subject: What Is The Best Medigap Plan? You Be The Judge! [print this page] People always want to know, "What is the best Medigap plan," and my answer is always the same, only you can decide.
But the fact is, you don't want to get a PhD in Medicare, you only want advice on choosing the best plan for your situation. Here then, are three criteria you can use to judge for yourself and decide what plan is best for you.
1. What Flavor Do You Like Best
If you had to choose between three pieces of pie that were exactly the same size, but came in three different flavors, how would you choose? Undoubtedly, you would choose the flavor you like best.
When it comes to choosing a Medigap plan, the process is not so different. Most Medigap plans are "standardized" in the state where you live. What does this mean? It means that the benefits offered by one Medigap plan F are exactly the same as another Medigap plan F. Here is an example to help you understand that.
Mary bought a Medigap Plan F from Company X, which cost $159.00 per month. Mary checked with a broker and found out she could get the same exact Plan F from Company Y for $106.00 per month.
The only real difference between these plans was the premium. The Plan F may come with different flavors (different insurance companies), but in terms of what they are (both pieces of pie and both the same size), there is no difference.
Your choice for a Medicare Supplement Plan (or Medigap) should be first and foremost your choice of flavor (and I hope you don't like the taste of higher premiums).
2. Choose Based On Your Health Care Needs
If you are in excellent health, you may not need a comprehensive plan, such as a Medigap Plan F, or Plan J. You may be perfectly happy with the adequate coverage provided by a lesser plan, such as Plan A.
Choose wisely however. Just because you are in excellent health now does not mean you will be forever. You know in fact, you probably won't. If you get lesser coverage now, you may not qualify later for the more robust coverage.
With the skyrocketing cost of health care, you may want to protect yourself now by purchasing the best coverage you can afford.
3. Choose the Right Kind of Service
In days gone by, there were many local agents, usually representing 1 or 2 companies who would come to your home, sit at your kitchen table and tell you about why their company is so great. Most people today don't want this. You probably don't want someone coming to your home, and you want to be able to choose from several well-known, national companies.
Finding an online brokerage that represents multiple companies may be your best bet. A brokerage that represents multiple companies can usually work with you to suggest what is in your best interest.
But do be careful. There are many so-called online quote websites that are not truly brokers. They are just "lead aggregators." They collect your information and then sell it to as many as 10 agents. When you fill out a "quote request" on one of these sites, you are likely to get overwhelmed with telephone calls. This will not help you make a wise choice. Choose a brokerage with a proven track record, and one that guarantees that they will never sell or rent your information to anyone.
With this information, you are equipped to be the judge and make an informed choice about the best Medigap plan for you.
