Did you know that last year Medigap enrollment went up to 13.5 million people compared to 13.1 million from the year before? You too might be looking to become part of this statistic and purchase a Medigap policy for yourself. We know that it can be confusing choosing this extra health insurance so we put together this quick guide to show you how to find a policy that fits your needs. Keep reading to learn the top things to look at to help you choose the best policy for you.
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How to Choose a Medigap Policy?
These policies are standardized which means that each insurance company has to offer the same benefits for each plan. For example, Medigap Plan N will cover the exact same things no matter which company offers it. The only thing that will change from company to company is the price. There are 10 standard plans to choose from including Plans A, B, C, D, F, G, K, L, M, and N. You will have to look at which plans are available in your state because not every plan is available in all states.
Also, keep in mind that there are some states that offer high-deductible versions of Plans F and G. You can use a reputable site like at MedicareWire.com to help you see what your state offers based on your zip code.
Difference in Plans
Everyone has different needs when it comes to healthcare. For example, you might have a specific doctor that you prefer to visit but they might not participate with certain Medigap plans. In this case, you will have to look at the providers for each plan and choose the one that your healthcare provider accepts.
Another difference is the price plans and this difference in premiums comes from how they are rated. Some plans are community rated, which means that everyone that buys a particular one pays the same rate no matter how old they are. Others base the rate on the attained age and the rate will increase as you get older. Some companies choose to make the rate depending on your age at the time of purchase but the rate will never change.
Working With an Agent
If you want to make life a little easier you can opt to work with an agent to help you choose. Take the time to ask the agent how many insurance companies they work with. Soemtimes they will not recommend a certain insurer’s policy if they do not get a commission for doing so. Also, ask them if there is a household discount if there are multiple people in your home taking out a Medigap policy.
Ready to Choose the Best Plan for You?
Now that you understand a little more about choosing a Medigap policy you can start the research phase. It is time to check what plans your state offers and then compare each one to see which plan fits your needs best. Once you choose the plan of your choice you can look for the perfect insurer for you.
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