Top 10 Things to Know About Medicare Supplement Insurance

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.

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