As you probably already know, Medicare doesn’t cover everything. The gaps in coverage can be filled by purchasing a Medicare supplemental plan, also known as a Medigap policy. There are twelve different types of Medigap policies available, and you can choose the one that provides the level of coverage you desire. These policies are sold by most private health insurance companies, but you should do your homework before you call to determine what type of policy you need.
Most companies that sell a Medicare supplemental plan require that you have both Medicare Part A and Medicare Part B before you can enroll in the Medigap program. This means that you will have to pay a premium for Medicare Part B in addition to the cost for the Medicare supplemental plan.
By law, all companies must offer the same benefits for the standard Medigap insurance policies. That means that if you are looking for a Medigap Plan A policy, which is the plan that offers the smallest number of benefits, the coverages are the same regardless of which insurance company you purchase your Medigap policy from. This makes it much easier to compare the prices of various companies, since you know you are comparing equivalent products.
For this reason, it is best to get a list of the coverages provided by the twelve types of Medigap policies first in order to determine which Medicare supplemental plan is best for you. Once you have gone over the coverages and decided what you need, start calling various insurance companies or check the rates online to determine which has the best price. You may also want to check the companies’ ratings with the Better Business Bureau to see how satisfied their customers are.