How to shop for the right Medigap Policy?

Premiums for Medigap plans can vary widely from one insurance company to another. That’s why you must be extremely vigilant before choosing a policy.

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When you become eligible for Medicare for the first time, you are attracted to buy the Medigap policy from even a private insurer for supplementing your coverage. You can choose one of the 10 Medigap plans for that purpose. Each plan comes with a combination of benefits that differ from the first one. You can choose the combination that’s best for your medical needs. As per the federal law, all insurers must offer the same benefits for each plan. That means, Plan B offered by one insurance company must offer the same benefits as Plan B offered by another insurance company.

Here the steps you must follow to choose a Medigap Policy:

Step 1: Decide which benefits do you want?

We all know Medigap plans are available in 10 different types starting from Plan A to Plan N. You must decide the right plan by considering your present and future health care needs. Keep in mind you may not be able to switch to another policy later on. So, choose wisely.

Step 2: Search for the insurance company

After you have decided the type of Medigap plan for yourself, you need to search for the best insurance companies that are selling the Medigap policies in your state. Before picking an insurance company, call the state insurance department to ask if they can share the record of complaints against the particular company.  You can also do some homework online by yourself. Search for reviews and information about the insurance company on the web. You can even get a referral from a friend who has purchased the Medigap policy before.

Step 3: Compare the costs

Do not settle for the first insurance company that you come across. Remember that cost can vary between companies so you must contact more than one provider.

Step 4:  Buy the policy

Once you have happy with the insurance company and you know which Medigap policy you want to choose, then apply for it. Get all the details about the insurance policy and if you do not understand anything, then ask questions. Since you are paying for it, you have the right to ask anything you don’t understand in the policy. This will save you from confusion later on.

Just follow these steps and you will land on the right Medigap plan.