Tips For Enrolling In A Medigap Plan
If you have recently become eligible for Medicare, you might have been sent a ton of mail about different Medigap plans, as well as your regular Medicare. You might have reviewed the regular Medicare literature and realized that there were some items that you were hoping Medicare would cover that it does not. This can lead you to take the Medigap plans more seriously. Here are some tips for enrolling in a Medigap plan in order to make sure that your health insurance is as comprehensive as possible.
1. Enroll Six Months After You Become Eligible for Medicare
The first step is to figure out when you become eligible for Medicare, specifically the exact date, and plan to enroll in a Medigap insurance plan by six months from your eligibility the date. The reason for this is that the six month period after your eligibility date is an open-enrollment period, meaning that the prices are going to be better since insurance companies are not allowed to jack up the prices as a result of your health. After the open-enrollment period, you might face higher prices. Be sure to do your research relatively quickly, find a plan that is best for you, and sign up for it in order to get the best prices.
2. Check the Pricing Method
There are three main pricing methods that you can choose from. The first is age-attained pricing, which is where your Medigap insurance increases as you get older. The second is inflation-based pricing, which is where the price will increase as inflation increases. The last is community pricing, which is where everyone in your area pays the same amount. The last two tend to be slightly more expensive up front but will have less price increases and will therefore save you money in the long run.
3. Remember That All Medigap Insurance Plans That Have the Same Letter Cover the Same Things
Finally, be sure to remember that all of the Medigap insurance policies that share a letter cover the same medical care. This means that once you decide on the type of Medigap plan you want, you can freely shop around and find the absolute cheapest without worrying that you are going to be sacrificing quality of care. This will help you save a ton of money.
For more information, talk to a company that specializes in Medigap insurance policies. They will be able to help you look at your life and decide on a policy that is best for you.