5 Considerations for Choosing a Medigap Insurance Plan
Choosing a Medigap Insurance Plan can sometimes feel like a shot in the dark, but it shouldn’t be. With 12 separate Medicare Supplement Insurance Plans, it can be difficult to figure how to go about choosing one. There are certain considerations to take into account when deciding on one of these plans and today we will address some of those considerations.
Before choosing a Medigap Insurance Plan you should consider:
Coverage options– Depending on your health condition, your coverage needs could require either a very comprehensive Medigap plan or minimal coverage.
Costs– There are many costs associated with health care and senior health insurance is no different. Medigap plans come with monthly premiums, but these premiums usually compensate with co-payments and deductibles. You should factor in how much you’re willing to pay for health insurance and the amount of out-of-pocket expenses you may incur.
Doctors-If you’re deciding between a Medicare Supplement Plan and a Medicare Advantage Plan, your doctor preference is a very important consideration. Sometimes Medicare Advantage Plans will have provider lists designating you to a certain doctor. Medicare Supplement Insurance Plans give you the most options for doctors.
Travel– Do you have a travel bug? If you tend to travel frequently, you may need to consider a Medigap Insurance plan that will cover you if something were to happen outside of the country. Six of the standardized plans include what’s referred to as foreign travel emergency.
Rate Increases– Unfortunately some Medicare Supplement Insurance companies will offer a seemingly low rate, but up the ante after a few years. If there is a particular company from which you would like to purchase Medigap Insurance, check their rate history. Or better yet ask an expert about companies they’ve dealt with in the past and which ones are prone to doing this.
To get more information about Medicare Supplement Insurance plans, talk to one of our Medigap plan representatives today or use our instant quote below.