Medicare Supplemental Insurance Plans, most commonly referred to as Medigap Insurance Plans were designed to cover the gaps in the original Medicare plans. Designed to assist seniors with determining what their out of pocket expenses would be, the plans were created to appeal to seniors from a variety of economic backgrounds. The twelve plans which are each represented by a letter in the alphabet ranged from Plan A to Plan L, until recently. In July of 2010, two new plans were offered and four of the old plans were discontinued. But which Medigap Insurance Plan is best?
When choosing a Medigap Insurance Plan you need to remember that all plans were standardized by the federal government in 1992. This means that all Plan A’s offer the same benefits no matter which insurance company are selling them. The largest differences from one company to the other are the premiums that they are charging for the plans. Needless to say, the more features that a plan has, the higher the premium will be. Even with this in mind, the cost can vary considerably from one company to another.
When determining the level of coverage that you will need, you will need to research to find out what each plans offers. Medicare offers wonderful publications that will give you this information in an easy to understand format. If you need additional assistance contact your states SHIP office. They will provide counselors to assist you with understanding this information.
This is a personal question that only you can answer. You must determine the level of coverage that you need and then determine the amount of premium that fits within your budget. The new plans that are being introduced to the market, need to be looked at in comparison to all the plans, and not just purchased because they are new.