Each fall, you receive a new “Medicare and You” handbook with updated information concerning Medicare. The handbook
As soon as you become eligible for a Medicare health insurance plan, you also become eligible to apply for and purchase Medigap supplement insurance, which is designed to help with all those expenses and payments not covered by Medicare. Of course, before anything else, this requires an understanding of what your Medicare policy covers.
As a starting point, consumers can only sign up for Medigap supplement insurance if they have Original Medicare. This means that they have access to Medicare Part A and Part B coverage but are still subject to the gaps left behind by Medicare – leaving many reaching for Medigap supplement insurance to support the financial burden left uncovered by their Medicare insurance.
When it comes to comparing the different Medigap supplement insurance plans, the first thing to note is that ten different plans are available, labeled as A, B, C, D, F, G, K, L, M, and N. While the benefits are standardized and so remain the same across the different states, costs can vary hugely depending on location and private insurance provider.
What to Look for in Your Ideal Medicare Supplement Plan
The best way to compare Medigap supplement plans is to know what kind of medical or healthcare treatment you regularly use.
Suppose you are looking for a Medigap plan which offers comprehensive coverage across a range of different areas. In that case, you should be looking at the plans with higher monthly premiums but a great deal more coverage. Alternatively, you can also consider the high deductible plans with lower monthly premiums but higher initial deductibles that must be met before your Medigap coverage kicks in.
If you are looking for a Medigap plan that will meet your needs but with an affordable monthly premium – particularly if your medical needs are currently limited or have little call for regular medical or healthcare treatment – then the more basic plans might be better suited for you.
Comparing and selecting Medigap plans is a case of settling on the one that gives you the coverage you need without leaving you paying for something you don’t use or need.