For many seniors across the country, trying to choose the best Medigap Plan can be a challenging decision. There are so many different options, and many seniors (or disabled people) find it overwhelming to pick one that suits them best.
Let’s start with some of the basics: Medicare “Gaps” Insurance plans are developed by Medicare. This means that all Medicare or Medigap plans are required by law to provide the same coverage and benefits compared to different companies. Simply put – all companies offer the same exact plans, the only difference is the price.
There are currently a total of ten (10) complementary Medicare plans. These plans are built in a letter system ranging from Plan A to Plan N. There is really no reason why they are so labeled, it is just to make it easier to compare like plans to different Medicare advantage or Medigap insurance firms.
Below are some of the brief details about the different Medicare plans available in the market today. This will give you a good idea of which plans are recommended and most frequently purchased by people like you. Although there are a total of 10 plans on the market, most of the plans are so similar in terms of cost and coverage that it makes sense to look at plans that are more diverse while maintaining a good coverage.
In general, one of the most popular Medicare plans nationwide is the Medicare Advantage Plan F. This particular policy covers 100% of the large gaps of Medicare. There are no additional payments, no deductibles and virtually no expenses out-of-pocket.
However, one plan that has received much attention from older people recently is Medicare Advantage Plan G. This policy indeed works like Plan F, though it requires you to deduct the annual Medicare Part B deductible ($ 140 in 2012). This plan can be very beneficial as it is generally much lower than Plan F (sometimes up to 20% cheaper).
The third option is the Medicare Advantage Plan N. It is also heavily bought by seniors who signed up for Medicare. This particular policy is often one of the cheapest Medigap plans, and also offers less coverage than the other two plans above. Medigap Plan N demands that policy holders pay the annual deductible on Medicare Part B, such as Plan G. However, policyholders will also have to pay $ 20 for doctor visits and up to $ 50 for emergency visits. This would be waived if the patient is admitted to hospital.
Overall, Medicare Advantage Plan F, G and N are the three most popular plans on the market. With the economic situation, most people are looking for good coverage at an affordable price. In such situation, Medigap Advantage Plan G is often the recommended choice.
Peradventure you are interested in comparing prices for Medigap Insurance, be advised that you consult an independent insurance broker whose specialty is Medicare Insurance. Brokers have the opportunity to offer plans through many different insurance companies, to get you the best prices in your area.