Health insurance can be incredibly helpful not only when it comes to keeping you healthy, but also in helping you save on healthcare-related costs. It is important for everyone, but certainly becomes more important as you get older.
While individuals over 65 can be covered by Medicare, the coverage does have some gaps. In an effort to fill these gaps, individuals can get Medicare Supplement health insurance, which is also known as Medigap. However, with so many different options, it becomes quite important to be able to compare one plan to another.
With that in mind, this article is going to go over some tips on how to compare Medicare Supplement plans to ensure you find the best one for your needs.
Know the Standardized Options
If you want to get a Medicare Supplement plan, you have a couple of choices to become familiar with. The policies are identified by letters, which include A, B, C, D, F, G, K, L, M, N. However, it is important to note that plans C and F are no longer available to those who are new to Medicare as of 2020.
Each of these plans features different benefits and coverage, so no matter your needs and preferences, finding a plan that works for you will be possible. Be sure to go through each lettered plan and read up on if it makes sense for you.
These plans are all standardized, so they include the same things no matter which provider you have or state you are in. So no matter where you are, Plan A is Plan A. All of the plans offer the basics, but each lettered plan will differ when it comes to the extras that are included.
Of course, in order to truly compare which plan is best for you, you need to evaluate your needs. Everyone is different, so simply because a plan works for your friend doesn’t mean it will work for you. The choice you make will depend on things like how often you visit the doctor, any ailments you are currently dealing with and even your budget.
Don’t only think about your needs right this second, either. You should also think about your needs over the next few months. For example, if you plan on travelling, you will likely want a plan that has you covered in the case of an emergency when you are gone.
In addition to each standardized option having different inclusions and exclusions, they also have different costs. Plans that offer more coverage or benefits, will generally come along with higher costs to account for the better coverage. Also, the makeup of the costs can also differ. Some plans might have larger deductibles but smaller premiums, while others will be the opposite.
Also, while the options are standardized and all cover the same things, this doesn’t mean the same plan will always cost the same. Different providers can (and often will) include different costs for the plans. So before you simply go with the first option you see that seems okay, be sure to compare the costs between plans and providers, to ensure you end up with a cost you are comfortable with and can handle.
Being able to compare Medicare Supplement insurance plans will make sure that you are able to find the exact plan that works for you. While Medigap plans are standardized, you still need to compare costs, know which each option includes and be aware of your own needs in order to find the right plan.