For those planning retirement and applying for Medicare, the term ‘medigap’ will be familiar.
Medigap policies, in brief, are health insurance policies (private) that cover certain things that Medicare does not cover, like copayments and deductibles. (It is not mandatory to have a medigap policy)
There are medigap policies available in each state (but not always the same policy).
Medigap policies usually have letters, e.g. Plan A,B,C,….N – there are many to choose from, depending on the amount of coverage you desire and what you can afford in monthly premiums.
The premiums (what you pay for the coverage) for each Plan will vary, e.g. the premiums for a Plan A will differ from the premiums for a Plan B, since the coverage for each plan varies.
Keep in mind….Most of the plans’ coverages are dictated by the federal government, therefore, Plan B in one state or area will offer the same type of coverage as Plan B elsewhere. (there are some exceptions).
However, the price of the premiums for that same Plan B may vary widely. They can vary by the company providing the plan, by the state or county you live in.
An article found in the Squared Away blog offers an excellent overview about why it is important to ‘shop around’ for your individual medigap policy.
The article is titled: Medigap Premiums Differ by Thousands (August 28, 2018) by Kim Blanton.
It definitely pays to shop around for your medigap plan: “Paying too much for a Medigap plan can have a material impact on a retiree’s life.”
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