Working with a Medicare Specialist
Medigap plans are standardized. There are 10 basic plans and they are the same with all insurance companies. Not all insurance companies offer all of the plans. The difference is price and the reputation of the insurance company. As an agent I explain this to my clients and because I do this every day I know which carrier has the lowest rate at any given time. This can save my clients a lot of time shopping around. The most popular Medigap plan is plan F which pays 100% of the Medicare deductibles and coinsurance regardless of what state you live in. Excluding prescriptions (Part D Plans) my clients have a fixed expense for their medical care.
There is also a high deductible Plan F. This plan has a significantly reduced premium and may be a good option for seniors with little or no health issues. There are several other options that are available. I explain these to my clients to help them determine which plan best fits their needs and budget. I save my clients significant time from doing their own research. We also act as an intermediary between the carrier and my client.
Medigap plans do not cover prescriptions. Prescriptions are Part D of Medicare and require a separate policy. I obtain my clients prescription information and shop for them to find the plan which best meets their needs.
In most cases my clients are more concerned about the difference between a Medigap Plan and a Medicare Advantage Plan. These differences were discussed in our last blog entry. Medicare Advantage Plans usually have a zero or very small premium when compared to Medicare Supplement Insurance, but they do not cover all of your copayments and coinsurance like Plan F. There are also HMO’s and PPO’s, or what is called a Managed Care Plan which can have limited service areas and require referrals. A Medigap plan allows you to go to any doctor or hospital that accepts original Medicare.We have been saving my clients the time of doing the research themselves. We believe this service is what Medicare eligible people are looking for.
Joe DeAngelis – 10/09/2012