Medigap: How to Select the Right Plan

Simple steps to choosing a Medicare Supplement plan

by Ray Wilson+ on Jan 10, 2018 | 2 Comments

There are many lettered Medigap policies to choose from but how do you choose the right Medicare Supplement policy for you? We’re here to help.

This article was updated on January 10, 2018

 


Tip #1: Focus on the Plan Benefits First

Since all Medigap plans are standardized, the first thing you need to do is select the right plan for you.

Remember:  Each insurance company has to offer the exact same benefits for the same lettered plan (but not at the same price). For example, Medigap Plan A benefits from Blue Shield ARE EXACTLY THE SAME as Medigap Plan A benefits from United Healthcare. So pick which plan you want first and worry about the specific insurance company later.

Tip #2: Focus on Price Second

Yes, price is important. You want to make sure you best price

  • Since all plans with the same letter are identical, usually the lowest priced plan is best. Yes, we said it, the company that offers your desired plan at the cheapest price is usually the best.

  • We said “usually” above. See tip #3 before you pull the trigger.

  • Don’t get caught up worrying about Community-Rated vs Age-Attained pricing. Every insurance company tends to raise prices as you get older.

Tip #3: Focus on the Insurance Company Last

Just because we say focus on the company last doesn’t mean it’s not important. A company’s value, however, maybe for different than you think

  • What is the company’s history of increasing prices as you get older? Some insurance companies increase prices dramatically as you age while others don’t. If a company offers the lowest cost at purchase but increases it more than their competition over time, you should probably skip it.

  • Does the company offer discounts to new members, or for setting up auto-payment, or for signing up with your spouse? These are not often publicized but could save you a lot of money. Ask us which companies have the best discounts before applying. 

Hope that helps.  If you need help selecting the right plan, call the number above or click here to get a Medigap quote and enroll today.

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Reader Comments and Questions

(Click here to leave a comment)

By Jeanette on February 26, 2019

I need the best supplemental coverage I can get. I am 71 and have no senior care insurance and I do not have vision or hearing and dental on my current Blue Cross plan at 217. month. Just went up from 197.

Hi Jeanette,
The fastest way to find out about Medigap Plans (Medicare supplement) and enroll is to just call us at 800-930-7956. We would love to help you!

-Michelle from Senior65.com


By David McIntosh on January 08, 2018

Now that open enrollment is over and Medigap plans are firmed up for 2018, I would like to ask if a person can keep the same PLAN but change insurance COMPANIES? For example, I have Plan G with Medico Ins. Co. Is it possible for me to now keep my Plan G coverage, but through a different insurance company?

Please advise.

David
Thanks for the question. You are always allowed to switch Medigap insurance providers at any time. You will, however, have to answer Medical questions if you chose to switch outside your 6 month initial enrollment timeline.

Those living in certain states with guaranteed issuance laws such as CA, OR, NY, CT and MN or individuals with special enrollment situations are allowed to switch at certain times without health review.

Give us a call if you would like to switch plans
-Chris from Senior65.com



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