Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Medigap Insurance and other Medicare topics.
When you sit down to compare Medigap plans for the first time it may be confusing, all plans with the same letter provide the same coverage. These plans are labeled with letters from A-N. Different insurance companies however, still will charge different rates for the same plan. When you find one that seems acceptable or have narrowed it down to two or three plans it is wise to check with your state insurance board to see if the companies have had any complaints against them.
If you are starting to compare Medigap plans it is counterintuitive to choose the higher priced plan if you have a lower income but does make sense in the long run. People who have a higher income and can pay part of their medical expenses can take the risk of choosing a policy with lower premiums.
People who have more health problems should compare Medigap plans closely for the extra benefits they may offer. Some health conditions may warrant more tests while others may require skilled care or frequent hospital visits. If you or your spouse presently has a condition or has a genetic predisposition for some conditions take them into consideration when choosing your plan. Another factor to take into consideration is the amount of foreign travel you do or plan to do. Not all Medigap plans cover foreign health costs for emergencies.
Some states offer SELECT plans which are cheaper but only allow you to go to a certain doctor or hospital. It is wise to check and see if your state offers these plans. Also Massachusetts, Minnesota, and Wisconsin have different rules and choices than other states. If you have a Medicare Advantage Plan you will not need a Medigap policy.