According to the National Council of aging, there are more than 10,000 citizens across our country who enroll for Medigap plans. The most confusing aspect about having a Medigap policy is, “Why does one need it when they already have a Medicare policy?” The answer to this is simple. Medicare plans do not provide coverage for every medical condition. Hence, you need a Medigap plan that bridges the gap between your Original Medicare plan and costs for medical expenses that are not included in the plan.
There are many private insurance companies that offer the Medigap plans for different medical conditions and lifestyle. The best Medigap plans pay for different costs such as copayments, coinsurance, and deductibles.
Out of the 50 states in the country, 47 provide a medical supplement or standardized Medigap plans divided into ten different sets of benefits. The remaining three states that have different standardized Medigap plans include Massachusetts, Minnesota, and Wisconsin.
Once you decide to buy the best Medigap plan as a supplement for your health insurance policy, how will you decide which Medicare supplement is best for you?
It is ultimately on you to decide what type of medical insurance would suffice your own personal needs and lifestyle. Apart from this, the following circumstances will decide if a Medigap plan may be a good choice.
However, they might not be the best choice if you are in the following situations.
The following three factors will help you to select the best Medigap plans
Knowing your Medigap plan choices
The best Medigap plans come with standard benefit design. These plans are lettered from alphabets A to N. Each letter denotes a particular set of benefits. Out of all the Medigap plans, Plan F is considered to be the most versatile as it covers coinsurance, blood transfusion expenses, deductibles, skilled nursing, and foreign travel due for medical treatment. Plan A offers the most basic coverage where it covers for Medicare part A and part B and blood transfusion for up to three pints.
Narrowing your choices for best Medigap plans
Narrow down your choices through factors such as personal preference, risk tolerance, ability to pay, and lifestyle and travel. Apart from this, the best Medigap plans are rated based on the following.