Welcome, potential Medigap subscriber! We hope learning about Medicare supplement insurance hasn’t been too confusing up until now. Our job is to make the process as easy as possible while saving you as much money as possible at the same time.
Once you have confirmed that you are eligible for a Medigap Policy it is time to engage in choosing the best one for your needs. It’s important to remember that a Medicare supplement plan applies to one person only. Therefore, it is your own medical needs and financial situation which matter.
Your method of choosing a policy for Medigap will require you to review these facts about your needs and about your health care expenses:
1- What are the biggest health costs for you, not provided by Medicare A and B?
To answer this question, you need to work from your own records. “Expenses” and “costs” mean the amounts the Medicare does not pay (generally called copayment and coinsurance), which you will need to pay from your pocket.
You need to ask yourself:
➢ What are my most frequent medical expenses?
➢ Which recurring medical costs involve making large payments?
➢ What is the total I have spent in an average year for each of these two cost categories?
➢ As a result of these three steps, which costs add up to the greatest expense?
2- Which Medigap plans in your zip code area can best reduce the most difficult outlays?
To answer this question, an excellent resource to use is www.medigapplansguide.com . To predict your cost outlays, you will see in your zip code area:
➢ The plans offered by every company selling a policy in your area. There are ten plans within Medigap; you need to choose one. Each plan has coverage for all or some of the copayments that Medicare does not cover. Plans are identified by the letters A through D, F and G, and K through N.
You will need to review your most frequent medical expenses, and those that you need every year, to find which plan covers the most important kinds of care for you. Plans F and G, as well as the newer Plan N, are among the most popular.
It is important to know that the dollar amounts spent per year on copayments and annual deductibles can result in a different plan for each individual. Two people whose health appears similar may benefit from different plans.
➢ Every Medigap Policy is sold by a private company. Every
company’s costs to you consist of:
– An annual deductible (the amount which needs to be paid out to medical providers by the subscriber before any benefits are paid). These deductibles can vary greatly between two plans which provide exactly the same coverage.
– Monthly premiums for membership in the plan. These amounts can vary greatly.
– Percentages of each type of co-payment, coinsurance and excess charge, which are not covered by some letter-name plans.
➢ Each company’s policy in a zip code area provides some or all of the ten lettered plan options. This, in addition to the costs already described, is central to your choice of policy.
This summary has targeted the differences to look for in different lettered Medigap plans, and identified company costs to check for.
It is vital in your selection process to identify the lettered plan which best meets your needs. You can then find the companies in your zip code which provide that plan, and check all the costs we have described above that each company charges. The differences can be surprising.
Our independent agents will enable you to compare, contrast and shop for the best Medigap Policy you can have. We wish you good shopping, and great savings!
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