Many seniors across America and others who are eligible for the federal Medicare health program generally find the insurance benefits certainly help out, but they don’t really cover enough. This is why millions of people purchase additional coverage year in and year out in the form of a Medicare Supplement plan. These health plans are designed to fill in the coverage gaps that are left by Medicare and that’s why they’ve come to be known by most people as Medigap plans.
Most of these policies are standardized in the majority of states which means that every insurance provider that sells them has to offer the exact same coverage for each of the 10 plans that are available. These plans are identified by a specific letter of the alphabet between A and N. The plans currently on the market are A, B, C, D, F, G, K, L, M, and N.
Plan A provides consumers with the most basic coverage while Plan F offers the most comprehensive. Each of the policies offers a different level of coverage and benefits and it varies with each letter. Plan F is the most popular, but many times Plan F does not offer the best overall value; especially as people age. When the plans are standardized, it means that every company that sells Plan F for instance, must offer identical coverage. Therefore, no matter where you buy the plan, you’re guaranteed to receive the same benefits.
We like to compare this to buying Cheerios from two different grocery stores. The prices are different, but you still have the same box of Cheerios when you get home. With standardization of medicare supplement plans, it’s the same. Plan F with ABC insurance company has the same benefits as Plan F with XYZ insurance company. So the question is, why pay 20-30% more for the exact same benefit. You do not get more benefit; you simply are paying too much. For those on fixed incomes, this is a big concern.
As mentioned above, while the coverage is similar from carrier to carrier the rates for the premiums won’t be. You’ll find that they vary quite a bit between insurance providers. It’s worth taking the time and effort to compare prices with several different companies as you can save a substantial amount of money when paying more affordable rates. You don’t want to pay more than you have to for any product and the same goes for health insurance. Shopping around is definitely recommended. Using My Medicare Consultant is a simple and easy way to shop around.
Many people are often confused as to when they can change their medigap plans. Open enrollment is the first option people have. This is the first 6 months after you enroll in to Medicare Part B. This usually happens after someone retires. Open enrollment is one of the few times you can enroll without answering health questions. Many people believe they cannot change their plans until Annual Enrollment period, which is October 15th through December 7th each year. This is not correct. Annual Enrollment period is specifically for Medicare Part D (Drug coverage) and Medicare Advantage plans. The secret many don’t know if they can change their medigap plans at any time. You will have to apply with a company and answer underwriting questions, but you can apply with another insurance company at any time. If you recently received a rate increase, we recommend you use the services of My Medicare Consultant to find a less expensive plan.
To be eligible for a Medigap plan you need to be enrolled in original Medicare. Since most seniors are there shouldn’t be a problem purchasing supplemental insurance. If you do run into a problem, it’s usually trying to determine which of the 10 Medigap plans you should enroll in. It’s usually a hard decision for most people because the sheer number of options available can be quite overwhelming. Across the country, Plan F is the most common plan and offers the most comprehensive coverage. Is Plan F right for you? You might be surprised to learn it’s often not the best overall value plan available. However, there’s no need to stress yourself over deciding which policy to go with when you can receive professional help free of charge from My Medicare Consultant.
This assistance is readily available across the nation in the form of licensed, independent insurance brokers. These people are specifically trained in the insurance industry and know how it works from top to bottom. They know all of the rules and regulations regarding Medigap plans and are more than willing to share their expertise with you. And since they are independent, they don’t work for a specific insurance company, they work for their clients. This enables them to give unbiased opinions when it comes to health insurance plans.
Many consumers turn to My Medigap Consultant when they’re seeking health coverage assistance because they’ll receive the undivided personal attention they’re seeking. A broker will be able to evaluate and assess their personal healthcare and financial situations and advise them which Medigap plan will serve them the best. The broker will explain how each of the plans work and exactly what they do and don’t cover. When you’ve decided which policy to go with, the broker will then make sure you’re getting the best rates on the market by comparing quotes from several of your state’s leading health insurance providers. Most states offer over 20 different insurance companies and each company usually offers 3 different plans.
If you select the right plan, you’ll find there will be no deductibles and copayments and you won’t need a referral to see a doctor or have any claim forms to fill out. All you need to do in most cases is carry your Medigap insurance card with you and everything will be taken care of. Also, once you’ve purchased the plan it will be automatically renewed each year as long as the premiums have been paid.
My Medigap Consultant will always be there for you if you’d like to review the policy and if you have any other concerns. The broker can also help you save more money by assessing your Medicare Part D prescription drug needs and offering advice. If there are any changes in the Medigap plan or any new rules and regulations are introduced your broker will be sure to inform you of them.
These are really just the basics of Medicare Supplement plans. There are so many aspects to them as well as specific procedures that need to be followed. Even those who have purchased their own health plans for years often become confused when it comes to Medigap. At My Medicare Consultant you won’t have to concern yourself with trying to learn as much as you can about the process in a short period of time. You probably have something better to do! My Medicare Consultant knows this process inside out and will be there to assist you every step of the way.
With professional assistance it’s unlikely that you’ll make any mistakes when it comes to choosing the right plan for your needs and enrolling in it. You’ll receive personal assistance from start to finish and save money while doing so. This is generally considered to be the best way to purchase any type of health insurance.
