It’s important to shop around when you make a major purchase, whether you’re buying a new car, a new appliance…or a new Medigap policy.
It’s something we have learned after years of working with clients seeking the advice of an elder law attorney: Doylestown, Bucks County PA, like much of the country, is filled with people struggling to find the right policy.
And it is no wonder why there is so much confusion: The cost of these plans can vary widely from place to place and going with the first one you see might cause you to spend much more than you need.
When you first become old enough to apply for Medicare, you can supplement this coverage and close nearly all of your coverage gaps by buying a Medigap policy from a private insurer.
Medigap offers 10 different plans, each one designated with a letter: A, B, C, D, F, G, K, L, M, N. Each plan has a different mix of benefits, allowing consumers to pick a combination that is right for them.
Under federal law, insurers have to offer the same benefits for each lettered plan, which means that every plan A or B provided by one insurance company needs to cover the same benefits as a comparable plan from another insurer.
But the cost of these premiums can vary dramatically throughout the country, according to a 2018 study at Boston College’s Center for Retirement Researcher example, a 65-year-old woman in Houston can get Medigap’s Plan C policy for $5,300 per year or spend $1,700 to get the same coverage from another insurer. Meanwhile, a 65-year-old man in Hartford, Connecticut could expect to spend anywhere from nearly $3,000 to up to $7,400 each year on Plan F, Medigap’s most popular, comprehensive offering.
As you search for your Medigap policy, shop around. Get quotes from a range of different insurance companies to find a price that works with you.
If you are working with a broker, get a second – and maybe even a third – opinion. Not every broker works with every insurer.
Shopping around can be time-consuming, but the money you save will be worth all the effort.
If you still have questions about Medigap and need an elder law attorney, Gummer Elder Law can help, with offices in Doylestown and Feasterville. We have spent years working with seniors helping make sure they are protected. Contact us today to learn more.