Confused about what Medicare supplements – Medigap – is and what it actually offers? So are many other Americans. Good news, it’s pretty straightforward.
In a hundred words or less, Medigap (Medicare supplement insurance) is offered to the public through private insurance companies in order to fill in the “gaps” in Medicare coverage. This is because Medicare does not offer coverage for “everything” and most people find they need a bit extra to get the coverage they need.
In an attempt to make things relatively simple, the government dictated that Medigap policy carriers are only allowed to offer precise plans the government approved. Those policies are Medicare supplement Plans A through Plan L. Every company that sells Medicare supplements is selling the exact same policies; there are no differences between insurance companies on policy content. What does differ however, is the price charged for Medicare supplement insurance. This definitely does change from company to company, which means if you do some shopping around, you may be able to save yourself some money.
To put this another way, if you buy a Plan A Medicare supplement insurance policy from XX insurance company, it will be an exact match to a Plan A policy bought at insurance company AA. One thing that you really do need to do before you choose which Medicare supplements suits your needs is to compare not only the plans, but also compare the companies that offer you that kind of insurance. Sure you can get quotes online, but make sure they are from different types of insurance companies.
Pay close attention to what you are reading while you are online, as there are insurance companies whose methodology on selling health insurance dictates how they price their Medicare supplements. Next, closely examine each plan for the benefits you will receive. There will be some plans that have benefits that you will never use and therefore it won’t make any sense to buy them. This is one good way to save money, by choosing a plan you know without a doubt you will use and not shelling out money for unused benefits.
Remember, that the step where you do your benefit comparisons is crucial so that you know precisely what you are getting when you make your decision to buy a Medicare supplement. This is where it makes the most sense to call a local Medicare insurance agent and ask some pertinent questions about coverage.
Your life is unique to you and no one else can tell you what would suit you the best except you. This is why you need to ask questions and narrow your search parameters down to get the best possible combination of policies that deliver the coverage you need – minus the benefits you wouldn’t use.
Talking to a local Medicare insurance agent is a major step in understanding the community you live in, what the realities are for you as a healthcare consumer using networks and other information you will need to tailor a plan for your needs.