Independent Agent & Medicare Supplement Specialist, reMEDIGAP, USA
The best Medigap insurance can be found with the company that offers the lowest premium for the Plan you want. It's really that simple.
All Medigap Plans are standardized. This means each lettered plan has the same exact benefits from one insurance company to the next...the only difference is the price.
CMS has safety nets in place for Seniors, so if you have a Medigap Plan your bills are going to be paid according to the benefits of your Plan. If you have Medigap Plan F, all your Medicare approved charges will be covered and you do not have to pay any deductibles or coinsurance. Medigap Plan G works just like Plan F and covers all Medicare approved charges after you've met the annual Part B deductible.
With so many insurance companies available who sell Medigap insurance, it is wise to work with an independent agent who specializes in Medicare Supplement insurance. That way you can choose the best Medigap Plan that is right for you.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
All Medigap plans feature standardized benefits, meaning a plan F from company ABC features the exact same benefits as a plan F from company XYZ. So you have the exact same coverage regardless of which company the plan is through.
The major factor to look at is the price - how much you are paying each month for your Medigap coverage. It's how carriers differentiate themselves from each other.
Another factor to consider is the rating method the carrier uses. Most carriers will use the attained age rating method (your rates increase each year as you get older) because it generally offers the lowest rates initially (you can end up paying more than other options if you keep the plan for many years). Community rating means that everyone in a given area pays the exact same rates regardless of their age (an 85 year old pays the same rates as a 75 year old) - the price can be a little higher up front, but provides great savings in the long term. The third rating method is issue-age rated (the rates will only be based on your age when it was first placed in force) - this is typically the most expensive coverage.
I hope the information is helpful - please feel free to contact me for assistance with your Medigap coverage and if you have any other questions. Thanks very much.
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All Medigap Plans are standardized. This means each lettered plan has the same exact benefits from one insurance company to the next...the only difference is the price.
CMS has safety nets in place for Seniors, so if you have a Medigap Plan your bills are going to be paid according to the benefits of your Plan. If you have Medigap Plan F, all your Medicare approved charges will be covered and you do not have to pay any deductibles or coinsurance. Medigap Plan G works just like Plan F and covers all Medicare approved charges after you've met the annual Part B deductible.
With so many insurance companies available who sell Medigap insurance, it is wise to work with an independent agent who specializes in Medicare Supplement insurance. That way you can choose the best Medigap Plan that is right for you.
The major factor to look at is the price - how much you are paying each month for your Medigap coverage. It's how carriers differentiate themselves from each other.
Another factor to consider is the rating method the carrier uses. Most carriers will use the attained age rating method (your rates increase each year as you get older) because it generally offers the lowest rates initially (you can end up paying more than other options if you keep the plan for many years). Community rating means that everyone in a given area pays the exact same rates regardless of their age (an 85 year old pays the same rates as a 75 year old) - the price can be a little higher up front, but provides great savings in the long term. The third rating method is issue-age rated (the rates will only be based on your age when it was first placed in force) - this is typically the most expensive coverage.
I hope the information is helpful - please feel free to contact me for assistance with your Medigap coverage and if you have any other questions. Thanks very much.