Medigap Compare: Finding The Right Supplemental Insurance Plan For Seniors
If you're trying a Medigap compare on your own
, it can be seem daunting, but a little information can teach you the differences between them, so that you know what to choose. Once you understand the differences, you can choose the Medigap plan that fits what you need.
Some general information on Medigap plans
Medigap plans, which are also known as Medicare supplemental insurance plans, are designed so that the gaps left by Medicare coverage are filled in. Each plan is identified by a letter, spanning the letters A through D, F, G, and K through N. Private insurance companies sell Medigap plans, but the federal government has locked down what Medigap plans cover. That means that even though different insurance companies can offer different prices for the same plans, such as plan A, benefits and coverage for all "plan As" will be exactly the same no matter the company you choose.
What are the different Medigap benefits?
Again, the benefits for all the Medigap plans are standardized, so you don't need to look at different insurance companies to determine the benefits you need from your Medigap coverage. Simply take a look at the benefits in each Medigap plan, and you can see the differences, and what each plan offers you.
Visit sites like medicoverage.com or
Medicare.gov to access data that break down the benefits in all Medigap plans.
The chart shows you the key benefits of each plan; if you mark or highlight the key benefits that are important to you, you'll be able to quickly see which plans are a good fit. Once you decide which plan you want by letter, you can go to the next section to see how insurance companies will price their plans. In that way, you can find your specific plan at an insurance company that offers the best price possible.
Cost of Medigap
Insurance companies charge widely varying rates for each of the Medigap plans. While benefits have been predetermined by the federal government and therefore can't be changed by the insurance companies, the insurance companies still can set how much is charged for that coverage. In general, choosing the insurer with the best rate is going to be your best option. However, insurance companies can also set whether or not the premiums will rise over time based upon your age. The insurance company will rate the plan in one of three ways:
Community rated: Also called "no age related," everyone within a particular community will pay the same monthly premium, no matter how old they are.
Issue age rated: With this rating, you'll pay your monthly premium based upon how old you are when you first buy the plan. The older you are, the more you pay.
Attained age rated: With this rating, you'll pay your first premium based upon how old you are when you buy the plan. You'll pay more to start with if you are older, and your rate will also increase as you get older in all cases.
Consideration: Each of these three rating setups doesn't protect premiums from rising because of inflation or other factors, over time.
What's the difference between each of these ratings? The first two plans won't have premiums that rise over time based upon commensurate age. With the third option, "attained age rated," you'll pay more in premiums over time based upon your age, which means that they're likely to cost you more over the long run as premiums rise even if they're less expensive when you first purchase. Because of that, most people would be wise to choose either the community rated or issue age rated plans. Always make sure you check and see how plans have been rated when you compare the different letter plans, too.
And then you're ready to get quotes to complete your medigap compare.
by: Dwight Freely
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