subject: For The Best Medigap Compare Many Options [print this page] Customers often ask me, "How do I find the best Medigap Plan?" The answer is usually pretty simple, "For the best Medigap, compare a variety of plans." There are however, both dangers and advantages of that strategy.
Following are three dangers and three advantages of comparing Medigap plans.
Three Dangers of Comparing Medigap Plans
You Get Overwhelmed with Information
I was talking to a man one time who showed me all of the literature and plan outlines he had received in the mail. The stack of literature was nearly two feet tall! He asked me, "How am I supposed to sort through all of this?"
The answer is, for 99.9% of people, "You can't make sense of all that information." This is why it is so important to find a Medigap specialist you can trust who really understands Medicare and more importantly Medigap plans (usually not the Medicare Advantage salesman who calls you on the phone).
You Compare Medigap using the Wrong Information
I spoke with a lady recently who insisted on getting a particular plan because someone in an elevator told her it was a great plan! That is a little bit like throwing darts at a newspaper to make good stock picks; it might work for a season, but sooner than later, you are going to get burned. One size never fits everybody, which is why you need to find a plan that really fits your unique situation.
You are Influenced by Star Power Rather Than Real Information
How many commercials have you seen on television that feature a former, well-known movie start or sports coach talking about the merits of a particular plan? There is nothing wrong with using endorsements that are real (even from well-known people), but there is a danger in thinking that a particular plan is best for you, just because some movie star says that it is.
Three Advantages of Comparing Medigap Plans
Medigap Plans are Standardized
Many people do not realize that in most states, Medigap plans are "standardized." Here is an example of what I mean:
If you buy a "Medigap plan F" (a very popular choice) from Company ABC, the benefits (what it covers) are exactly the same as the benefits of a "Medigap Plan F" from Company XYZ. The only difference is the price! In many instances, you can get exactly the same coverage for 20-30% less, just by shopping around. A good Medigap Agency will help you to shop around and find exactly the right coverage for you.
Medigap Plans Give You Freedom
Unlike Medicare Advantage Plans (like HMO's and PPO's), which restrict you to seeing contracted doctors and only going to certain hospitals, Medigap plans give you the freedom to go anywhere in the U.S.A. and see any doctor or hospital that accepts Medicare.
Medigap Plans are Predictable
By comparing Medigap plans and choosing the right one for you, you are able to predict your medical expenses with tremendous certainty. Statistics show that one of the greatest concerns for people aging today is that they not "outlive their income." Predicting your medical expenses is a vital part of making that puzzle fit together. If your medical costs get out of control, you can spend down your assets very, very quickly.
