Every year, approximately 10 million seniors supplement their Medicare with a Medicare Supplement Insurance (Medigap) Plan. They want to handle all of the health care expenses that traditional Medicare just doesn’t cover. Many of these beneficiaries don’t realize that they are paying too much for their Medigap Plan, though.
One of the biggest problems is the variability of premiums set by insurance companies. Although the benefits of Medigap Plans are standardized, insurance companies can sell a plan for whatever price they can get.
State regulators allow insurers to price Medigap Plans based on the insurance company’s expenses and medical costs. If you get Medigap Plan F, for example, you could pay as little as $3,654 or as much as $5,419. There’s no difference in coverage, but someone is getting it for almost $2,000 less a year than someone else.
One of the best ways to protect yourself and your money is to compare prices from several leading insurers before you apply. We’ve made it quick and easy to compare your choices with instant quotes on our site. If you have questions about the different types of Medigap Plans, we can assign one of our Medicare Supplement experts to help you match your needs to the available plans in your area.