Creating a Gameplan to Compare Medicare Supplement Costs

Compare Medicare Supplement Costs

Compare Medicare Supplement costs, and chances are, you’re more likely to have a safe and comfortable future.

One of the most beneficial yet overlooked advantages that enrolling for a Medigap coverage has is the option for applicants to compare premium rates or quotes among insurers. With private insurance companies selling Medicare Supplements, applicants have the opportunity to shop around the market to pick a policy that will not only fit their budget but address their retirement health needs properly as well.

As such, we’ve compiled a list of pointers for you and other readers to create a gameplan to best compare Medicare Supplement costs.

1) Identify the Importance of Addressing the Gaps

First and foremost, you need to have a sense of urgency on why you need to address the “gaps.” These out-of-pocket health care costs, such as coinsurance charges, copayments, and deductibles not covered by Original Medicare Plans (made up of Part A and Part B) can deplete a baby boomer’s nest egg quickly if not addressed promptly.

And this is why compiling and learning the latest health care costs data can give you a good understanding of why these gaps need to be covered.

One such case, as documented in a study conducted by the Commonwealth Fund, revealed that a significant number of Medicare policyholders struggled with managing their finances during the twilight years. Just last year, 15 million Medicare beneficiaries spent approximately 20% of their household income on insurance premiums and out-of-pocket health care costs – with the gaps having an average of $3,024 in spending per year.

The heavy cost of care, an often hidden or unexpected expense, can derail one’s expectations for a secured future. As such, knowing that these gaps exist will help you realize that certain steps need to be taken to prevent costs from piling up – which is also a good motivating factor for choosing and comparing Medicare Supplement quotes from insurers!

2) Take Your Time Learning About the Different Medigap Plans

Before requesting for a Medigap quote, make sure to know the different Medigap Plans available in the market first. Doing so will save you the time and stress that you may face when selecting a policy.

There are ten standardized Medigap Plans to choose from. Each policy differs with the benefits offered and on premium rates, yet all provide these basic set of coverage:

  • Medicare Part A coinsurance fees coverage
  • Medicare Part A copayments coverage (for hospice care)
  • Medicare Part B coinsurance fees or copayments coverage
  • First three pints of blood coverage (in a calendar year)

An additional benefit available on certain Medigap policies to consider is foreign travel coverage. By giving policyholders that their health care needs will be covered even outside the country, a boomer can now have the peace of mind that they deserve during their trips.

Think about it: the mentioned benefit above works best for those with plans to travel during the golden years or those who regularly visit warmer climates during the cold months of the year. Additional benefits and coverage details can be checked by searching for a Medicare Supplement Plans Comparison Chart online.

3) Compare Costs (and Services) by Checking Different Insurers

Lastly, set some time aside to both request for Medicare Supplement quotes and meet with insurance agents to get a better understanding of the best way to tackle your Medigap needs.

An online Medicare Supplement quote, essentially, is filling up details in an insurer’s web form for them to give you details on how much you may need to pay for coverage. Submitting these details as honestly and directly as possible will allow you to receive a response closest to the actual premium that you will pay.

But most importantly, make sure to select an agent that you’re comfortable working with. More than providing you a rate that you can manage, receiving support from an agent who’ll go above and beyond in letting you understand your options is suggested.

After all, you’d want a solution for your retirement health and wealth needs – which is why you need to select wisely, by striking a balance on compared costs and agent services.

Bonus: Enroll During the Medicare Supplement Open Enrollment Period

To maximize your savings and the chance to get Medigap coverage, enroll during the Medicare Supplement Open Enrollment Period (OEP). This six-month period, which begins when you are 65 or older and are enrolled in Medicare Part B, will allow you these crucial perks:

  • Private insurance companies cannot refuse to sell you any Medigap policy it offers
  • Private insurance companies cannot charge you a higher premium than they charge others who are 65 and older or have health conditions.
  • Private insurance companies cannot delay the start of your Medigap coverage.

Savings and coverage – a perfect combination to secure your golden years!

We hope that the tips above will help you create a gameplan for your Medigap coverage. Remember – spending time to compare Medicare Supplement Costs will not only help you select a policy perfect for your circumstances – it’ll also help you save time and stress whenever health issues are encountered in the future. Please let us know if you have any questions by leaving a comment below.