Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Medigap plans are standardized (there are 11 options total) meaning the benefits are EXACTLY the same, regardless of which carrier you purchase it through. Several of the major things to look at when shopping for a Medigap plan are the plan benefits (e.g. plan F, plan G, plan N, etc.), the premium, and the premium rating method (community rated, attained-age rated, or issue-age rated).
If you want to have coverage that creates a predictable expense structure throughout the year, you will want to look at a plan F or a plan G. If you're willing to take on a larger share of the risk of expenses to keep your premium down, you may want to consider a plan Hi-F, or a plan N.
Most companies will use the attained-age rated (rates based on your current age) system such as Omaha, Anthem, CareFirst, Cigna, Humana, and many others. United Healthcare uses the community-rated (rates are not based on age). There are a few carriers that will use the issue-age rated (rates based on age when plan is first purchased) as well such as Everence.
Senior Commercial and Annuity Specialist, Freedom Brokers, Marion, Carbondale, Harrisburg IL
Who has the best medigap plan? The company that costs you less for exactly the same plan. All 11 medigap plans are standardized, so the coverage is the same. Shop an independent agent; someone who has access to lots of companies, and you will get the most cost effective plan for you. Doing it alone by watching TV ads do not do that. Going to a single line insurance agent will only get you one answer. You would have to find the names for, know what plan, and their qualifications, and rate all the medigap companies to get yourself the best deal.
Leave this one to the independent professionals that have access to lots of companies. We continually are on the hunt for the best rates for our clients. So should your agent.
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If you want to have coverage that creates a predictable expense structure throughout the year, you will want to look at a plan F or a plan G. If you're willing to take on a larger share of the risk of expenses to keep your premium down, you may want to consider a plan Hi-F, or a plan N.
Most companies will use the attained-age rated (rates based on your current age) system such as Omaha, Anthem, CareFirst, Cigna, Humana, and many others. United Healthcare uses the community-rated (rates are not based on age). There are a few carriers that will use the issue-age rated (rates based on age when plan is first purchased) as well such as Everence.
Leave this one to the independent professionals that have access to lots of companies. We continually are on the hunt for the best rates for our clients. So should your agent.