Comparison of Medigap Plans

Comparing the Medigap plans can really be a precarious job. But a little basic information may help in understanding the key differences in all Medigap plans. Gaining an insight into these differences will helps you in making informed purchase of the Medigap plan that suits you best.

Medigap plans, also known as Medicare supplemental insurance plans, are intended to fill the gaps left by Medicare coverage. Each plan is recognized by a letter from A through D, F, G, or K through N. The federal government has standardized what all Medigap plans must cover.

As the benefits for all Medigap plans are standardized, there is no need to bother about searching in detail among insurance companies for the benefits you need from Medigap. The cost of Medigap plans can differ widely among insurance companies. Each plan is rated as such by the insurance company in one of three ways:

Community-rated : Everyone in the community who has similar Medigap plan needs to pays the same monthly premium, irrespective of age.

Issue-Age-Rated : The monthly premium depends on your age when you purchase the plan. Premiums are higher for older purchasers.

Attained-Age-Rated: The first premium is based on your age when you purchase the plan, and then the premium increases with your age. One must assure and check how the plans are rated when comparing Medigap plans.

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