If you’re covered by a Medicare supplement plan, you’ve taken a big step toward filling the gaps in Original Medicare.
Medigap plans are designed to prepare you for medical uncertainties by giving you coverage you can’t get with Original Medicare alone. Plans vary in what they cover, though all Medicare supplement plans provide a basic set of benefits including:
• Medicare Part B coinsurance or copayments for hospital outpatient services
• your first three pints of blood each year
• Medicare Part A coinsurance for hospice care
• Medicare Part B coinsurance charges for Medicare preventive care
As you may know from shopping around for your current Medigap plan, there can be a great deal of difference between one Medicare supplement plan and another. Some plans pay out fuller benefits, while others rely more on cost-sharing than others. For example, while Medigap Plans K, L, and N require the insured to pay a portion of Part B coinsurance or copayments, other Medigap plans do not. And, while certain Medigap plans stick to covering Medicare-approved costs, others go further and offer limited benefits relating to certain expenses not covered by Medicare.
If you need to compare Medicare supplement plans, MedicareMall.com’s Medigap Plans A-N comparison chart is a great place to visit. But let’s take a moment here to review what some of the various Medigap plans from A to N offer.
Medigap Plan A, the Medicare supplement plan that Medicare supplement insurance companies have to make available to all Medicare-eligible individuals, offers the lowest level of benefits among Medicare supplement plans.
Plans B to N add varying levels of coverage on top of that. If your goal in selecting your current Medigap plan was to eliminate most out-of-pocket medical and hospital costs, there’s a good chance you chose Plan G or, even more likely, Plan F.
Plan F is designed to fill all the high-risk gaps in basic Medicare coverage, leaving you worry-free about having to pay any out-of-pocket payments for any Medicare-approved hospital or medical costs including deductibles, copayments, and coinsurance charges. Plan F covers all Medicare-approved costs not covered by Medicare Part A and Medicare Part B.
Let’s assume you’re currently enrolled in a Medicare supplement plan that provides the level of coverage you want.
Does that mean your search is over?
It may. Or it may not. Finding the Medigap plan that’s right for you is one thing. Finding it at the best possible price is another.
While insurance companies have no control over what the various Medigap plans cover, they’re free to set premiums according to their own practices. As a result, different companies will quote different prices for the same Medigap insurance plan—and the difference in price can be substantial. You can easily overpay for a Medicare supplement plan by $1,000 or more a year if you’re not careful.
How can I find out if I’ve got the best Medigap rate?
It’s easy. Without giving up your current plan, you can check the lowest rates for your current plan and any other Medigap plan available in your area. There’s no risk in doing so and no obligation to change. If you learn you’ve already got the best rate, you can rest easy. And if you learn you’re paying too much for your current coverage and can get the same Medigap protection for less, you’ll be in a great position to start saving money.
To find out whether you’ve got the best rate for your Medicare supplement plan, simply visit MedicareMall’s Medicare Supplement Insurance and Medicare Plan Quotefinder. When you’re there:
1. Under “My Profile,” select “Medicare Supplement Plan” in order to receive the latest Medicare supplement plan information. Then enter your zip code, date of birth, and gender, and indicate whether you’re a tobacco user or not. Nonsmokers can usually expect lower quotes and rates than smokers.
After providing or confirming the name of your county, click “Next.”
2. Enter your first and last names along with your telephone number and the email address you’d like information to be sent to. Click “Next.”
After submitting your contact information, you’ll see a message indicating that the rate information you’ve requested has been emailed to you.
3. Go to your email “inbox,” open the email you’ve received from MedicareMall (titled “Your Quote Request”), click as indicated to view the rates you’ve requested, and instantly you’ll find rates offered by the leading companies for all the Medicare supplement plans available in your area.
Could that be much easier?
But I already have Medigap. Can it really help me to compare rates now?
Only if you’re interested in saving money!
You aren’t locked into your current Medicare supplement plan for life, and you’re absolutely free to look for lower rates and to apply for new Medigap coverage.
If you decide to apply for new coverage, your application cannot be rejected if you’re still in the first six months of enrollment in your current Medigap plan. You can’t be turned down if you’re interested in buying a newer version of your old plan, either. You won’t need a medical review if either of these circumstances applies to you.
If you choose to change your Medigap coverage at any other time, you’re still free to apply for a new Medigap policy. Your case may be subject to medical review, however, and your application may be rejected if you don’t meet medical underwriting requirements.
Whatever your situation, there’s no risk and no obligation in finding out whether you’ve got the best Medigap rate, so go ahead and check! If you do, you may learn:
• A 65-year-old male non-smoker living in the Dallas-Fort Worth area will pay anywhere from $102.65 to $211 per month for Medgap Plan A.
• A 68-year-old male living in the Dallas-Fort Worth area will pay from $99.63 to $223 per month for Plan A coverage, depending on the insurance company.
Whatever your age, which would you rather pay—about $100 a month or more than double that?
I thought so.
You may also find that:
• A 66-year-old female nonsmoker in Tulsa could pay as little as $115.51 for Medicare Supplement Plan C or as little as $92.94 for Medicare Supplement Plan D. Of course, some companies charge higher rates.
• A 67-year-old male nonsmoker in Tulsa can pay as little as $126.16 a month for Plan F coverage, while a 66-year-old female nonsmoker can pay as little as $117.41.
• A 68-year-old nonsmoking male in Dallas-Fort Worth can receive Plan N coverage for as little as $91.80 a month, while a 66-year-old nonsmoking female in Tulsa can pay as little as $79.
Are your current Medigap rates that low?
If they are, you’ve probably made a good choice. But if you’re paying more—or if you just want to see whether your current Medigap rate is the best one—visit MedicareMall.com’s quotefinder and see how much money you may be able to save.
For any information about Medicare supplement insurance, why not give MedicareMall a call today?
Have you compared Medigap rates in your area? Let us know what you found out!
Find Out If You’ve Got the Best Medigap Rate© 2013 MedicareMall.com