If you have recently taken Medicare Insurance, then you have probably received numerous publications and flyers from various insurance companies, urging you to purchase Medigap or "Medicare Supplement" insurance. What do you need to know before you take out one of these plans?
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First of all, with few exceptions all Medigap insurance companies must carry a "standardized" plan, which means the specific benefits will be indentical to a plan offered by a different company. These plans are lettered A, B, C, D, F, G K, L, M, and N. Companies which offer these plans do not have to offer all ten plans, but they must offer Plan A, and if they offer more than A, they must include either C or F. State laws may affect which plans a company chooses to offer.
There are several situations in which a company is required to sell you a policy, even if you do not meet underwriting guidelines. If you are in your Medigap Open Enrollment Period or in a guarantee issue situation, this may be the case. Outside of these situations, it is good to "shop around," as underwriting requirements are different from one company to the next.
You also need to make sure you have both Medicare Part A and Part B in order to buy a policy, as the policy will pay dependent upon charges approved by Medicare. As of June 1, 2010, Plan M and N have taken off as new plans that are more affordable and similar to Medicare Advantage Plans in that they require clients to share a cost of doctors' office and emergency room visits.
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