Defining what the best Medigap Plans are depends on defining your individual needs. If you understand that coverage will start where Medicare stops you will be able to make a better comparison. Fortunately, in almost every state, you can rest assured that, regardless of provider, each type of supplement plan is the same as far as benefits received. Each of the ten types of Medicare Supplements has a letter designator to help you tell the plans apart from one another. One great benefit of all Medigap plans is the fairly automatic cooperation for billing and payment between original Medicare and your Medicare plan.
Statistics show that Medigap Plan F is the most popular plan. This is because it covers basically everything that is missed in Medicare Part A and B. More than ten million people bought Medicare plans in 2012 and the majority of them chose Plan F. The next most popular was Plan C with less than fifteen percent of the Medigap purchases.
The one thing for sure is that there is a lot of confusion about the difference between Medicare Advantage and Medicare Supplement insurance. The reason for the difference is that the Medicare Advantage program is controlled by the federal government. Supplements are regulated by each individual state.
Another important thing for the Medicare shopper to know is the big difference in how premiums are calculated. For Medicare Advantage plans every person has the same premium. For Medicare Supplement plans each company can charge whatever the market can bear. The result is two people with the same plan and policy can be charged significantly different premium rates from two different companies, even though the plans must be for exactly the same coverage.
So what you should do is review your understanding of the difference between Medicare Advantage and Medicare Supplemental insurance. Then compare each of the supplement plans to Medicare Advantage and decide which is best for you. If you choose a supplement make sure you are aggressive about shopping for the best rates. Work with a qualified advisor and be sure to ask how the Medicare Supplement insurance companies calculate their rates. Also feel free to ask your state Medicare office which way of rate calculation they feel is the best. When you have done all these things you are ready to make an informed decision. This is the best way for you to decide to see what the best Medigap Plans would be for you.