Choosing the Right Medigap Policy

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

There are nine Medigap 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 policy is just a little different than the next, covering different things that would be appropriate to a person’s particular situation.

It is important to study each one 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

The nine Medicare Supplements are standardized, meaning that no matter who you get them through they are the same.  Each of the nine is 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.

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.