4 Steps to Buying a Medigap Policy

Read our useful checklist to ensure you know what expect when finding a medigap policy.

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4 Steps to Buying a Medigap Policy

Buying a Medigap policy is a critical decision. Shop carefully and compare available policies to see which one meets your needs. As you explore your options, remember that different insurers may charge varying premiums for identical policies, and not all companies offer every type of Medigap policy.

4-step guide to help you buy a Medigap policy:

Step 1: Identify Your Coverage Needs

  • When you decide which benefits you want, consider your current and future healthcare needs. You may not be able to switch policies later. Select the policy that works best for you based on your benefit needs.
  • What’s your health like right now? Are you managing chronic conditions, or do you see the doctor just for annual check-ups? Do you have any surgeries or treatments coming up? How often do you need to see specialists? And think about the future, too. While we can’t predict everything, considering your family health history might give you some clues.
  • Here are some key questions to ask yourself about benefits:- What kind of health services do I use the most (like seeing specialists, physical therapy, surgeries)?- How often do I travel within the U.S., and do I need a plan that covers me everywhere?
  • – Am I planning international trips, and do I want insurance that covers me abroad?
  • Remember, each Medigap plan has different benefits, and choosing one is all about finding the match for your personal health needs and lifestyle.

Step 2: Find out which insurance companies sell Medigap policies in your state

  • Call us at 888-446-9157. Ask us for your free rate comparison guide. This guide usually lists companies that sell Medigap policies in your state and their costs.
  • Use the updated tools and resources available on Medicare.gov to compare plans easily.
  • If online access is a challenge, call us for direct support. We are here to answer any questions you have about your Medigap options!
  • If you do not have a computer, your local library or senior center may be able to help you find this information. You can also call 1-800-633-4227 (1-800-Medicare) to speak with a customer service representative.
    • Your local library may have information on an insurance company’s financial strength from independent rating services.

Step 3: Compare Plans and Costs

  • Before contacting insurance companies, determine whether you’re within your Medigap Open Enrollment Period (OEP) or possess a guaranteed issue right, as these factors significantly influence your eligibility and pricing. Don’t know which one would apply? Feel free to call us at 888-446-9157. Consider asking the following questions:
    • “Are you licensed in the state I live in?”
    • “Do you sell Medigap Plan __?” (The letter of the plan you are interested in)
    • “Do you use medical underwriting for this Medigap policy?”
    • “Do you have a waiting period for pre-existing conditions?” Note how long the waiting period is.
    • “Do you price this Medigap policy by using community rating, issue-age-rating, or attained-age-rating?”
    • “I am __ years old. What would my premium be under this policy?”
    • “Has the premium for this Medigap policy increased in the last three years due to inflation or other reasons?”
    • “Do you offer any discounts or additional benefits?”
  • Awareness of illegal marketing practices is crucial. Ensure you’re dealing with reputable companies. Vigilance against illegal marketing practices is vital to protecting yourself from potential fraud.

Step 4: Application process for Medigap policies

  • Complete the application process after selecting the Medigap policy that meets your requirements. Remember that working with a licensed agent can make the process more straightforward. They can ask you every question and ensure you fill out your application correctly, as your responses determine your eligibility and rates for coverage. Payment methods vary by company. Generally, they include checks, money orders, or electronic funds transfers. Specify when you would like your policy to begin, as coverage typically starts on the first of the month following your application. If you do not receive your policy within 30 days, follow up with the insurance company or insurance broker who assisted you.

Got Medicare Questions?

We hope that this information on Medigap policy is useful to you.

Let us help you answer your questions so that you can get back to the activities that you enjoy the most.

Call (888) 446-9157, click here to get an INSTANT QUOTE, or leave a comment below!

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This article was revised on 4/16/2024.

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