Medigap Plans Comparison 2021
The Medigap plans have the potential to save seniors a lot of money on their healthcare. If you feel that you are paying too much out of pocket for medical care or that your health insurance costs too much, then you may want to consider doing a Medigap plans comparison for 2021.
The 2021 plans that are available right now are powerful coverage plans that fill in gaps left by the Original Medicare plan. Most seniors already have Medicare once they hit age 65, but a lot of people who have that basic healthcare insurance plan do not get enough coverage from it. They end up paying too much out of pocket for their doctor’s visits, for nursing care or for hospital stays and other medical services. They can’t just stop going to the doctor because it is too expensive, though. Medigap, or a Medicare supplement plan, offers a solution. They provide seniors with affordable, customizable coverage that can fit the needs of the individual. There is a decent lineup of these plans for seniors to pick from, so they can find a plan that fits them well and not end up paying for coverage that they would never use.
We are going to look at some of the best Supplement plans available and tell you how you can compare them and save some money with the right one. You might just want to use one of these plans yourself in order to get better coverage than what you have and to enjoy peace of mind about your healthcare for the rest of the year.
Are You Eligible?
Before you we tell you too much about this insurance plans and do a comparison for you, we want to find out if you meet the eligibility requirements. If you read through this article and you aren’t sure if Medigap are for you and you don’t know if you are eligible, then feel free to give us a call. We would be happy to talk to you and help you figure it all out, answering your questions and putting you on the right track to have the health insurance coverage that you need.
So, if you are 65 years old, then you probably already qualify for a Medigap plan. You will likely be enrolled in Medicare already, and that basic Medicare plan is something that most seniors get subscribed to once they turn 65. You don’t even have to do anything, in most cases, as you are automatically enrolled at that age.
You will need a Medicare plan in order to get Medigap, since the Supplements depend on basic Medicare for their base coverage. The Medigap have coverage for you that is designed to fill in gaps left by the basic Medicare plan, so it makes no sense to get the Supplement plan on its own.
You can enroll a few months before your 65th birthday. The period of time that starts from there and ends three months after you turn 65 is known as Open Enrollment. This is when we suggest every senior apply for their Medigap plan. That’s because you are guaranteed to be approved for whichever Supplement you apply for at that time. You also get the best possible rate, since any preexisting medical conditions that you have cannot be applied to your rates, so, you get lower rates than if you were to apply for the same insurance plan later on.
You can apply for Medigap at a later date, if you wish, but just know that you will end up paying more for it at that point. It’s best to enroll sooner rather than later, if you can use this kind of insurance plan. You’ll be able to get low rates early and lock in your rates to benefit from them long term.
Comparing the Coverage
If you are going to choose the right kind of Medigap for your needs, you’ll definitely want to compare the coverage that these plans offer. There are eight different Supplement plans that most people would be able to choose from, and each one offers something a bit different.
We won’t detail every single one of those, and you can find out the full details of these plans on Medicare’s website, but we do want to focus on a couple of the more popular Supplement plans. These are what most people will choose to sign up for, and there is good reason for that. These are plans that offer powerful protection against medical expenses, and as medical costs increase, the great protection of a high coverage Medigap can be reassuring and comforting.
Medigap Plan G is the first plan we want to look at for our Medigap plans comparison for 2021. With this insurance plan, you get all sorts of healthcare gaps filled in. Where basic Medicare provides you with cover for some nursing care and hospital stays, Plan G covers you for the coinsurance and copayments on these, which means more complete coverage. With Plan G, you also get coverage for Medicare Part A’s annual deductible, the Part A hospice coinsurance, Part B’s copayments, Part B’s excess charges, foreign travel exchange costs and three pints of blood a year. Some of these are expenses that Original Medicare will pay some of, and then Plan G comes in and fills in the rest for you. Plan G provides almost all supplementary coverage for you, so it’s a good insurance plan to have if you want to pay as little as possible out of your own pockets when you go for medical treatment.
Let’s compare this to Medigap Plan N. This is another high coverage plan that is very popular among seniors. You can be covered by Plan N for all of your Part A expenses- the annual deductible, the copayments and the hospice coinsurance. You also get coverage for a few of the Medicare Part B copayments and then all of the nursing care coinsurance. Plan N also covers you for all the supplementary foreign travel exchange costs, which is 80% of each incident for when you need to be transported outside the United States for emergency medical care. On top of that, you also get coverage for the first three pints of blood you use every year. Original Medicare will take care of the remainder of your blood usage.
Comparing Medigap to Medicare Advantage
As we continue to compare Medigap plans, we also think you should consider some of your alternatives. Medigap might not be the right choice for everyone, and Medicare Advantage can serve as a great alternative.
This is a Medicare type plan that like Medigap are sold by private insurance companies. Like Medigap, you need to have Original Medicare as a prerequisite before you can get coverage from your Advantage plan.
Where Advantage plans differ from Supplements is primarily in the coverage. Advantage plans will cover you for Original Medicare’s entire lineup, for the most part, serving as a replacement for Original Medicare. On top of that, the Advantage plan will cover the cost of emergency medical care and any healthcare services considered to be urgently needed. You can also be covered by some Advantage plans for a prescription drug plan called Medicare Part D as well as for routine checkups. Advantage plans are limited by the insurance company’s network. If you want coverage from your insurer through Medicare Advantage while you are outside of their network, then you will have to pay more, either buying an special network plan known as a PPO or you end up paying for those out-of-network healthcare services entirely on your own.
Comparing Prices on Medigap
Another comparison we would like to make for you is on pricing. Medigap are all priced differently. You get different rates from one Supplement plan to the next, and then you get different rates from one provider to the next. So, Medigap Plan G will be sold at one price through Aetna and then another price through Cigna. You get the exact same coverage, but each insurance company is allowed (by Medicare) to set their own rates.
It is in your best interests to compare these and to ensure you get the best possible rate. The prices for Medigap can be all over the place, and the rates can increase every so often. You can use our site to compare them quickly and easily. Just search for the plan you want here on our site and see how they compare for your local area. You will see a list of quotes for where you live, and you will get prices from all the major insurance companies in one place. It is so convenient and easy to use our site to source and compare quotes, that you should be able to do a Medigap plans comparison for 2021 here faster than you would anywhere else. We hope this handy tool helps you to not just save money but also find a plan that you feel great about.