Learning Center

Welcome to the MedigapInsurancePolicies.com online learning center! Here you will find a list of the most frequently asked questions when it comes to Medigap insurance. If you don’t see your question listed here then by all means please don’t hesitate to give us a call!

 

1. Which Medigap Plans are the Best to Get?

2. If Every Company Has the Same Medigap Plan F (or any plan) Why are the Premiums So Different?

3. Why Did I Get Such a Large Rate Increase On My Medigap Premiums This Year?

4. I Had Breast Cancer 5 Years Ago, Will I Be Declined for Medigap Coverage?

5. I Can’t Change My Medicare Supplement Plan Until October, Right?

 

Which Medigap Plans Are Best to Get?

Often when this question is asked you will hear many agents state that Medigap Plan F is the best, because it’s the most comprehensive policy available. While this may be true, are you paying more than you should for a benefit you might not need? If you’re the type of person that never wants to see a medical bill, then Plan F is a great choice. However, a Medicare Supplement plan G will actually save you money over the course of the year by you simply paying the annual Part B deductible yourself. That is the only difference between the two plans, other than the monthly premium for Plan G is cheaper. This results in you saving money.

Another great option, particularly for those coming off a Medicare Advantage plan or for people who do not visit their doctor very often is a Medicare Plan N. Click HERE To learn more about this and the other plans. Everyone’s situation is different, and if you’re on a limited income where every dollar counts it’s important to look at Plans G and N and not just Medigap Plan F.

 

If Every Company Has the Same Medigap Plan F (or any plan) Why are the Premiums So Different?
While the coverage or benefits of Medigap Plans are standardized, the premiums that each company offers them for are not. This is a good thing as it allows you to shop around and get the best rate, however the reason for this is because every company has a different risk pool and operating costs. These costs are based on the amount of claims that are paid out of the various groups. Because each company has different people with very different health claims and costs, the premiums are different from carrier-to-carrier. This is because rates are adjusted based on those health claims.

 

Why Did I Get Such a Large Rate Increase On My Medigap Premiums This Year?
Again rate increases are determined by the amount of health claims being paid out of the group you are in. They are never based on your own individual claims. This makes it extremely important to allow us to check the rates every year for you (Never a cost to you!) so we can always place you in the lowest cost plan that you qualify for. Rate increases are a part of life with Medigap insurance and you should never pay more than you have to for your coverage.

 

I Had Breast Cancer 5 Years Ago, Will I Be Declined for Medigap Coverage?
Many people feel that because they had a major illness in the past it will prevent them from switching coverage. While each insurance company has different underwriting guidelines, most of them look back two to three years for major health issues. This means if you have been cleared from that illness by the doctor and that specific time period has gone by you may in fact be approved for coverage. Check with us directly to see which carrier you should apply with based on your own health situation. Switching Medigap policies just might be easier than you think, and remember you may switch any time throughout the year!

 

I Can’t Change My Medicare Supplement Plan Until October, Right?
No! You may switch Medigap plans at any time throughout the year. We speak with far too many people at the end of the year who thought they had to wait to switch policies and get a lower premium. They could have saved money all year long had they simply known that they could switch. Do yourself a favor, regardless of what month it is enter your zip code above to see just how much you could be saving on your Medicare Supplement insurance. Today!