If you are a senior aged 65 or over and enrolled in Medicare, you may be considering purchasing a Medicare Supplement (Medigap) plan to help cover the out-of-pocket costs associated with medical care. Medigap plans are designed to help cover copayments, coinsurance, and deductibles for services covered by Medicare.
Before deciding on a Medigap plan, there are a few things you should consider. Here are questions to ask as you choose a supplement plan.
What Coverage Do You Need?
First, you should understand what type of coverage you need. Medigap plans are designed to help cover the out-of-pocket costs associated with Medicare Part A and Part B services, such as hospital stays, doctor’s visits, and preventive care.
What Supplement Plans Meet Your Coverage Needs?
You should also research the different types of Medigap plans available. Each plan is labeled with a letter and offers different levels of coverage. The ten Medigap plans include Plans A, B, C, D, F, G, K, L, M, and N.
What’s Your Best Price and Provider?
Once you’ve determined what coverage you need, you should compare plans and prices. Not all Medigap plans are equal, and the premiums can vary widely depending on the plan and the insurance company.
Medigap policies are priced in three ways:
- Community-rated
- Issue-age-rated
- Attained-age-rated
It is important to consider all options, including the coverage and overall cost, when looking for a plan that best suits your needs.
Do You Need Help Finding Coverage?
Choosing a Medigap plan can be a daunting task, but by taking the time to research and compare your options, you can make sure you are getting the coverage you need at the best price. Additionally, you should always seek the advice of a qualified insurance agent to help you make the best decision for your needs.
The Benefit Link will work closely with you to ensure you get the coverage you need. To discuss your options and take the next step, contact us by scheduling a consultation or calling (972) 236-3348.
