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.
- The majority of all people who purchase a Medigap plan select Plan F or G. Medigap Plan F is the most comprehensive while Plan G often has the best price value.
- See our Senior65.com articles that go over the benefits of each plan
- Call one of our licensed agents if you need help deciding.
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 Aetna. 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.