I’ve received many questions lately about choosing your supplement plan. So today I want to quickly go over what supplemental plans are and what you should consider with comparing plans.
Supplement medical insurance (also called Medigap) is a policy that pays for some health care costs (GAPS) that Original Medicare doesn’t cover like copayments, coinsurance, and deductibles. Medicare usually pays 80% of the approved charges and you’re responsible for the remaining 20%.
Insurance companies may charge different premiums for the EXACT same supplement coverage. Please know that the benefits are the same in whatever plan or insurance company you choose. But, the premiums vary widely and the service you receive may differ.
When you look at supplement plans you should first pick the letter of the plan that works best for you, then decide which company to go with based on the premium price and history of rate hikes.
Choosing the right supplement plan will be your most difficult decision because you could spend thousands of unnecessary dollars over your lifetime unless you know what to look for in a plan.
