Regardless of if you are just turning age 65 or looking for a better rate on your coverage, finding the top Medicare Supplement plans doesn’t have to be difficult. But before you start to go look for which plans are best, you need to do little research as to what each plan covers and how it fits into your budget.
Despite the fact that Medigap plans do indeed have fairly similar coverage between the plan letters, there are some slight differences in regards to what the plans pay out in terms of benefits, as well as what your cost is for those plans.
The key is to first learn which plan will suit your needs the best in terms of coverage, as well as major budget not only today but moving forward. Not that you cannot change plans in the future, however if you are not in an open enrollment period or a guaranteed issue. You will then have to go through medical underwriting in order to change plans with a different company. This is in as big a deal as it may seem as we are consistently changing people to different companies and plans to save them money.
The plan you choose now will likely depend partly out what your current situation is.
Are You Turning 65?
For people first turning 65 and a name what is called the open enrollment period, you have your choice of any plan letter that you would like to enroll in with no questions asked. You are guaranteed coverage and acceptance into the plan from any company that you choose regardless of any pre-existing conditions.
That being said, your own personal scenario still plays a part in choosing the best plan to fit your needs. As well having a spouse that is enrolling at the same time or within a month there to a view enrolling plays a part a which company you might want to choose. This is because several companies offer a household discounts to family members.
The open enrollment period lasts six months from the time you turn 65 and during this period you may apply for any Medigap plan that you wish and be guaranteed acceptance for coverage. Many people believe this is the only time they can get Medigap coverage and that simply is not true. It is the best time to get coverage as you can choose any plan and be accepted.
Many people choose Medigap plan F as it is definitely one of the top Medicare supplement plans available today. This plan offers 100% coverage of the gaps in Medicare. There is no network, no deductibles, and no co-payments that you have to pay. For people age 65 the price will never be lower for plan F which is why most people turning 65 choose this plan.
For Those Coming Off Employer Health Plans
There are two different scenarios that can occur for people coming off employer group health plans. Some people choose to continue working beyond the age of 65 and taking advantage of their employer benefit program. In many cases these people held off on taking part B Medicare when they turn 65 so they did not have to pay the monthly premium. In this case, once these people retire and they may enroll in part B Medicare and that is when their open enrollment period begins.
For others who are still working beyond the age of 65 and have already taken part B Medicare (sometimes the employer requires that the employee takes Medicare and one will act as secondary to the other) you will have a 63 date guaranteed issue period in which you may apply for a Medicare supplement plan with no medical underwriting. This period begins the day that the group coverage terminates. It is highly likely that you will have a Medigap plan in place and rates ago starting the day after your group coverage terminates right alongside part B Medicare.
Are You Changing Medicare Supplement Plans?
Another very common situation with people applying for Medigap Insurance are those who already have it and are looking to save money by switching plans and companies to get a better rate. One important fact you should know is that you may change your Medigap policy any time throughout the year. You do not need to wait for the annual enrollment period which lasts from October 15 to December 7 each year. This is in place for people who are looking to change their drug plan coverage or anyone coming off a Medicare advantage plan who wishes to return to original Medicare and sign up for a Medigap policy.
One of the top Medicare supplement plans that many people switch two is Medicare plan G. Because many people sign up for plan F when they first turn 65 it is likely that they were not even aware of plan G. Medigap plan G is identical to plan F except for one small difference. The difference is who pays the part B annual deductible each year. Beyond that there is absolutely no difference however plan G can end up saving you quite a bit of money as you get older.
In fact even after you pay your annual deductible out-of-pocket to for part B Medicare on a plan G, you likely can save quite a bit of money depending on your age bracket.
So while Medigap plan F and plan G are two of the top of Medicare supplement plans available, it really depends on your own situation as to which one you will choose. As well the difference in costs plays a very large part.
To get instant quotes and compare plans online simply enter your zip code below.