Choices, choices, choices – the choices seem to be endless when it comes to choosing Medigap supplements. So really, which ones are the best for you?
Well, the thing to remember with Medigap supplements is that they are all standardized across the nation, meaning if you buy one in Texas, it is the same supplement/plan as you would buy in Rhode Island. This isn’t something new either, as Medigap supplements have been standardized since 1996.
Most people understand that there are “plans” A-L and it doesn’t matter what company you buy them from either, as they are all selling the same plans. Even the claims paying process for these various plans are identical in every state. This basically means that Medicare makes the decision to pay and so be it, it gets paid. Right about now you might be wondering if all these things are the same, does that mean you can’t ever save any money on the insurance premiums?
Well, this is the interesting thing. You can save money by shopping around to the larger insurance companies for Medigap plans. The best routine is to contact at least three larger companies (four if you have the time) and then compare the quotes. You may also find an online site that compares the top ten insurance company quotes for Medigap supplements.
You could go with a smaller insurance company to buy your Medigap supplements, however the fact that you may get a good price “this” year does not mean you would get the same kind of a deal next year. The reason for that is often times smaller health insurance companies will offer a low, low price for one year to bring in clients.
At the end of the year, the prices are hiked back up, which means you’d be shopping for another carrier – again. Larger companies tend to be more stable in their pricing. So you might want to consider the larger names in health insurance for that reason.
Back to the question of choices: since the supplements are all the same, except for pricing, choose what best suits your lifestyle, circumstances and budget. It all tends to work out in the end.