One covers 50% of those expenses, while another covers 75% of them.)
Once you have examined at all the plans, it is a good idea to look again from the point of view of what needs you expect to have in a year or two. If the policy choices will be different at that projected time, you can plan to change your current policy in the future.
2- You must choose the company from which you will buy your plan.
The major factor in what you will be paying for Medigap coverage is the insurance company you are buying the policy from.
Our independent agents help make the process extremely easy for you, at NO cost to you! Insurance companies set prices according to certain policy choices. There are three main types of pricing that insurers may choose to follow. They are the following:
- Community-rated: The subscriber’s age does not influence premiums.
- Issue-age-rated: Premiums vary by the age of the subscriber when they buy the policy. They will not change as the buyer gets older.
- Attained-age-rated. The premium is based on the buyer’s current age, and goes up every year.
Insurers also base annual deductibles (amounts to be paid by the buyer before the company will pay benefits) and monthly premiums on other factors. Some factors impacting deductibles and premiums for many insurers are:
- Discounts (possibly for women; non-smokers; married people; choice of selected pay periods; use of electronic funds transfer; multiple policy purchase.
- Use of medical underwriting: Reviewing your medical history and adjusting premiums based on that history
- High-deductible options: High amounts you must pay first, every time certain benefits are paid. (For Plan F, that deductible for any benefit is $2,110.)
Of the ten Medicare Supplement plans, three are popular with many subscribers.
Plan F, the most popular, pays each of the benefits for Part A and B. Some insurers will be found to have large deductible amounts and low monthly premiums.
Plan G is the choice of many subscribers who are age 70 and older, because of its low premiums. This plan charges Part B annual deductibles.
Plan N, a newer plan, has the same benefits as Plan G except that it does not cover copayments for office visits. Its annual deductible resembles Plan G, but monthly premiums are lower.
You should include these in your Medigap plans comparison for 2018 as well as the other plans, however these three are the most popular of the policies. To be sure to get quotes from top carriers in your area enter your zip code below.
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