The Finance of Longevity

Comparing Medigap Plans – 5 Tips to Find the Best Option

Filling the gaps

by Leandro Mueller

Mr. Mueller is online content director for, a Medicare Supplement insurance agency.

Original Medicare (Medicare Parts A and B) is helpful in paying your hospital and medical expenses up to a certain point. After that, you will have to shoulder the rest of the expenses associated with the care you need.

To protect yourself from the gaps of Original Medicare, you can purchase a Medigap plan also known as Medicare Supplement Plan and Medicare Supplemental Insurance. Since you will have to choose from ten standardized plans, it is important to compare Medigap plans and find the best option for you.

5 Helpful Tips to Compare Medigap Plans and Find the Best Plan

We understands that you might already find Medicare confusing, but Medigap Plans is no different. With that in mind, here are five tips to help you compare and find the best Medigap plan.

Tip # 1: Be wary of the price
Medigap Plans are standardized, which means the benefits covered by ten different Medigap Plans are the same no matter which insurance companies you get your policy. The difference is that the Medicare supplemental cost varies in different insurance providers. Plan F can be cheaper in some companies and expensive to others, yet the benefits it provides are the same. If you think about it, choosing the most expensive price of Plan F (or any other letters of Medigap) is not practical and wise because it is possible to get it at a cheaper rate and enjoy the same coverage.

To find the best Medigap Plan, compare the prices offered by various insurance companies. Today, it is much easier to do this with the use of internet and technology. Medigap quotes are one of the ways to check the prices of different companies. It will help you find which companies offer Medigap plans at reasonable prices.

Tip #2: Educate Yourself
Buying a Medigap Plan is a major and highly personal decision. Having an in-depth understanding of plans is important to help you find the one that will best suit your needs. Study the ten standardized Medicare Supplement plans using a comparison chart. That way you can easily see the overview of what each plan covers.

Besides the initial price; you’ll have to know and understand how the company’s premiums will increase with age. Of course, by doing your part of the research, you’ll also be able to find a reputable company to buy a policy.

Medigap Plans are standardized, which means the benefits covered by ten different Medigap Plans are the same no matter which insurance companies you get your policy

On the other hand, scammers are everywhere, and you are not exempted from the possibilities of being scammed. Having the right information and knowledge can also protect you from the plausible tactics of those scammers.

Tip #3: Know your needs
Do you often travel abroad? Then 1 of 6 Medigap plans that cover foreign emergency care might be right for you. Consider your needs in comparing and choosing Medigap Plans. Other possible needs that you might want to consider are the frequency of visiting doctors, hospital and other medical services, budget, and health status. Knowing your needs will help you choose the best plan.

Tip #4: Opt for a comprehensive plan
Consider a comprehensive plan if you frequently visit the doctor’s office or often requires hospitalization and other medical services. Plans like C, F, and G, might be the best option for those with chronic illness. Comprehensive plans have expensive premiums but cheaper option compared to the out-of-pocket expenses that you will have to shoulder without it.

Tip #5: Want to afford a comprehensive plan?
If you are thinking you can’t afford to get a Plan F, which is the most comprehensive plan, then look again. Aside from searching for an insurance company with a lower price, consider also a different version of the plan.

Plan F

There is a Plan F High Deductible or, if available in your area, Plan F Select. In High Deductible option for Medigap Plan F, you must pay the first $2,240 in 2018 deductibles, copayments, and coinsurance not paid by Medicare before the Medigap policy pays anything. You must also pay a separate deductible ($250 per year) for foreign travel emergency services. Plan F Select, on the other hand, may require you to use a network of providers. Both types of Plan provides the same coverage as the original Plan F but for lesser premiums.

You can also consider another comprehensive plan such as Medigap Plan G. Its only difference from Plan F is that it doesn’t cover Part B deductible. The annual Medicare Part B deductible for 2018 is $183. Once you meet the amount of Part B deductible, Plan G will be like Plan F regarding coverage. Of course, it is cheaper than Plan F.

The decision to get a Medigap Plan is a highly personal choice. Take time to sit and compare plans to avoid wasting time and money because of a wrong choice of plan.