To find the best Medigap plan for yourself or a loved one, follow these five steps:
1. Determine what benefits you need. You’ll need to consider your income, family medical history and whether overseas travel plans should be factored into your decision.
2. Find out which policies are available to you.
3. Compare the premiums. There are three ways that insurance companies set prices for Medigap policies: Attained-Age Rating, Issue-Age Rating or No-Age Rating or Community Rating. In order to compare premiums charged by insurers for the same plan, you’ll need to make sure you are comparing apples to apples. No matter which type of pricing your Medigap insurer uses, the price of your policy will likely go up each year because of inflation and rising health care costs.
Don’t like surprises?
Find out if your bank, credit union, and insurer are safe and financially strong.
