How to Choose the Right Medigap Policy

There are extra costs for which Medicare will not cover you, especially if you use the health care system on a regular basis. The one solution to this problem is Medigap, a Medicare supplemental policy that can be purchased from private providers. However, not all Medigap policies are the same, and you have to make a few vital considerations before buying one now!

What You Should Look Into

There are 10 health care costs a Medigap plan can cover, but they are not all created equal. Hence, it's important to concentrate on the bigger items, like your 20 percent share of doctor visits, your deductible for each hospitalization, and your coinsurance costs for each hospitalization or skilled nursing services post-hospitalization.

And then there are other issues. For instance, although some plans cover all of Part B coinsurance, cost sharing for plans L and K is higher but there is also an out-of-pocket cap. As soon as you've settled that amount, they should all the costs of covered services for the remainder of the year. Take note that limits increase on a yearly basis, depending on inflation.

Also keep in mind that Medigap will not pay for costs that original Medicare doesn't cover, such as prescription drugs, dental or vision services, etc.  
In general, Medigap Plan F is the most extensive and popular today, but be aware that there are two F plans, with one having a higher deductible. Study each option thoroughly before making a choice.

Your Costs

All over the country, the average Medigap policy costs about $183 monthly, with premiums based on the following major factors: 

> Community - Everyone with the plan pays the same monthly premium, irrespective of age. 

> Age upon buying your first policy - Your premium is dictated by your age upon purchasing the policy for the first time, where younger means less initial premium. All subsequent increases in premium will not be affected by age.

> Your present age - Your premium is dictated by your present age and may go higher as you become older.

Before purchasing a Medigap plan, it is important to ask your prospective insurer about their pricing so you know whether or not there will be increases down the road.  Also, contact your state's insurance department to ensure that the agent and insurer you're dealing with are state-licensed and have a clean complaint record.  

Finally, double-check the plan you're about to sign up for, considering not only your current needs but also those that you see in your future. Changing Medigap plans is a rigorous process that you'll surely want to avoid. Go check it out!

You may also visit  https://www.youtube.com/watch?v=7th1lgXufOc for more related info.