Medigap Comparison – Three Steps to Getting the Plan You Want

Comparing Medigap plans has gotten increasingly easier with recent advances in technology. The old methodology was contacting the individual companies by phone or otherwise to get quotes, comparisons, etc. However, that has now changed, and comparing the plan online, in an easy, hassle-free way is easier than ever. Here are the steps that you should follow to compare Medigap plans and find the plan you want for a price you can afford:

  1. First and foremost, you must have a basic understanding of how the Medigap plans work. You can obtain the booklet Medicare publishes called “Choosing a Medigap Policy” in a hard copy from a local SS office, from Medicare itself or from an insurance company that sells Medigap plans. Alternatively, you can download a .pdf file of that booklet here: http://www.medicare.gov/publications/pubs/pdf/02110.pdf. This booklet has everything you need to know about Medigap plans (and probably more).The most important things to understand is that the plans are Federally-standardized – every company has to offer the same coverage plans – and that rates vary by age, zip code, gender, tobacco usage, etc., so you must compare specifically for your situation.
  2. Once you understand the standardization of plans, you can easily obtain a Medigap quote comparison online. To do this, make sure that you are judicious in where you request the information. There are hundreds of websites that offer this information, but keep in mind that anything you find online is typically not up to date or accurate. Most companies do not allow their rates to be listed online or published side-by-side with rates from competitors. Typically, you will have to enter some general information (name, age, zip code) to get accurate, up to date information. Some of the websites gather this information and sell to 8-10 agents. Take care to go to an actual brokerage or agency’s website, which will respond to you directly and guard your information. One good way to test this, if it is not mentioned directly on the site, is to see if the site has a “privacy policy” or “terms and conditions”. This way, you can make sure your information goes securely to one agent/agency.
  3. Once you have obtained the Medigap comparison, you can compare to what you are paying currently, if you have a Medigap plan now. If you have, for example, a Plan F, you can compare other Plan F rates to what you are paying now. If you are just turning 65 or going on Medigap, we recommend basing your comparison/decision primarily on the rates offered and secondarily on the rating of the companies offering the plans. Since coverage, claim payments, doctor acceptance, etc. are standardized, it is relatively easy to compare, find the best deal and choose a plan based on that.
  4. Once you find the plan that you want, you can simply enroll. If you are in an open enrollment (turning 65 or just going on Medicare Part B) situation, enrolling is easy and requires no health questions. Likewise, if you are in a “guaranteed issue” situation (i.e. losing employer coverage or some other creditable coverage, moving to a new state), you can get a plan without medical underwriting. If you are NOT in one of these situations, you can still change plans at any time, but you may be subject to medical underwriting.

To get a Medigap comparison from Medicare-Supplement.US, simply fill out the request on our Medigap quotes page – Quotes from Medicare-Supplement.US. You’ll receive a full, customized rate quote comparison by email, with updated rates for your specific situation within a few minutes during business hours. If you have any questions or would prefer to speak to someone by phone, you can reach us at 877.506.3378.

 

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