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How to Compare Medigap Policies Side by Side

11/17/2020

Medicare Supplement Insurance (or Medigap) helps fill in the gaps in Original Medicare. It is sold by private insurance companies and ranges in price depending on how much coverage you need. Original Medicare pays for much of your healthcare services and supplies, but it doesn’t pay for everything.

Unfortunately, medical care is expensive, and what Medicare doesn’t cover can get out of hand quickly. This is why most people benefit from supplemental insurance. But how can you compare these policies to ensure you are getting the right coverage for your needs?

Side-by-Side Comparison of Medigap Plans

Here is a breakdown of Medigap plans. This is not a complete comparison, but it does give you an idea of what additional expenses will be covered.

Things to Know about Medigap Plans

To be eligible for Medigap, you must have Medicare Parts A and B. You can buy one of these policies from a private insurance company licensed in your state. It’s helpful to work with a financial planner in New Jersey who can help you pick the best plan for your needs and budget.

Once you purchase a supplemental plan, you will pay the insurance company a monthly premium, in addition to paying the premium for Part B. Additionally, keep in mind that a Medigap policy only covers one person. If your spouse wants this coverage, they will need their own policy.

Find Your Medigap Plan Today

If you’re ready to find a supplemental insurance plan, contact Leonard Financial Solutions today. As an independent financial advisor in NJ, we can find you the best policies and rates in your area. You’ve worked hard and paid your dues, so you deserve to get the high quality medical care you need to live a long and healthy life! With the right Medigap plan, you will!

3 Tips for Choosing a Medigap Plan in New Jersey

10/5/2020

Medigap is Medicare Supplement Insurance that fills in the “gaps” in Original Medicare. You have to buy and pay for Medigap on your own, but it’s well worth the price for many people. These are the years when you’re most likely to need medical care, so having complete coverage is important for your health and your pocketbook.
If you are considering adding supplemental coverage to your Medicare health insurance in NJ, here are some tips to follow.

1. Understand Your Coverage Needs

There is no one-size-fits-all Medicare supplement plan, so the first thing to do is understand your coverage needs. Medigap plans can help cover copayments, coinsurance and deductibles so that you pay less out of pocket. To compare your choices, visit medicare.gov.

Some questions to ask yourself are:

- Do I want basic coverage or extra coverage?
- Are there specific out-of-pocket costs I want help with?
- Do I want coverage when traveling overseas?
- Do I want a high-deductible plan?

2. Determine Your Budget

The next thing to consider is what you are comfortable spending each month. Medigap plans are priced differently, though most come with a monthly premium. Most insurance companies use one of these three pricing methods:

- Issue-age rated. Premiums are based on your current age and will not increase as you get older.
- Community-rated. All plan members pay the same premium regardless of their age.
- Attained-age rated. Monthly premiums are based on your current age, but your premiums rise as you get older.

3. Choose Your Plan Early

Signing up for Medigap during your Medicare Supplement Open Enrollment Period gives you the most options. This time period starts on the first month you turn 65 and are enrolled in Medicare Part B. The reasons why you’ll have the best options are because:

- You have “guaranteed-issue rights,” which essentially means you can’t be turned down for coverage.
- You can’t be charged more due to pre-existing conditions.
- The insurance companies can’t require medical underwriting.
- Once this period is over, you can still get supplemental insurance, but it may not be as easy. Insurance companies can refuse you coverage or charge more for pre-existing conditions.

Find the Best Medigap Plan for You!

Need Medicare help in New Jersey? Contact Leonard Financial Solutions for personalized assistance with Medicare and Medigap insurance.

Top 4 Questions About Medigap

1/31/2018

Medicare is a federal health insurance program. It is generally for people who are of 65 years or older. There are a few exceptions for younger people if they suffer from certain disabilities or end stage renal disease. There are 4 different plans for Medicare, namely Plan A, Plan B, Plan C, and Plan D. Each plan will have different coverage from inpatient and outpatient care, to prescription medicines. What is common among all plans is the fact they do not cover everything. This is where Medigap comes in. The following are the most common questions about Medigap.