Most Medicare beneficiaries who have Medicare Supplement Insurance (or Medigap) pay more than they need to because they didn’t compare rates. The truth is, Medicare Supplemental Insurance plans have standardized benefits, but the prices vary widely. While several companies may offer Medigap Plan F, for instance, they can all charge different premiums for it.
Shopping around could save you hundreds, if not thousands, of dollars per year. This year, you may also want to check out the new Medigap Plans with the letters M and N. Both plans have lower premiums than some of the other choices.
There are 10 Medicare Supplement Insurance plans and they all provide different combinations of benefits. Depending on your situation, more or less coverage may work for you. So far, Medigap Plan F, has been the most popular because it offers more benefits. That comes at a price, though. Now that Medicare is picking up all of the cost for preventive health care, Plan G may be all you need and may help you save on premiums.
You can learn more about the 10 Medigap Plans here with our educational resources. If you have questions, just call and ask for a free confidential consultation. We’ll show you the plans available for your area, discuss their benefits, and find the low-cost options by comparing rates from various insurance companies. Also, feel free to join us for our live Question and Answer Telephone Seminar. You may sign up – at no cost – here on our site.
Jim McFadden has over 11 years of executive-level experience in the health insurance industry, is a youth baseball, softball and football coach, and has one of the worst fantasy football records in the world.