Buying a Medicare Supplement Plan is always a good idea. It fills the gaps in the Original Medicare by covering the expenses not met by the former. It can save the senior citizens from incurring out-of-pocket expenses. Buying an ideal Medigap plan entails a thorough research on the part of the customers which will help them in buying the best plan for themselves. The major considerations for enrolling in Medicare Supplement plan are as follows:
Checking the Eligibility
Any citizen is eligible for Medicare Supplement plan only if they are enrolled in Medicare Part A and Part B. Any citizen is generally not eligible for Medigap plan if they are below 65 years of age. The best time to purchase the Medigap policy is during the Open Enrolment Period which is six months from the first day of the month when the citizen turns 65 or older and is enrolled in Medicare Plan B. The citizens can purchase any Medigap plan during the Open Enrolment Period and they cannot be rejected based on their medical history. Once the Open Enrolment Period is over, the insurance companies can turn down issuing the Medigap plan to customers based on their health status and medical history.
Assessing the Best Medicare Supplement Plan
Medigap plans come in 10 standardized versions labeled from A-N. Each plan has different coverage and benefits. All the plans are not available in every location as Wisconsin, Massachusetts, and Minnesota have different standardized plans. Plan A is the most basic Medicare Supplement plan and the Plan F is the most comprehensive. The citizens should assess their requirements and arrive at the ideal plan to purchase.
Considering the Pricing
Different Medigap plans can be priced differently depending on the nature of coverage. Sometimes the same plan can be priced differently by various insurance providers based on their methodology of pricing. They can price the plans on the basis of the current age which is called as community rated or no-age-rated. It can also be priced based on the age during buying the policy-issue-age-rated- or based on the current age of the plan holder also known as attained-age-rated pricing. The customers should clearly discuss the pricing methodology and arrive at the best premium.
After considering all the above-mentioned factors, one can make the final purchase of the Medigap policy. It is important to arrive at an ideal plan to purchase as it may not be possible to change the plan in future.