It is important to compare Medigap plans before you decide which one to go with. Each of them provides different coverage and companies charge different premiums even for the exact same plan.
A Look at the Plans
The amount of choices for medical insurance plans can be overwhelming. There are 14 separate plans for Medigap applicants, ranging from A through N. Each one of them offers separate benefits from other plans. And choosing the right one for you isn’t just about getting the most coverage. A few of the most popular plans include Plans F, G, and N. When you compare Medigap plans keep in mind that the most coverage is not always the best plan for everyone. If you’re on a limited income, or extremely healthy, Plans G and N might be a better option over Plan F for you.
The popular Plan F actually provides 100% coverage for all medical expenses not covered by Medicare. This includes pints of blood, foreign travel emergencies, and all co-payments and deductibles. While that may seem attractive, Plan F also comes with a higher premium. For those who wish to have all their medical bills paid in full with no out-of-pocket costs Plan F is the best choice.
Several of the plans are not available for new subscribers. These include plans E, H, I and J, which are no longer available from Medicare.
Medigap Plan G is a good fit for many people because of its extensive coverage and low deductible. It also pays for any excess charges not covered by Part B Medicare. The only difference between Plan F and G is who pays the deductible for Part B. This cost is $147 once per year, after which Medicare will begin paying for doctor’s services. With Plan G you must pay this yourself while Plan F pays it for you. You will however, benefit from lower premiums on Plan G which makes it definitely worth looking at and comparing the costs of both.
Medigap Plan N comes with slightly less coverage than Plan G but for a lower premium. With this plan you’ll possibly have a small co-pay each doctor’s visit after you pay the Part B deductible each year. Also if you visit the emergency room and you are not admitted, you’ll have to pay a $50 co-payment. This plan is a great choice for people with minor health problems and a limited budget.
Finding the Right Fit
Choosing a plan that works for you is all about looking at your budget, your health needs and the coverage and premium of each plan. While it may be easy to choose Plan F for its complete coverage, you may be paying for services you don’t need.
Plan F is not intended for relatively healthy people, but for those with serious, chronic health conditions. If you’re going with Plan F, but you only need an annual doctor’s visit, then you are paying too much.
Plans G and N provide nearly the same amount of coverage, minus some small deductibles and payment for excess costs. If you don’t want to be crippled by your insurance payments, then you have to choose a plan that gives you only the coverage you need.
You can use our free quote engine to help you compare Medigap plans before you buy. Don’t overpay for coverage that does not help you. Instead, shop smart and compare to find the perfect insurance plan for you.