Senior Health Insurance Article

Medigap Compare: A Quick Comparison of Medigap Plans

Doing a Medigap compare can be tricky, but a little basic information can illuminate the key differences in all Medigap plans. Understanding these differences will allow you to make an informed purchase of the Medigap plan that fits your needs.

First, a little general info on Medigap plans

Medigap plans, also knows as Medicare supplemental insurance plans, are designed to fill the gaps left by Medicare coverage. Each plan is identified by a letter, either A through D, F, G, or K through N. Even though Medigap plans are sold by private insurance companies, the federal government has standardized what all Medigap plans must cover, so while different health insurance companies may offer a different price for, say, Plan A, the coverage and benefits for every plan A are the same no matter which company you choose.

You will also want to learn, does Medigap cover dental?

 

Compare Medigap Benefits

Because the benefits for all Medigap plans are standardized, you need not worry about searching exhaustively among insurance companies for the benefits you need from Medigap. Compare the plans in the simple chart below to see the range of benefits that each plan offers.

View a chart highlighting the differences in all Medigap plans.

On the left side of the chart, mark the key benefits that are important to you, and see which plans include these benefits. Once you identify the lettered plan that fits your needs, the next section will explain how insurance companies price their Medigap plans, so you can determine which insurer offers your plan at the best price.

 

Medigap Costs

The cost of Medigap plans can vary widely among insurance companies. This is because, while the benefits are locked, insurance companies can still set the cost of premiums. So, in general, your best bet is to go with the insurance company that offers the best cost—but there is one caveat: insurance companies can also set wether or not the premiums will rise over time based on age. Each plan is rated as such by the insurance company in one of three ways:

  • Community-rated (also called No-Age-Rated): Everyone in the community who has the same Medigap plan pays the same monthly premium, regardless of age.
  • Issue-Age-Rated: The monthly premium is based on your age when you purchase the plan. Premiums are higher for older purchasers.
  • Attained-Age-Rated: The initial premium is based on your age when you purchase the plan, AND, the premium increases as you age.

Note: With all three ratings, premiums may rise over time because of inflation or other factors.

So what’s the main difference between these ratings? Plans rated with the first two options have premiums that will not rise over time based on age. Plans with the third option, Attained-Age-Rated, have premiums that will rise over time based on age, and even though they will likely be less expensive when you purchase, they will ultimately be more expensive as the monthly premiums rise. For this reason, it is recommended that you purchase Community-Rated or Issue-Age-Rated plans. Always make sure to check how the plans are rated when comparing Medigap plans. To sign up for Medigap go the the Medigap Home Page.

Get a quote and start a Medigap compare.

 



Comments and Questions

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  • Comment from A. Jaccard on November 30, 2013

    The chart-mentioned above- highlighting the different Medigap plans is dated 2010. Do you have a current one, for coverage in 2014?
    Antoinette Jaccard

    MEDICOVERAGE AGENT RESPONSE

    Antoinette,
    Thank you for your question. We don’t have a new Medigap chart as the only differences are some of the figures, such as 2014 figures for the High F Deductible: $2,140 and Medicare Part B: $147.For any other Medigap questions call 800-930-7956.
    -Kelly from Medicoverage



  • Comment from Thomas Judd on November 10, 2013

    what is the monthly cost of plan F?

    MEDICOVERAGE AGENT RESPONSE

    Thomas,
    Thank you for your question. The cost of Medigap Plan F varies by state, provider, and possibly by your age. You can get an instant Plan F quote in less than 10 seconds on our sister site www.senior65.com.
    - Eric from Medicoverage.com



  • Comment from Medicoverage on December 02, 2011

    Steven, thanks for your request. To compare cost, just plug your zip code at the top of the page. It will instantly show you the price and coverage details of all plans available.

    You can also call us at 800-930-7956 to speak with an agent to guide you to the best plan for you and your wife.



  • Comment from Steven McCleaf on November 28, 2011

    My wife is 61 and on disability and I am 66. We need to know which is the best coverage and at what cost.



  • Comment from Willie M. Bell on September 08, 2011

    I am trying to make a decision on what type of medicare plan I should take



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