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In this Medicare video CoverRight CEO, Richard Chan discusses How to select the best Medicare Supplement Plans (also known as ‘Medigap’ plans).
Richard reviews how best is defined when it comes to Medigap plans. (hint in most cases it comes down to price).
- Some people consider Medicare Supplement Plans as the best option for their healthcare because the plans provide “Cadillac” coverage. There is very little they don’t cover so once you pay your premium most other costs are covered. Many people choose Medigap plans to prevent surprise healthcare expenses at the point of service.
- It is worth noting that Medicare Supplement plans are offered by private insurance companies but must follow government direction so that all plans of a specific type provide the same coverage.
- If you plan to enroll in a Medicare Supplement plan it is important to sign up during your IEP or in the first 6 months after you enroll in Medicare Part B whichever comes first. This is your guarantee issue period when insurance companies must sell you a policy. It is a special window where you can’t be denied a policy. (see our video on this topic for a deeper discussion.) If you miss this window you can still enroll in a Medicare Supplement plan but the insurance companies might charge you a higher rate and/or ask you medical questions which can lead to them refusing to issue a policy.
- All supplement plans provide the same coverage based on the plan code. To select the best supplement plan you are basically shopping for price in your geographic area. Of course, if you have a preference for an insurance company you can choose their plan but we recommend sticking to one of the lowest-cost plans.
- The two most common Medicare Supplement plans are plan G & plan N. In this video we explain the differences between the two plan types and the coverage they provide.
If you have additional questions about choosing the best Medicare Supplement plan or want to speak with someone about your specific Medicare situation contact us.
