Medigap plans are essentially bookkeeping operations and offered by insurance companies such as Blue Shield Florida. They are not like Medicare Advantages plans since they don’t decide what is to be covered. There are no provider networks of hospitals and doctors.
Most popular plans
Every Medigap plan must adhere to the federal as well as state laws, specially designed to give you protection and must be identified clearly as Medicare Supplement Insurance. Apart from Massachusetts, Wisconsin and Minnesota, the rest of the states have Medigap plans standardized into 10 flavors with letter designations.
The most popular plan among many Americans is Plan F, which takes care of virtually all out-of-pocket expenses for Medicare Part A and Part B. Plan F has about 51% of the market coverage according to data from Health Insurance Plans, a leading health insurance group. Plan C is the runner up, which is a bit less generous with only about 14% of the market share.
Finding the best Medigap plan
When it comes to choosing a Medigap plan, the best one is one that suits your needs. The first thing that you might want to do is visiting the search page at Medicare.gov. By entering your zip code, you will be presented with a full list of the standardized plan letters. When you click on a letter, you will be presented with companies that provide that plan in your location.
What’s sad though, is that you won’t get to see the prices. For that reason, you may need to contact each of the companies one after another. You don’t want to do that, which is why you should work with a trusted health insurance agents for insurance companies such as Florida Blue. Beware that in some states that don’t have extra protection for consumers there are only certain times when you can purchase Medigap plan without questions about your past health record being asked.
Actually the process is a bit more complicated and this guide only highlights it briefly. It would be better if you downloaded this Medicare’s brochure on choosing a Medigap policy for a detailed information.
Alternatively, you can contact Medicare Medics for a detailed guide on choosing the best Medigap plan for your needs.