Tips Provided by a Medigap Plan Provider
It’s impossible to have too much knowledge when it comes to comparing and purchasing Medicare supplement plans. MedicareMall has been sorting out plans and advising clients for over twenty years now, and we’re happy to offer a few tips to help you maneuver through the Medicare maze a little more easily.
Concerning Medigap Insurance and Medicare Prescription Drug Plans
- Remember that, while Medicare supplement insurance companies generally have to provide the same coverage for the same plans, these companies apply their own underwriting and pricing policies. This means that what clients pay for the same coverage can vary widely from company to company. As a result, it’s important to compare pricing and underwriting considerations before choosing a plan.
- Some Medicare supplement insurance companies may have pre-existing condition clauses in their policies while others may not. If you previously had “creditable coverage” under another policy, it’s unlikely any pre-existing limitation would apply, but it’s important to know where you stand with regard to any pre-existing condition before choosing a plan.
- Various rate increases can be rolled into certain plans, while other plans will be available at community rates, meaning everyone in the community or state will pay the same rate for the same Medigap plan. Before enrolling in a plan, be sure you know whether you’ll be hit with rate increases due to age or any other factor.
- Always be sure to compare co-payments, coinsurance, and deductibles when choosing a plan. It’s important to factor in your medical history and which services or drugs you’re likely to need in the future when deciding what plan and payment options are best for you.
Concerning Medicare Advantage
- If you decide to enroll in a Medicare Advantage plan, investigate whether it may be to your advantage to drop any Medigap coverage you hold. Although you have a legal right to maintain your Medigap policy after enrolling in a Medicare Advantage plan, your Medigap policy won’t pay any deductibles, co-payments, or other cost-sharing as long as you’re enrolled in Medicare Advantage.
- Be aware of hidden costs associated with Medicare Advantage plans. Many such plans have tricky out-of-pocket expenses seniors don’t plan for.
- Visit medicare.gov, where you can scroll to “search tools,” enter your zip code, and select “compare health plan options in your area.” This is a great way to compare benefits, premiums, and other costs.
Of course, the best tip we can offer is to have a Medicare supplement insurance expert like MedicareMall help you compare plans and make the choices that are best for you. Contact us now and we’ll make it our priority to walk you through the Medicare maze to the health coverage and peace of mind you so richly deserve.