Let’s walk through the “Top 10 Things to Know About Medicare Supplement Insurance Policies”:
Number 1: Guaranteed Renewable.
As long as you pay the premiums, a Medigap policy is guaranteed to stay active with the same benefits and coverage. Your Medigap policy cannot be cancelled for your health status - or for any other reason - at ANY time.
Number 2: Not Subject to Medicare Enrollment Periods.
With Medigap, you can enroll at any time and switch plans at any time.
Number 3: No Networks.
Medigap coverage is good in all 50 states, which means you can see the doctor of YOUR choice. It also makes domestic travel a breeze, so it’s great for snowbirds and those who travel across states lines to visit family and friends. Some plans also cover foreign travel.
Number 4: Plan Options are standardized.
Medigap plans are standardized under federal and state laws. Insurance companies must offer the same basic benefits for the same Medigap plan. A Plan G from one carrier is the SAME as a Plan G from a different carrier. Standardization makes it easy to comparison shop for the right coverage at the best price.
Number 5: No Surprises.
With a Medigap policy, it’s easier to budget for medical expenses because there are no surprises! Medigap plan options include: plans with $0 out-of-pocket costs/expenses; and plans with a small deductible and/or co-payments. For Medicare beneficiaries on a fixed income, this is great news.
Number 6: No Paperwork.
With Medicare Supplement Insurance, claims are automatically filed by your provider. You can enroll in a Medigap plan online OR over the phone, with no signature required. You don’t have to do ANY paperwork, which makes enrollment hassle-free!
Number 7: Plan F Changes in 2020.
Starting January 1st, 2020, Medigap Plan F will no longer be available to new Medicare beneficiaries. If you’re on/eligible for Medicare prior to 2020, you may want to look at new Plan F options with lower rates.
Number 8: Most Popular Plans.
Medigap Plan G and Medigap Plan N are quickly becoming the 2 most popular options, due to pricing and flexibility of coverage.
Number 9: Find a Medigap Specialist.
Medigap policies are sold by more than 50 companies nationwide. Find a licensed Medigap specialist who works with all companies. This will give you access to multiple plan options and ensure you’re getting the lowest rates available in your area.
Number 10: Household Discounts.
Many carriers offer a variety of discounts to help you save money on your Medigap coverage. Even if your spouse has another carrier - or isn’t on Medicare - household discounts are still available. Discounts typically vary by company with some offering up to 12% savings.