Comparing Medicare Supplement Plans is simply the best way to thoroughly ensure that you have the lowest priced Medicare Supplement Policy that is available to you when you are on Medicare - over age 65.
When starting your search for a Medigap Insurance Plan, you should read through Medicare guides--you should receive a "Choosing a Medigap Policy" guide by Medicare when you first turn 65, and if you don't remember getting one, you can call Medicare directly at 1-800-MEDICARE.
Once you feel that you have a decent understanding of supplemental Medicare insurance, the plans that are offered, and how coverage works, it is time that you start the process of selecting the policy you want, and from which company you will get it through.
One of the best resources you can use to your advantage when looking for a Medicare Supplemental Insurance plan is an independent insurance broker. By starting with a broker, you will have unbiased advise and plan recommendations--as opposed to a "captive agent" who will only work for one company and can only sell you one policy. Broker's are generally compensated by commission, so they will want to sell you a policy, but they usually have your best interest at mind and will do what it takes to make you happy.
The most popular supplement plans are by far the Plan F, Plan G, and Plan N. Although there are really a total of 10 Medicare Gap Policies, the three mentioned are the most popular and account for over 90% of all Medicare Supplement sales. The Plan F has the highest level of coverage, and many senior citizens call it the "Cadillac" plan. Plan G is sort of in the middle (although very similar in coverage to Plan F besides a small deductible. Plan G has the best level of value. Plan N is one of the cheapest Medicare Supplement Plans, and due it it being cheaper, it also covers less benefits. Depending on your comfort level, one of these plans is sure to be suitable for you. Comparing Medicare supplement rates on all of these policies will ensure that you pick something in your price range, and are also not overpaying for a plan that could get elsewhere for cheaper.
Most senior citizens on Medicare are often overwhelmed by all of the numerous options that are available to them. Many people unfortunately end up choosing the "wrong" type of insurance plan because they simple were not aware of a more suitable type of coverage. Medicare does not do a good job of helping people age 65+ to understand what is available to them, therefore they are "in the dark". Doing your research will definitely pay off and help you to make sure all of your insurance needs are met.
Medigap (aka supplement) is a specific type of insurance designed by the centers of Medicare & Medicaid Services to reduce or even eliminate the large gaps that is left y the standard Medicare Part A & B coverage that most senior citizens have after turning age 65.
The best time to enroll in one of these types of insurance plans is generally when you are about 3 months away from turning 65. This will ensure adequate time to get the plan signed up, have your ID cards in the mail, and have your doctor's picked out. Although with Medigap insurance you can visit any doctor or hospital that accepts Medicare.
Keeping in mind all of these considerations when you are turning 65 will help you make the most out of your healthcare, golden age, and retirement future!
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