Supplemental medical insurance can be a tricky subject. The idea is simple enough- you choose a policy that provides some additional coverage on top of what Medicare provides. But how do you know what the best Medigap insurance plans are for you? It’s wading through all the coverage and benefits and disadvantages of each plan that can cause confusion.
Why the Different Plans?
Wouldn’t it be simpler if Medigap plans all fell under a single plan that provided all the best coverage for everyone? That would certainly simplify things, but then you would miss out on the many benefits that each plan offers. With a variety in plans, you also have a variety in premiums.
You can find a plan with just enough coverage to provide the help you need at a reasonable cost. Or you can get a plan that provides complete coverage for all expenses not covered by Medicare. That last plan is actually Plan F, which is probably the most popular of all Medigap plans.
For people who balk at the high cost of Plan F (it is the most expensive) there are other plans that provide a little less coverage and possible a lot lower rate. Take Plan G, for example. This plan gives you all the coverage of Plan F, save for a single deductible for Medicare Part B. It doesn’t end up being a very large deductible, so by going with Plan G instead of F, you could be saving a bunch of money each year.
Plan N, on the other hand, offers a substantially lower premium for some minor loss in coverage. With Plan N, you have to pay for some co-payments, that Medicare Part B deductible, and excess charges from Medicare Part B.
Picking the Right One
As you can see, there are a variety of different plans, each with their own unique way of providing some additional coverage for Medicare subscribers. Your situation may be perfect for a plan another person would have no use for.
For example, Plan G and N are well-suited to reasonably healthy individuals. They provide ample coverage for most purposes, and you won’t have to pay those co-payments and deductibles very often if you don’t visit the hospital much. In return, you pay lower rates than if you went with the full coverage Plan F.
Everyone has a different situation, be it their health, their budget, or their medical needs. You can find the best Medigap insurance plans for your particular circumstances by examining your needs and what the various plans can offer you.