How to Apply For a New Medicare Supplemental Insurance Plan:Choosing a Medigap plan (also called a Medicare supplement) is a big decision when you first move from private health insurance to Medicare. To pick the right Medigap policy you will need to know why you need one, a little about the plans, and how to get a quote.
Why You Need Medigap
Traditional Medicare was designed to help seniors purchase affordable health insurance during the years when most people use the largest amount of health insurance of their entire lives. While the program helps millions of seniors in the United States it does not provide comprehensive coverage. The areas where you have to pay money out of your pocket are called gaps. Since many seniors cannot afford to pay a large lump sum payment for health services Medicare supplement plans were developed to fill these gaps, and thus, the term Medigap was born. If you are already familiar and would like to get a set of Medigap quotes Click HERE, otherwise keep going to learn some more.
The Different Medicare Supplement Plans
There are ten different Medicare supplement plans. Each one covers a varying degree of the gaps in Medicare Part A and Part B. Plan F fills all the gaps while plan A only fills a few. You can get a more detailed explanation of each of the Medigap plans HERE.
Medicare Supplement Companies
There are many insurance companies that have gotten into the Medicare market. Since the plans are subsidized by the federal government it makes the sale of this type of insurance profitable. What makes this good for you is that there is great competition in the marketplace. Also the plans are easy to understand because whether you go with AARP, Humana, or some other company you will always be comparing apples to apples. The coverage for plan F with one company will be exactly the same coverage as plan F with another company. So when you are shopping the different companies you are really just comparing price and company reputation. We cover some of the most popular Medigap insurance companies HERE.
What Does Medigap Coverage Cost?
While this is a question we get all the time there is no standard answer to the question. The cost of a Medicare supplement plan depends on four factors. Those factors are age of the applicant, gender, health, and location. If you are just turning 65 or going on Medicare Part B for the first time then you have the advantage of being in Open Enrollment. Open enrollment means that for six months you have an opportunity to get Medicare supplemental insurance without a health exam. So if you have a chronic illness or are a smoker you can get the same rates as anyone else during this period.
It is our privilege to help seniors make these important decisions about a Medigap plan. If you have any questions or if there is any way we can serve you please use the "contact us" link at the bottom of this page and either call or email us.