Medicare Supplemental Insurance Plans
Medicare Supplemental Insurance Plans, Medigap, are health insurance policies that cover the gaps in Medicare Part A and Medicare Part B insurance plans. There are 10 standardized Medicare Supplemental Insurance Plans, labeled Plan A through Plan L regulated by the government. Private insurance companies that are not officially connected to the governmental Medicare Program sell the various Medigap policies to Medicare Part A and Medicare Part B participants.
Each private insurance company that offers Medicare Supplemental Insurance Plans for sale must offer the same coverage levels; competing against one another solely based on customer service, monthly premiums, and features that are important to them.
It is important to have a clear understanding of the different plans available. Participants should compare Medicare Supplemental Insurance Plans before selecting the one that best suits their personal budget, lifestyle, and health. Once participants have a plan preference they should check with Medigap carriers to see which ones offer a combination of premiums and other features, such as pre-existing coverage that fit their wants and needs.
Costs of Medicare Supplemental Insurance Plans
Premiums are the monthly payment that enrollees pay is referred to as a premium. This is paid for on a monthly basis directly to the insurance company that is providing the supplemental plan. Participants must choose from 10 Medigap Plans. Medicare Supplemental Insurance Plan A through Plan L can be purchase from private insurance companies based on what they feel best suits their needs.
Medicare Supplemental Insurance Plan Premiums
With the standardized manner that Medigap plans are set up participants assume that the plans premiums would be consistent between insurance companies. This is not the case at all. Variations in the cost of premiums can be found upwards of 65%. The differences in costs between insurance companies differ due to differences in insurers including:
Enrollees should be diligent when comparing Medicare Supplemental Insurance Plan options, premiums, and private insurance companies offering the plan option they desire.