There are 12 different Medigap plans available for the next decade, but in reality; very few people will ever try out any of the three available under the “Medigap” rubric. More people will sign up for Plan G, of course, but significantly more people will join Plan B, also, deeply enough that it justifies the inclusion of Plan N. Nevertheless if you were to do just a little bit of planning, it’s pretty easy to see which one is the far superior choice. That said, most people are rarely successful when it comes to choosing the ideal Medicare supplement plan. How can this be?
In the first place, you need to realize how much the medical situation will improve over the next ten years. The Medicare prescription drug coverage that you’re presently enjoying will be gone within just two years. That means that you will be left with three different plans, all of which will offer very different advantages and disadvantages. By contrast, if you get into the Medigap plans from the start, you’ll have the added advantage of knowing what you’re getting into and you’ll know whether or not you need the extra features.
Another thing that people often don’t understand about the additional benefits that Medigap plans offer is that they are completely unnecessary. Most people who need additional Medicare supplements will never even think about them. Part of this is because they assume that getting medicare supplement insurance is simply a good idea. They don’t realize that medicare supplement plans are just one more option, along with other supplemental insurance plans, that they can choose to go with. The bottom line is that you should avoid signing up for any additional Medicare supplement plans while you’re still waiting for your original application to become processed.
One of the most common misconceptions surrounding Medicare Supplement plans 2022 is that all you have to do to get them is ask for them. What’s more important than the actual process of obtaining these additional Medigap policies is that you thoroughly read the fine print before you sign up. You should take the time to review the terms of the plan so you don’t end up paying for features you don’t need.
There are three main types of additional Medicare supplement plans: Parts A, B, and C. For our purposes, we’ll focus on Parts A and B. Part A is usually the more expensive of the three, but it does have a lot of advantages. The obvious advantages are the lower premiums that come with it. They also have coverage for almost any pre-existing condition, so you don’t have to worry about getting caught with gaps in coverage. In addition, they don’t require you to pay any of the Medicare Part B deductible, which can help tight budgets.
Part A, however, requires that you pay a monthly premium until you reach the age of 65. If you happen to hit this age before then, the government will provide a full refund for the premiums paid. On the other hand, if you do hit the age of 65, then you will only have to pay the monthly premiums for twelve months or the entire twelve years. Because the government covers the cost of the premiums, they don’t provide any savings on the Medicare deductibles, which can be significant. While these disadvantages can seem harsh, they do give you an idea of the advantages and drawbacks of different Medigap policies.