When you are trying to find supplemental insurance that works for you and helps you cover your medical expenses, you only want the very best. But what are the best Medigap policies?
The question itself is a little misleading as there is no one best policy that fits everyone. Each policy provides varying amounts of coverage and comes with a higher or lower price depending on that coverage. Let’s take a look at some of the policies to get an idea of what they provide for you.
About the Policies
The Medigap plans or policies are named after letters of the alphabet. Plan F provides the most coverage, taking care of all expenses not covered by Medicare. That should make the choice simple for many people. They know they struggle with their medical bills and don’t want to have to pay anything other than a set amount each month.
Plan F allows you to do that by covering all your expenses at a fixed rate, but at quite a high premium. Before deciding on a plan, you should take time to look at all of them. Consider Plan G, which takes care of all expenses not covered by Medicare save for a Medicare part B deductible. And the plan is cheaper than Plan F, which could make it a good choice for people looking for lower rates with similar coverage.
Another popular plan, Plan N, covers all Medicare expenses except for a few deductibles and co-payments, mostly related to Medicare Part B again. These charges are nominal compared to the savings you might see over the years from having a cheaper plan.
Which One is Right for You?
Your ideal plan will depend on your health mostly. If you are reasonably healthy then there is no need for you to pay for a complete coverage plan. You simply won’t get much benefit out of it, and it is going to end up costing you much more in the long run.
Healthier people can afford to have lower coverage plans because they are not in and out of the hospital as much. Plans like G and N still provide large amounts of coverage and take care of many of the basics that Medicare doesn’t cover, but they are priced at far more reasonable rates than Plan F.
To find the best Medigap policies, you will have to look at your current situation. Ask yourself what you can afford and how often you expect to have to go to the hospital. A few co-payments and deductibles may be much easier on your budget than the higher premiums of Plan F.