Medigap Plan Costs: What To Know

Medigap plans offer a simple way to get maximum coverage from Medicare. They fit alongside Original Medicare to provide extra protection against surprise bills and other necessary health care. The cost of Medigap plans varies widely and can be different for every person. Let’s talk about why that is.

What Medigap covers

Original Medicare covers roughly 80% of anticipated health care costs. Medigap, or Medicare Supplement, is designed to cover some or all of the other 20%. There are 10 different plan types that offer different levels of coverage. The best one for you depends on your unique health needs.

Medigap for different budgets

The 10 different plan types offer varying levels of coverage, from comprehensive to minimal. Some plan types even offer high-deductible options so you can benefit from comprehensive coverage without the hefty monthly premium.

When thinking about your budget, you need to consider both the monthly premium for the Medigap plan and the estimated amount of money you spend on your health every year. If you find yourself going to the doctor or hospital often, 20% of those costs may end up costing more than the most comprehensive Medigap plan.

You should consider how much it costs you to not have a Medigap plan. Do you travel often? Do you often feel stressed about surprise hospital or doctor bills? How much better would you feel knowing that you have help with the 20% that comes out-of-pocket? These will help you determine if Medicare Supplement is worth it for you.

Factors for Medigap plan pricing

There are multiple factors that go into determining the price of Medigap plans. Your location and health history will play a part in how much you’ll pay. Medigap plans can also be “rated” differently, which will affect how much you’ll pay in the future if you keep the same plan. For more details about plan ratings, read this article.

The insurance carrier is a major determinant in the cost of Medigap plans. Although they are federally regulated to offer the same coverage, they can set the price however they choose. This makes Medigap plans very easy to compare — it’s an apples-to-apples comparison!

Shop for Medigap

Even though Medigap plans are easy to compare, it can be a time-consuming process to gather all the information on your own. That’s where United Medicare Advisors can help! We work with multiple national insurance companies to provide their rates to shoppers like you.

Our Licensed Insurance Agents will work with you to identify the kind of coverage you need, plans in your area, and possibly even discounts you may not know about! Call us at (855) 655-9200 for a personalized shopping experience, and let us help you research and enroll!

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