If you are looking into the possibility of a Medigap plan, you should be familiar with some common mistakes seniors make. Medigap (or Medicare supplement insurance) covers some out-of-pocket costs from Medicare Part A and Part B, but choosing the right plan can be very confusing. Fortunately, that’s where we can help. Below, this supplemental Medicare agency in St John, Indiana is going to share some tips to help you find the best plan for your needs.

Mistake 1: Not knowing exactly what Medigap plans are.

First, you should know what Medigap plans are. These are sold by private insurance companies and regulated by the federal government. Since they are regulated on a federal level, all plans with the same letter (like Plan A or Plan G) have the same basic benefits across the country. But the prices can vary between companies.

It is worth mentioning that because one plan costs more, it does not mean it offers better coverage. You could be paying more money for the same benefits you could get with a cheaper plan.

Mistake 2: Overpaying for the same coverage.

Medigap plans are named after the letters- A, B, C, D, F, G, K, L, M, and N. Each lettered plan offers the same basic benefits regardless of where you buy it from, with the only difference being price. So, before you decide on a plan, you should compare prices from different types of Medigap to make sure you are getting the most coverage for your money. Your supplemental Medicare agency in St John, Indiana will be able to help you with that.

Mistake 3: Paying more for less coverage.

Yes, you could be paying more for a plan that covers less. For example, while Plan A covers the basics, Plan G covers so much more.

Given that, you might assume that Plan A would be cheaper, but it can sometimes cost more than Plan G because of how insurance companies set their prices. Insurance companies might expect that people on Plan A will have higher medical costs, which increases the price. Therefore, always compare what you are paying for with what you are getting to make sure you are not overspending on less coverage.

Mistake 4: Not being careful with add-ons.

Insurance companies usually offer add-on benefits like vision, hearing, or dental with their Medigap plans. These add-ons have real value, but they do make your plan more expensive. For you, these extras can be worth it or not.

Always compare the base price and the price with add-ons to see if you are getting a good deal. Keep in mind that sometimes the plan with add-ons might be more affordable than the base plan, so you may want to look into it.

Mistake 5: Only looking at the current price.

You might only consider the current price when buying a Medigap plan, but you should also consider how your health needs might change in the future and how the plan’s costs could increase over time. We recommend talking to a trusted supplemental Medicare agency in St John, Indiana for advice on choosing a plan that fits your needs and budget.

When buying a Medigap plan, it is very important to do your research. Compare different plans, consider your future needs, and don’t get distracted by add-ons that might not be worth the cost (at least to you). By doing this, you will find a plan that fits your needs and does not cost too much. And remember, a good supplemental Medicare agency can be very helpful in finding the right plan.

Looking for a Supplemental Medicare Agency in St John, Indiana?

If you want to secure the best possible health coverage for your future, reach out to our team at Senior Care Insurance Services. As the most trusted supplemental Medicare agency in St John, Indiana, our agents take the time to know your situation before recommending any options. With our excellent customer service and competitive rates, we will help you find the best plan for your needs. Contact us today to schedule a free consultation.