WEDNESDAY, JULY 20, 2016
Which medicare supplement plan is best for me?
Medicare Supplement Plans or Medicare Supplement Insurance is also known as Medigap Insurance or Medigap plans. These terms are used interchangeably. The first thing you need to understand about medicare supplement plans is that all plans are "standardized". That means that all Medigap plans are the same or have the same coverage and must follow federal and state laws. For example, a Medigap plan F offered by Insurance Company A has the same exact coverage and works the same way as a Medigap plan F offered by Insurance Company B, the only difference is the monthly premium between the two insurance companies.
These Medigap plans are identified in most states by letters A,B,C,D,F,G,K,L,M,and N. The most popular Medigap plan by far is Plan F. It is the most expensive but not necessary the best value plan for you. Plan F is the most expensive because it provides "first dollar coverage", which simply means that the policy holder does not incur an upfront cost after an approved claim is made and benefit coverage starts.
When you try to determine which medicare supplement plan is best for you, don't let coverage be the deciding factor but rather asses which is the best value plan in terms of monthly premium cost. The reason you want to consider the value you get for the coverage is because every insurance carrier that offers those Medigap plans will assess a percentage increase in monthly premiums on an annual basis. Each insurance company reserves the right to increase or not their premium rates on a yearly basis. Not all insurance companies will assess rate increases every year. So, it's very important to be able to shop among all the top rated insurance companies in your area.
If you have questions about which medicare supplement plan works best for you, please contact Medicareline Insurance directly at (719) 360-2795, go online at www.medicareline.org and fill out and submit a contact form or simply e-mail me at john@medicareline.org
Article provided by John A. Balota, Owner of Medicareline Insurance
Posted 6:06 PM
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