Finding the Right Mediare Supplement

Medigap policies are another name for Medicare Supplemental Insurance policies. These policies are designed to pick up where your basic Medicare leaves off and they are supposed to pay for things that basic Medicare does not, such as deductibles and co pays.

There are nine Medicare Supplement policies and they all are named by a letter of the alphabet. Plans A through G gradually increase in price and plans H,I, and J are no longer available. Plans L and K have high deductibles which means that your premiums are lower but you pay for more expenses out of your own pocket. Each suppemental policy is just a little different than the next. They all cover different things and some would be appropriate and work well for a person’s particular situation. Others would not necessarily work in a particular situation.

It is important to study each supplement to find out which fits your particular situation the best so that you are not paying for coverage that you don’t need and so that the coverage you are paying for actually covers what you need. Plan F is the plan that sells most, likely because of its balance of benefits and affordable cost.

No matter what company you get supplements through they are the same. Each of the nine covers only specific things unique unto itself, however if you purchase plan A through G from any company, the coverage is the same. The only difference can be the premiums, which can vary greatly from company to company. For instance, AARP might charge one price, Mutual of Omaha another price and United American a third price, yet the coverage is exactly the same. It is essential to make sure you are getting the best price possible, so if you are looking for part D, all the companies should be offering the same coverage, but one company could charge you $100 for the policy while another company charges $175 for the same exact coverage. Why would a person pay and extra $75 to pay for the exact same coverage?

This is why it is important that you thoroughly review each of the lettered supplements thoroughly before you decide upon what to purchase. If you are unsure which is best for you, call 1-800-MEDICARE and get further information.
Make sure you do your research because a little time and some reasonable premiums can save you hundreds, and possibly thousands, of dollars.