Medigap is a supplemental insurance plan to cover services not covered by Medicare. There are many Medigap providers in any area of the United States. Although all the companies offer the same coverage, prices of premiums can vary greatly from company to company. People who are in the market for this type of insurance coverage should definitely look into the premiums of many different companies before choosing one to handle their claims.
There are many companies that offer this type of insurance that bridges the gap that Medicare leaves in coverage. Some of the largest include AARP, Mutual of Omaha, Alfac and Aetna. All of these companies, as well as many other smaller insurance companies around the country, offer the exact same coverage. There is one big difference though, the price of the premium.
Those who are becoming of Medicare age and need a supplemental policy must shop around. Because some of these clients need help with understanding coverage, premiums and plan types, it might be a great idea to find an independent agent who will help to guide them in the right direction. An independent agent has no affiliation with an insurance company so you can be assured that they are objective with their advice.
All Medicare Supplement companies all offer the same coverage for each Plan letter. The plan letters are a standardized way of listing coverage. For the most part, the premium price is usually the only factor that can differentiate between Medigap policies sold by different insurance companies, which are sold by plan letter. Each plan letter has specific coverage listed.
For example, Plan A covers 100% of charges not covered by Medicare as well as copayments and coinsurance payments. It also covers up to three pints of blood and Hospice charges that Medicare does not cover. Each letter has well defined coverage that is easy to understand. An independent agent can help you decide what letter is the best for your situation and which of the Medigap providers will be your best option.