Tips to Find The Best Medigap Plan - Save Money - Get Best Coverage
These Tips to Compare Medicare Supplement Plans can help you save money and get the best available Medigap insurance plan.
- Decide which letter plan is best for you.
- Focus on availability in your Zip Code.
- Know how many insurers offer that plan.
- Find the lowest available cost in your Zip Code.
- Request a history of rate increases.
- Work with a local Medicare insurance agent.
- Ask specifically which insurers the agent is appointed with.
The #1 Fact For Seniors Looking For The Best Medicare Plan
Medicare is a national program. But, your Medicare plan options are local. Choices and costs are going to be based specifically on where you live. Possibly right down to your Zip Code.
Your smartest move can be finding a local Medicare insurance agent to speak with. Use the Association’s free directory to find one. Simply type in your Zip Code. No other personal information is needed to access the directory. You’ll see their info. It’s completely private.
Tips To Compare Medicare Supplement Plans
Tip #1. Decide which Medicare Supplement (or Medigap) plan is best for you. Today, it’s also smart to consider Medicare Advantage plans. They are significantly different – each having distinct pros and cons. You may be able to switch in future years. But not always.
Medicare Supplement insurance plans are offered by private insurance companies to cover some of the out-of-pocket costs that Original Medicare does not cover. In most of the 50 States (not all), there are 10 different Medigap plans, labeled with letters A, B, C, D, F, G, K, L, M, and N. Each plan offers a different set of benefits.
– Plan A: This is the most basic Medigap plan and covers only the coinsurance and copayments for Medicare Part A hospital costs up to an additional 365 days after Original Medicare benefits are exhausted and coinsurance or copayment for Medicare Part B services.
– B: This plan covers everything that Plan A covers plus the Part A deductible.
– C: This plan covers everything that Plan B covers plus skilled nursing facility coinsurance and foreign travel emergency coverage.
– D: This plan covers everything that Plan B covers plus skilled nursing facility care coinsurance and Part B deductible.
– F: This is the most comprehensive Medigap plan and covers everything that Plan C covers plus the Part B deductible. Plan F is no longer available to those turning age 65 and new to Medicare.
Compare Medicare Supplement Plans – Plan G Is Today’s Top Choice
– G: This plan covers everything that Plan F covers except for the Part B deductible. This is now the most popular choice among men and women turning age 65.
– K: This plan has lower premiums but higher out-of-pocket costs. It covers everything that Plan A covers at 50%, except for the Part B deductible and excess charges.
– L: This plan is similar to Plan K but with a higher premium and lower out-of-pocket costs. And it covers everything that Plan A covers at 75%, except for the Part B deductible and excess charges.
– M: This plan is similar to Plan D but with lower out-of-pocket costs. Plus it covers everything that Plan A covers plus the Part A deductible and 50% of the Part B deductible.
– N: This plan covers everything that Plan D covers except for the Part B deductible and excess charges. And it also has copayments for some services.
How Many Medigap Plans Are available In Your Zip Code?
The following data shows how many different Medicare Supplement Plan G policies are available for a senior turning age 65. Plans for the specific Zip Code shown. Data compiled May 2023 and subject to change.
The info shows the important reasons to compare Medicare Supplement plans before signing up.
In New York, NY (Zip Code 10012) there are 5 different Plan G plans available.
For Chicago, IL (Zip 60601) there are 39 Plan G plans.
In Dallas, TX (Zip 75001) there are 34 Medigap Plan G plans being offered.
Lastly, Phoenix (Zip 85033). In Phenix there are 34 Medicare Supplement Plan G plans as of May 2023.
Local Agents Best Resource To Compare Medicare Supplement Plans
Here’s a list of insurance companies offering Medigap Plan G plans to a 65-year-old in Chicago. No one insurance agent is going to know all these plans. And, no agent will be able to sell them all. Therefore, you should comparison shop and speak to one or more agents and brokers. A local agent should be on that list.
- AARP Insured by UnitedHealthcare
- Allstate Health Solutions
- Ace Property and Casualty
- Aetna Health Insurance
- Aflac
- Bankers Fidelity
- Blue Cross / Blue Shield
- Cigna National Health
- Capital Life
- Globe Life and Accident
- Guarantee Trust Life
- Humana Insurance Company
- ManhattanLife
- Medico Life and Health
- Nassau Life Insurance
- Omaha Insurance Company
- Sbli Usa Life
- Union Security
How Much Will I Pay For Medicare Supplement Plan G?
That depends on which insurance company you pick. In Chicago a female turning age 65 can find 39 different plans.
The lowest premium available is $108.75-per-month.
Highest available premium for a female turning 65 is $391-per-month.
Available Household discounts ranged from 0% to 15%.
The additional Policy Fee ranged from $0 to $25.
Are you NOW ready to talk to a local Chicago Medicare insurance agent? Or one that’s in your Zip Code. Simply click the highlighted link and enter your Zip Code to access the Association’s free directory.
Who Sells The Most Medicare Supplement Insurance
According to a 2022 report by the American Association for Medicare Supplement Insurance some 14 million Americans are covered by Medicare Supplement (Medigap) insurance. As of December 2020, UnitedHealthcare had over 4.5 million Medicare supplement policyholders. That makes them the largest provider of Medigap policies in the country. Humana had over 1.2 million policyholders. Mutual of Omaha had over 800,000.
It is important to note that market share can fluctuate over time and can vary by state. Additionally, other insurance companies such as Aetna, Cigna, and Blue Cross Blue Shield also offer Medicare supplement insurance policies.
Tips To Get The Best Medigap Insurance Plan
Our website has numerous pages filled with tips. But here are a few things to keep in mind. Ask these questions of all insurance agents you speak to.
- How many years have you been selling Medicare insurance?
- Do you sell both Medicare Supplement and Medicare Advantage plans?
- Where are you physically located (especially when calling a toll-free number)?
- How many Medigap insurers are you appointed with?
- What are the names of the top-3 Medigap insurers you regularly sell?
- Can you provide me with a history of rate increases for the insurer you are recommending?
Here Are Some Extra Medicare Information Resources
Feel free to click on the links to obtain more information about Medicare planning.
Medicare Supplement Agents Brokers Find Local Medigap
Find Directory of Independent Medicare Agents Near Me
Latest Medicare Insurance Information Statistics, Data and More
Find the best Medicare insurance plan information from the American Association for Medicare Supplement Insurance.