How much does Medigap cost? How do I know if I am paying too much? If I discover I am paying too much can I switch? Is plan F my best choice? Should I pick a “name” carrier such as AARP (UHC), Blue Cross or Mutual of Omaha? Are all Medicare supplement plans the same or are some better than others?
Simple questions. Not so easy answers.
How much DOES Medigap cost?
Rates are based primarily on your age and zip code. Some plans have higher premiums if you use tobacco or are overweight. Most charge more for males than females.
There are a few more variables but these are the big ones.
Your Medigap cost is not impacted by your medical history or the medications you take.
Shop and compare instant GA Medigap Quotes.
How do you know if you are paying too much?
The easy answer is, most of the people I talk to ARE paying too much. Perhaps they bought a plan because of the carrier name or affiliation, such as Blue Cross or United Healthcare (marketed through AARP).
Or they asked their friends and most of them bought Medicare supplement plan F, so that is what they bought too. Even worse, they invited an agent in to their home that pressured them in to buying Medigap plan F and they never bothered to compare other plans from other carriers.
At Georgia Medicare Plans, we always quote the lowest available rate on our most popular plan (and it isn’t Medigap plan F). Of course if someone insists on a plan or carrier with a higher Medigap cost we are willing to oblige.
After all, it is their plan and their money.
If I discover I am paying too much can I switch?
Generally yes, but not always.
You can change your Medigap plan at any time while you are still within your guaranteed issue period. After that you must submit evidence of insurability.
Many people can change their plan at will by answering health questions. Each carrier has different “knock out” questions but we can tell you in about 2 minutes if you can qualify for a lower Medigap cost based on your answers to health questions.
Is Medicare supplement plan F my best choice?
For most folks the answer is a resounding “NO”. Fewer than 3% of my clients choose plan F once they understand the differences in it and other plans. By switching plans, most will save $300 – $400 per year. That is real savings!
Should I pick a “name” carrier such as AARP (UHC), Blue Cross or Mutual of Omaha?
So called name brand carriers feel empowered to charge more for their policies because they know many seniors will pay more for the name recognition.
The sad truth is, when you pay more you don’t get more. You simply paid too much.
Are all Medicare supplement plans the same or are some better than others?
I am constantly amazed at the number of folks that are of the mistaken opinion that Medigap plan F from Mutual of Omaha is superior to Medigap plan F from Sterling Investors.
The policies and carriers are approved and regulated at the state level but Medicare REQUIRES all policies with the same letter to be identical in every way. So let me repeat, when you pay more you don’t get more, you simply paid too much.
How much does Medigap cost?
As much as you are willing to pay. Find out how much you can save by clicking to compare your Medigap rates with other carriers.