Original Medicare consists of your Medicare Part A & Part B coverage. Parts A & B typically cover approximately 80% of your healthcare, leaving you responsible for the rest. While it may not sound like a very high figure, it can add up quickly and lead to expensive medical bills you’re responsible for paying. A Medigap plan adds great protection and reduces the cost of healthcare expenses you’re exposed to – vital protection for individuals living on a fixed income.
There are a number of helpful steps you can take to narrow down your search and figure out what’s best for you.
Step 1 – Research the types of benefits available under a Medigap plan, decide which of these benefits you want, and then select the Medigap policy that meets these needs (click here to run a free quote comparison).
A lot of people think “Why don’t I just get a plan F? All of the benefits available are included in that plan!” While this is true, this plan is also going to be the most expensive. If you’re on a fixed income, you may want to try to keep your cost down. Therefore, a different plan may be more appropriate for you. For example, a plan G offers all of the same benefits as a plan F, except for the Medicare Part B deductible. However, a plan G is going to be cheaper than a plan F (and usually by a good margin).
Plan N can also reduce premiums by a substantial margin and offer great coverage as well – the difference from plans F & G being a small copay is due when you go to the doctor (up to a $20 copay) or the hospital (up to a $50 copay) and excess charges are not covered. Plan N is most useful for someone who’s doctors accept Medicare and accepts assignment (when accepting assignment, a doctor accepts the Medicare-approved amount as payment in full).
One of the first things to consider when determining the plan you want is where your health is now and where it may be in the future because you might not be able to switch to another medigap plan later – if your health drastically changed down the line, you may not be able to qualify for a new plan if medical underwriting is required. The rating method a carrier uses is an important factor to consider here.
Step 2 – Find out which carriers offer the plan in your area. Remember to keep in mind that not every carrier offers every plan.
Step 3 – Call us to compare the carriers that sell the Medigap plan you’re interested in and the premiums for the program – we can provide a free quote comparison and provide an outline of benefits that illustrates what Medicare pays, what the Medigap plan pays, and what you pay (if anything).
Step 4 – Let us know which policy you want to secure and we will send you the application.