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Medigap Insurance Plan Guide
Medigap also known as Medicare Supplemental Insurance Plans, are 10 different, government regulated insurance policies that were put in place to fill in the gaps of coverage left by enrollment in Medicare Part A and Medicare Part B alone. These 10 standardized insurance policies are labeled Plan A through Plan L are regulated by the federal government and sold through private insurance companies. Coverage for all 10 plans remains the same no matter who they are purchased through; Medigap Plan F sold in one state offers the same exact coverage as Medigap Plan F in another state.
Every private insurance company that offers Medigap Plans for sale must offer the exact same levels of coverage between plans. Even though the coverage is the exact same no matter who it is purchased from the premium may be different. This is one of the reasons it is crucial to work with a Medigap insurance broker when looking at coverage and comparing Medigap rates. Private insurers compete against one another based solely on factors other than coverage including customer service, monthly premiums, and features that they find to be important.
Participants should have a clear understanding of each of the 10 different Medigap Policies that are available. Enrollees should compare Medigap Plans and rates before selecting the one that best suits their budget, lifestyle, and health. After a plan preference has been chosen they should then check with to see with Medigap carrier offers the combination of premiums and features that fit their wants and needs.
Costs of Medigap Insurance Plans
A premium is paid monthly to continue enrollment in Medigap Plans. This premium is paid directly to the insurance company that is providing the Medigap Supplement Plan. There are 10 different plans to choose from. Medigap Plan A through Medigap Plan L can each be purchased from private insurers that are chosen to participate in Medicare by the federal government, based on what they feel best suits their needs.
Medigap Insurance Plan Premiums
Medigap Plans are standardized. They are set up in a manner that would have participants assume the monthly premium between insurance companies would be consistent. This is however, not the case at all. Variations between premiums upwards of 65% can be found between private insurance companies.
The differences in costs between insurance companies differ due to difference in insurers including:
Medigap enrollees should be diligent when comparing Medigap plan options, premiums, and private insurance companies offering the plan they wish to enroll in.FREE Medigap Supplemental Insurance Quotes Online.