While shopping for Medigap insurance can in some cases be quite pricey, it is possible to find an affordable policy that still provides good coverage. The following are some tips that can help you save money on your Medigap insurance plan.
Tip #1: Pay Attention to Enrollment Deadlines
Obtaining Medigap insurance in a timely manner is a must. If you purchase this form of insurance within six months of signing up for Medicare Part B, you cannot be rejected or charged extra based on your present state of health.
Tip #2: Shop Around!
Get price quotes from different insurance agencies, as some insurers charge a lot more than others. You do not have to worry about whether an insurer with affordable prices is cutting out certain amenities from the plan you are considering, as Federal law stipulates that insurance agencies that offer Medigap plans must offer standardized plans with the exact same benefits.
Tip #3: Do Your Research
Do careful research before picking a plan and choose one that offers the benefits you need at the best possible price. Plan N in particular has much to offer; it is a fairly new plan that covers many of the same expenses as Plan F (which is currently the most popular Medigap insurance plan). While Plan N does have a few inexpensive coverage gaps, such as a $20 co-payment for doctor visits, a $50 co-payment for emergency room visits and no $140 Part B deductible, it costs way less than Plan F and could save a fairly healthy person hundreds of dollars a year.
Yet another option would be to switch over to a Medicare Advantage Plan. This should be done during open enrollment season, as those who enroll during this time cannot be rejected or charged more due to pre-existing health conditions. Medicare Advantage Plans are usually more affordable than Medigap and Medicare Part D coverage; however, be aware that there are limitations as to which doctors and hospitals you will be able to get treatment from.
Tip #4: Make Good Use of Your Local Resources
If you are purchasing Medigap or a Medicare Advantage Plan for the first time, be sure to get a Medigap rates price list from one of your state insurance departments. You can also find a list of companies that are authorized to sell Medigap policies in your area at the official Medicare website. After taking advantage of these two resources, consider your options, weigh up the pros and cons of each one and then choose a plan and insurance agency that best meets your needs.