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Comparison Chart of Medicare Supplement (Medigap) Plans & Benefits
Comparing Medicare Supplement Plans can be quite confusing, especially if you are new to Medicare. The most important thing to keep in mind when comparing Medicare Supplemental Plans, is that all companies are required by law to offer the exact same benefits and coverage, the only difference between companies is the price they charge. It is extremely important to shop multiple companies to compare the lowest rates. The side-by-side comparison chart below makes it very easy to compare and contrast popular Medigap Policies.
How Do I Choose a Plan?
Although there are several plans to choose from, comparing and contrasting Medicare Supplement Plans (also called Medigap) is relatively simple. The Centers for Medicare and Medicaid Services (CMS) has designed all Medicare Supplement Plans currently available. There are a total of 10 plans, and they are set up in a letter system ranging from "Plan A" to "Plan N". All 10 Medigap plans are "Standardized", meaning if you compared one particular letter plan, with another plan of the same letter offered by a different insurance company, the benefits would be identical. The only difference between companies is the price they charge.
For example, if you compare Medicare Supplement Plan F with any other insurance companies Plan F, the benefits are required by law to be the exact same. The only difference between plans offered by different companies is the price they charge. Some companies are misleading and make you think their plans are exclusive; that they are the only ones who offer that good of coverage. That is simply not true.
There are other factors you might want to consider when choosing a company, although as mentioned, the benefits will remain the same for the different plans they offer. The companies ability to pay claims, and the level of customer service you receive should also be taken into consideration. (Note: most of your customer service should come directly from your insurance broker - like us!). Choosing a company with a strong financial rating will help ensure you are choosing a company that will remain stable and secure for the future to come.
When deciding on a plan that works for you, keep in mind these considerations:
- Coverage / benefits
- Whether or not you can choose your own doctors
- Insurance company stability / financial rating
- Who you will purchase the plan from
- The level of customer service you will receive
- Out-of-pocket expenses
Don't hesitate to call one of our knowledgeable Medicare Specialists who can answer all your questions, and compare all your options to ensure you enroll in the most affordable plan in your area. Call toll-free (855) 419-3826.