Medigap Plans – How You Can Choose the Right One


Medigap is only for those who have the original Medicare and it cannot be applied to an advantage plan. If you are keen on buying a Medigap plan, here is what you need to know in order to choose the right one.

How to choose the right plan

Consider the types of plans offered: There are a total of 10 plans offered which are identified by letters A, B, C, D, F, G, K, L, M and N. All the plans are standardized and are offered by different companies. The only thing that differs in the plan is their cost and the premium. All plans have the same benefits and they are guaranteed renewable which means that the policy will exist as long as you pay the premium on time. It is ideal to choose a company that has a better history and stability in terms of premiums.

Keep your health in mind: Before you narrow down on a plan, you need to keep your physical health in mind. You are already covered under the original Medicare, but you need to consider what additional coverage you might need. There are different plans offering you the extra cover and you need to choose a plan that is the best fit for your health requirements. When you choose a plan, you need to look for a coverage that is out of the original Medicare plan, only then will you be able to benefit from the same.

Compare the features of the plan: If you look at the comparison chart, you will be able to understand the costs and benefits associated with the same. Some plans cover about 20 percent share of the cost of a doctor visit while some plans cover 20 percent share of the cost of lab tests. There are some deductibles every time you are admitted to a hospital and some also offer coinsurance cost of the hospital stay. There are many other considerations as well. In order to choose the right plan, you will have to consider your personal health conditions and understand what you are looking for in a plan. This will help you understand the comparison and choose the Medigap plans in Texas that are a best fit for you. You need to remember that the Medigap plan will not cover the prescription drugs or dental and other needs which are not covered by the original Medicare plan. Medigap Plan F is one of the most popular plans available currently.

Cost: Cost is an important factor to consider before you invest in a Medigap plan. Most plans cost an average of $183 per month. The premium for any plan will be based on the age, insurance provider and the preexisting conditions. If you buy the policy when you are young, the initial premium will be lower and it will go on to increase as you get older. It is best to ask the insurer the pricing system and understand the same before you buy a policy. This will allow you to be prepared for a higher amount of premium as you age.

It is recommended that you contact the insurance department of your state before you sign up for the policy. Ensure that the insurance provider is licensed by the state and look into their terms and conditions. Changing the policy is a difficult task, hence take your time and understand your needs before going ahead with it.

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