The standardized plans for Medigap are labeled with letters A through D and F, G, K, L, M, and N. “A” is the basic plan and each one after it adds a benefit or two which, of course, increases the cost of the plan. The exceptions, according to the Huffington Post, are plans M and N, which are cost-sharing plans that carry less expensive premiums. Medicare.com offers the easiest way to compare plans with a side-by-side chart that shows which benefits each plan pays for.
When looking at those benefits, take your medical history into consideration. It may seem like a good idea to have extensive, comprehensive coverage but, if you’re healthy, it might not be necessary. CNN Money points out that spouses aren’t covered together under Medigap policies, but that can be a good thing if one spouse has more medical issues than the other. Each can get their own policy that will only cover what they need instead of paying premiums on unnecessary coverage.
When it comes to paying those premiums, Consumer Reports warns that the premiums you choose now will affect how much you end up paying overall, and some states may only give you one or two choices out of the three pricing methods. Consider how your premiums may change over the years; ensure that the plan that seems to be the least expensive initially won’t end up being the most expensive 10 or 15 years down the road.
When you need help navigating and understanding Medigap, The Benefit Link can help. With over 20 years experience working with healthcare coverage for seniors, it is what we do best. Though the plans themselves are governmentally regulated, the cost you pay and service you get can differ from provider to provider. The Benefit Link offers unbiased guidance in making that choice as well as advice for choosing a plan. The best part is that The Benefit Link’s services are free of charge to clients. Call 877-805-2952 today to start reaping the benefits of The Benefit Link.
The Benefit Link - Medicare Supplemental Insurance
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Colleyville, Texas 76034
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