Choosing a Medigap Policy

Choosing a Medigap policy can be confusing, but each of them has their own benefits and advantages. Choosing the one that will work the best for you should be a carefully considered decision, since picking the wrong one could cost you in medical bills or expensive premiums.

The Major Policies

We’ll only take time to discuss a few of the most popular policies right now. Plans F, G and N are chosen by more people than the remaining policies because of the kinds of coverage they offer.

Medigap Plan F Policy

Plan F provides the most coverage out of all the different plans. It will take care of every co-payment and deductible that you would be responsible for without it, as well as pay the coinsurance that Medicare Part A and Part B will not pay. Most people choose this plan because they don’t want any out-of-pocket expenses. Plan F will also take care of extended hospital stays, hospice care, three blood pints, and much more.  Plan F also comes with the highest monthly premium from all the plans, which doesn’t necessarily mean it’s the best option.

Medigap Plan G

With Plan G, you will get the exact same coverage a Plan F, minus a deductible you’ll have to pay out-of-pocket for Medicare Part B. This deductible is $147, once per calendar year. After this is met Plan G is just like Plan F where it pays 100% of the gaps in Medicare.

Because Plan G has lower monthly premiums than Plan F in almost every situation you will end up saving more money with Plan G, even after you pay the annual Part B deductible yourself. Plan G also tends to have lower annual rate increases each year depending on the company. This is an outstanding choice for a Medigap Policy.

Medigap Plan N

Plan N offers slightly less coverage. It asks that you pay the Part B deductible, Part B excess charges (which can vary greatly but are rare), and a small co-payment for doctor visits and ER care. After you meet the Part B deductible you might have up to a $20 co-pay per doctor’s or specialist visit. This co-pay is determined by what you are visiting the doctor for, therefore there may be no co-pay or one less than $20. It will never be more than the $20 per visit though.

Where to Find Your Plan

No matter which carrier you choose to buy your plan from, know that the coverage they offer is the same. The only real change will be in premium rates. So you’ll want to compare their rates to find the cheapest. With Medigap plans, it really is all about finding the cheapest plan, and we make it easy with our free quote engine. You tell us the area you live and the plan you want, then quotes from the top carriers will be displayed. It’s easy!

The insurance carriers will typically increase the rates of their premiums annually, so you’ll want to check back each time you get an increase to always make sure you’re paying the least amount possible.

Remember that you can change your Medigap policy anytime you like throughout the year. It isn’t necessary to wait until the enrollment period comes around. So if you’re stuck in a plan that isn’t providing the coverage you need, make the switch to a new plan and save yourself potentially hundreds of dollars a year.

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