Choosing the Right Medigap Policy Doesn’t Have to be Hard

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medigap policyIf you’re considering taking out a Medigap policy to supplement your existing health insurance, you’ll know it can be a bit of a minefield choosing the right policy for you.  There’s so much information available online that it can be hard to sift through and find the relevant information that will help you to select the right policy, and because everyone’s health care needs are different, there are different policies out there rather than a ‘one size fits all’ deal.  One way to ensure that you have an easier time choosing the right policy is to seek advice from a company such as MediGapAdvisors.com who have expert knowledge in the field of Medigap insurance, and can offer advice and assistance to ensure that you find the right policy to meet your needs.

First Steps

There are a few steps to follow in order to find the right Medigap policy for you:

·         Decide on the benefits you need and choose the right Medigap Plan to meet your needs

·         Find out which insurance companies in your state sell Medigap policies

·         Obtain quotes from the insurance companies and compare costs and what is on offer

·         Seek advice from a Medigap advisory company

What Benefits do you Need?

When thinking about what type of policy you need, you’ll have to think about your current and future healthcare needs.  It won’t always be possible for you to switch to another Medigap Policy once you have signed up.  Some plans will cover hospital costs, others will provide assistance with foreign travel emergencies, whilst others will pay out for hospice or nursing facility care, so it’s important to look at what benefits are offered and think about what you may need in the future.  Of course, the more benefits a policy offers, the higher the cost, which is why it is often a good idea to seek advice from a Medigap advisor before choosing the right plan for you.

Finding Medigap Insurance Companies

There are a number of ways to find out which companies in your state sell Medigap policies.  You can call your State Insurance Department or request a copy of the ‘Medigap Rate Comparison Shopping Guide’ from your State Health Insurance Assistance Program.  Or you could visit www.medicare.gov/medigap where you’ll find information on Medigap options and what each policy covers.  This will also provide you with information on which insurance companies in your state offer Medigap policies.  Once you’ve chosen several companies to contact for quotes, you should check with your State Insurance Department to make sure the companies are honest and reliable – you can ask for information on any complaints lodged against the company.

What to Ask

When contacting Medigap insurance companies to obtain a quote, there are a number of questions that you should always ask:

  • Enquire if they’re licensed in your state
  • Check that they sell the Medigap Plan you’re interested in
  • Ask if they have a waiting period for pre-existing conditions
  • Find out what your premium would be
  • Enquire about any discounts or benefits

By asking all these questions, you’ll get a good idea of what the insurance company can offer you, and this will allow you to compare the plan with other companies.

Be Cautious

Unfortunately, there are insurance companies operating illegally, and you should watch out for any of the following practices:

Pressuring you to sign up for a Medigap policy when you’re only calling for a quote

Trying to sell you a Medigap policy which can’t legally be sold in your state.  If this happens, you should check with your State Insurance Department – you’ll be able to find the contact details for your department here: http://www.naic.org/state_web_map.htm

Selling you a second Medigap policy when they’re aware you already have one

By being aware of illegal practices you can protect yourself from falling foul of them.

It doesn’t have to be difficult choosing the right Medigap policy for your needs, although it can be time consuming carrying out research and obtaining quotes from companies licensed to offer Medigap plans in your state.  One way to avoid spending so much time searching for the right policy for you is to use the services of a good company who can offer help and assistance in finding the best policy for your needs.  This way you know you’re in safe hands and won’t sign up for a plan which isn’t right for you.

About the author: George Torres is a freelance writer from Iowa who writes widely on health and care topics – having recently taken out a Medigap policy himself, he knows just how time consuming it can be trying to find the right policy – but he also knows that with a bit of information and advice, it doesn’t have to be rocket science!

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