Medicare supplement insurance is known as Medigaps. This is because it is designed to fill in the gaps in your Medicare coverage. You can buy this supplemental insurance from private insurance companies. They must adhere to strict guidelines to ensure consumer protection. Nonetheless, it is important to be aware of some facts before you choose your Medigaps health insurance provider.
There are twelve different Medigap policies that you can choose from. These are simply named A-L for simplicity. These are standardized policies and by law, the insurance companies must not alter them in any way. This is to protect you, the consumer. A "Plan A" from one provider will be identical to the same plan from another.
In addition to the basic benefits outlined in each of the Medicare supplemental plans, each plan will also have a list of extra benefits. Again, these are standardized and do not vary from one insurance company to the other.
On the surface, then, it seems as if it wouldn't matter who you bought your supplemental health insurance policy from. After all, every company offers exactly the same plans. However, they do have differing pricing structures and not all companies offer all twelve plans. In addition, it is their job to sell you insurance and each company will emphasize aspects of the insurance that protect their company from financial risk as much as the law allows.
Generally speaking, before you can buy Medigap policy you must first have Medicare Part A and Part B and you must pay a monthly Medicare Part B premium. This is on top of the premium you will pay to your Medigap insurance company. Roughly speaking, you should expect to pay more for your policy the higher up the alphabet you go. Plan J is the most expensive policy.
It is important to remember that these are individual policies. They do not cover your spouse. Each of you must have your own individual policy.
When you are comparing insurance companies, bear in mind that no matter what a salesperson may say, the medical coverage for each plan, from Plan A to Plan L, is identical, no matter who you buy it from. The companies are not required by law to charge the same amount for the identical product. Therefore, if Plan D, for example, seems to suit your needs the best, get the cheapest Plan D you can.
Another important consideration is to purchase your Supplement Insurance within six months of enrolling in Medicare Part B. If you do so, the insurer is required to accept your application no matter what your previous medical history is.
If you keep these tips in mind, you will get the most out of your Medicare Supplement Insurance. If you are still in doubt, consult the official U. S. Government Medicare agency for further information.
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