More than three million Americans are currently living without health insurance.

But even if you have some kind of coverage, have you ever stopped to think about whether or not it’s really enough?

Medigap plans are health insurance policies created by private insurance providers. They’re designed to help you fill in any kind of “gaps” that your current policy might have. You can get coverage for certain pre-existing conditions.

You can even get coverage for hospital visits and urgent care, blood work, and hospice care.

When you’re choosing a Medigap policy that’s right for you, it’s important to ensure you’ve explored all of your options.

Whether you need to learn how to choose Medicare supplement, or are interested in another type of a Medigap plan, read on to learn what you need to look for.

Make Sure You Buy at the Right Time

When you’re choosing a Medigap policy, one of the most essential things to watch out for is the enrollment period.

Especially if you have any sort of pre-existing condition, missing the enrollment period can mean disaster for your coverage.

As long as you enroll during the seven month enrollment period, you can’t be denied coverage from a Medigap provider – nor can you be forced to pay more because you have any kind of pre-existing conditions.

However, if you miss the enrollment period for any reason (and these health insurance companies won’t care about any of them) you can and will be charged extra or denied coverage completely.

For best results, choose your Medigap policy as soon as you enroll in Medicare.

Understanding the Basics

When choosing a Medigap policy process, you’ll have ten different plans to choose from.

They’re all letters of the alphabet, so they can be quite easy to mix up. The good news is that medigap policies are required to be standardized.

This means that, no matter which specific insurer you decide to buy your coverage from, your policy will give you the same type of coverage. All the insurance companies, essentially, have to play by the same rules. (Unless you live in Wisconsin, Massachusetts, or Minnesota, that is.)

Since the insurance policies are the same from provider to provider, we know that you might be wondering what you should actually think about when choosing a Medigap policy.

We suggest that you take a look at the kind of deductible that you can afford if you’re placed in a hospital. The same goes for any costs associated with remaining in a nursing facility or an extended hospital stay.

You should also think about the average copay that you’ll need to pay out of pocket when you head to the doctor or have to be taken to the hospital. In general, you should expect to pay a copay of around 20%.

You’ll also need to pay 20% of the costs for any lab tests, blood work, and additional testing that you may need to have done.

Many people also consider the overall out of pocket limit when they’re trying to choose the right medigap plan for their needs.

Finally, look at your monthly payment for the medigap policy. This will help you to decide whether or not you can truly afford the coverage it offers.

Choosing a Medigap Policy: Taking a Closer Look

Now that you know the basics of choosing a medigap plan, let’s take a closer look at a few of the specific policies.

In general, Medicare Supplement Plan F is the most popular option as it offers the most comprehensive type of coverage. It also has affordable premium payments.

You’ll be able to get coverage of up to 80% for any sort of health emergency you have while abroad under plan F. You’ll also get 100% coverage for nursing facility care, hospice care, and for three pints of blood if you need a transfusion.

Plan F also covers your Medicare Part B coinsurance/copayment and deductible, as well as Medicare Part A coinsurance/copayments.

Plan F has a higher deductible amount than some of the other policies. But, if you value maximum coverage and affordable monthly payments, go with this option.

Many people also opt for Medicare Supplement Plan G.

It offers nearly all of the same coverage that Plan F does, aside from the deductible coverage for Medicare Part B. However, the good news is that Plan F does cover excess charges associated with Medicare Part B.

The third most popular medigap coverage plan is Medicare Supplement Plan N. It, too, offers everything that Plan F does, but with a few notable exceptions.

You will not be covered for your Medicare Part B deductible under Plan N. Nor will you receive coverage for Part B excess charges. This means that you’ll need to pay them fully out of pocket.

However, you’ll enjoy lower deductibles and more affordable copayments.

Choosing a Medigap Policy: Wrapping Up

We understand that choosing a medigap policy can sometimes be seriously confusing.

We hope that this post has taken some of the mystery out of finding the right plan for you. Of course, once you’ve chosen a medigap policy, you may feel the need to evaluate some of the other insurance policies you’re holding.

Want to understand how to pick the right life insurance, base health insurance coverage, and even homeowner’s insurance?

We’ve got you covered.

Keep checking in with our blog to learn more about how to make the right choices when it comes to your health, your insurance policies, and so much more.