Medicare doesn’t cover all of your medical needs, so learning the ABCs of selecting a Medicare Supplement plan is essential to having access to complete healthcare coverage. With so many Medigap supplement plans out there, it can be sometimes difficult to know which one to choose.
Lucky for you, we’ve come up with a plan that will help you choose the right supplement plan for your Medicare program. It’s just as simple as knowing the alphabet!
ABCs of Selecting a Medigap Insurance Plan
A – Awareness
In order to understand what your Medicare Supplement plan is truly offering you, you first need to be aware of what your basic Medicare is giving you. Study your Medicare plan, and be aware of its limitations. Educating yourself can help properly assess all your options. Knowing what Medicare doesn’t cover is crucial.
B- Big Picture Thinking
Don’t put off thinking about your overall health care. Many people make the mistake of thinking that Medicare will be enough. Most don’t realize what an impact it will have on their overall lifestyle if they limit themselves to only basic health care. Make sure you see the big picture of quality for the rest of your life when thinking about Medicare supplemental health care.
C- Collect Information
This one may feel like a huge chore, but collecting information is relatively simple. Medigap plans are not as complicated as traditional health care plans.
They can all be used anywhere that a provider accepts Medicare patients, and all plans are standardized. In fact, there are only 10 plans on the market, labeled with letters from A to N. Just like this Medicare supplement alphabet guide!
This means that Medicare Plan F from one insurance company will have the exact same coverage as Plan F from another insurance company. On this basic level, collecting information is simple.
D- Dive Deeper
Once you’ve collected information on plans A through N, it’s time to really delve deeper into what each plan covers. The easiest way to keep these straight is to create a spreadsheet that lists the coverage for each plan.
Label the plan types at the top and have each row be a separate coverage option. This will lay out all the coverage in a comparative manner so that you may see right in front of you what is covered in each plan. Click here for an example of a Medicare Supplement coverage chart, or spreadsheet.
Only you will truly have a mental picture of what your overall health looks like for the future. Think about the things that are most important to you and the kind of healthy lifestyle you want to lead.
There’s bound to be one or two benefits you’re not sure you need. Once you’ve evaluated your basic needs, it’s time to research the out-of-pocket cost. Compare the cost of the coverage to your current coverage costs. This will help determine whether it’s financially better to expand your coverage or take the risk.
G- Guaranteed Issue
Find out if you’re granted Medicare Supplement guaranteed issue rights. This will help you avoid any medical questions upon enrolling. You’re usually given these rights during your Open Enrollment Period. You can learn about the different types of Medicare enrollment periods here.
H- Hone Down
Hone down your selections so that you are down to one or two options. It’s time to make a choice for your health care plan! Choose which plan you want based on the benefits and what you believe your health care needs are.
Now that you know exactly what plan you are looking for, you are equipped with the information you need to investigate competing companies. Remember, the coverage will be the same no matter which company you choose.
What you are looking for now is a company that you can trust and afford. Compare the top Medicare Supplement companies for 2018 here.
Let’s look at cost first. When you’ve found out the cost of your plan through multiple companies, try to figure out what amount you can justify paying for your desired coverage.
Come up with a range that works for you, so that you can weigh the best company with the best pricing.
K- Know Who You’re Working With
This may be the most important determining factor when comparing at apples to apples through different companies. You want to make sure that the company is reputable and follows through.
Reading customer reviews, speaking with representatives from the company, and talking to providers that the company works with are all great ways to do a little research on the companies you are comparing.
L- Let’s Choose!
Now that you followed all of the steps, you can be confident that you are choosing the right company. Make your final decision for your Medicare Supplement Plan.
M- Make Contact
Now it’s time to contact a Medicare Supplement agent. They can help confirm your research and get you started with the enrollment process.
N- No Worries
Now that you’ve learned the ABCs of selecting a Medicare Supplement plan, you don’t have to worry about the quality of your health for some time! Keep up on your regular appointments and keep living a happy healthy lifestyle.
Want to Skip the Research?
Let us to the work for you! Compare Medigap rates online by completing our rate form. Or you can call us at the number above to speak to a licensed agent. Our agents have tons of experience and are ready to help you now.