Compare Plans – costs and benefits of Medigap Insurance Plans

For those seniors that have Medicare, but also need insurance for their family, there is a special plan called Medigap Insurance. This plan was created to help combat the out-of-pocket expenses that can accumulate with Medicare. Unlike Medicare Part A or Part B, Medicare Advantage Plans do not pay after Medicare is paid.

The primary purpose of Medigap insurance is to assist with medical costs whenever Medicare doesn’t cover them, and each individual Medigap policy applies to just one individual. As such, partners can get family member discounts of up to 12 percent with several insurers.

The rates for the different best Medicare supplement plans 2022 vary depending on your age, health, risk factors, and the type of coverage you select. For example, the premiums for a Medicare Advantage plan are generally lower than those for a traditional Medicare policy. Some insurers offer even better discounts for couples who enroll in a plan. Couples that share the same income, savings, investments, etc. can save money by getting a multi-policy discount with the same company.

In addition to comparing rates and premiums from different companies, you should also take a close look at what kinds of benefits are included in each plan. You should always compare the same type of coverage – in other words, you should choose the same plan that covers both Medicare Part A and Medicare Part B.

Also, make sure that your current medications are covered under all of the medigap insurance plans that you are considering. Some plans may require you to submit prior approval to take certain medications.

Many people mistakenly believe that they do not have to change their Medicare benefits if they already have Medicare benefits. This is simply not true. If you currently receive Medicare benefits, you should review your coverage as it relates to Medicare Part A and Medicare Part B. If you do not currently have Medicare benefits, but are eligible for Social Security, Medicaid or a similar federal program, you should definitely enroll in the Medicare Advantage Plan as soon as possible.

One of the most confusing aspects of the Medicare Advantage Plans and Medigap Insurance Plans is that there are essentially two different plans. There is the basic Medicare Supplement coverage and then there is the Medicare Part A coverage. People often become confused between the two options, especially since Part A is usually presented as an optional benefit in order to drive up enrollment numbers.

If you compare plans based on a standard premium payment, you will discover that there are substantial differences between the various plans. Most Medigap insurance carriers will automatically provide you with the specifics of their plan n details, including premium payments, out-of-pocket expenses, provider networks, eligibility rules, and other important information.

Before choosing a medigap plan, be sure to carefully review the fine print. Read the policy statements and select the plans that best suit your needs. Remember that all plans offer standardized premiums and varying out-of-pocket expenses, so it is crucial that you select plans that meet your unique financial situation. Compare plans based on your current prescription and monthly costs and you will find one that is most appropriate for your family.