When it comes to Making your Medicare decision, one of the most critical choices you’ll make is getting the right supplement plan, also known as Medigap.
If you’ve selected Original Medicare as your Medicare program, you’ll likely get a supplement plan to cover your 20 percent of coverage. As a reminder, Medicare only covers 80 percent of services, and you’ll be responsible for the remaining 20 percent.
So, it is no surprise that one of the common questions we get at the Medicare Coach is, “what supplement letter fits me best?”
The supplement letter that fits you best depends on your situation. I will explain why.
Due to insurability rules, you may not be able to switch supplement plans. The only people who will be able to change plans are those who are healthy and insurable or are in states with more relaxed insurability rules. Everyone else will likely be stuck.
This is why it’s critical to make this right decision the first time. To get more information on which supplement letter fits you best, you can read my previous blog post, “Which Supplement Letter Fits YOU Best.”
Once you find the letter that best fits you, you need to determine which company you want to buy your plan through.
When looking at companies, you need to look at:
- The rating of the company plan.
- The history of rate hikes.
- How contracts are priced.
- Rules to qualify for discounts.
- Extra benefits
Many people assume that they can trust company websites when doing their supplement insurance research. However, I continually see issues with consumer-facing sites when it comes to supplement plans. The reality is the websites and insurance ads can be misleading if you don’t know what you are looking at.
Also, not every company offers every letter, so this is again why it’s essential to pick your letter before picking the insurance company.
The take away is this when you’re picking your supplement plan. It would be best if you looked at what state you live in and your options and look at how much out-of-pocket you want to have.
JUST MAKE SURE IT’S WHAT’S BEST FOR YOU NOT FOR THE INSURANCE COMPANY SELLING IT TO YOU.
Like I said earlier, due to insurability rules with supplement plans, you may not have a second chance to it’s crucial to get it right the first time, so you aren’t stuck in a plan that costs you too much money or doesn’t provide the right level of coverage.
