May 262012

When people are doing their research and come to a website like this one, it is usually because they want to understand what they are getting into and how to spend their money wisely. Here is a short video that can help. How to Win with Medicare Supplemental Insurance. If you are a Baby Boomer learning about Medigap for the first time this video should prove helpful. It is less than three and half minutes long.


Click here to get your Medigap quotes from an independent insurance agent Medigap Quotes

Mar 202012

Medigap PlansMedigap is the official name given to health insurance plans commonly known as Medicare Supplement Insurance.  Medicare has many “gaps” left that can leave some pretty hefty out-of-pocket expenses.  Medigap is designed to supplement Medicare or in other words “fill in” Medicare gaps.   Medigap is provided by private insurance companies but regulated by both federal and state law.  Medigap supplemental insurance plans are not an alternative to traditional Medicare like Medicare Advantage Plans, but instead work with traditional Medicare.

Medigap plans come in basically ten flavors and are labeled with the letters A through N.  The letters E,H,I, and J are no longer used. Medigap plan A is typically the least expensive of the plans and provides the least amount of coverage while Medigap plan F provides the most coverage.  The most popular plan is Medigap plan F with Medigap plan G a close second.  Medigap plan F covers 100% of the copayments, coinsurance, deductibles, and even the excess charges that come with Medicare.  Medigap plan G is almost identical to plan F with the exception of not covering the yearly Medicare Part B deductible.  Often the yearly savings on the Medigap plan G premium is greater than the cost of the Medicare Part B deductible so it is an option definitely worth checking out.

When shopping for a Medigap plan it is important to note that all the plans are standardized.  This means that each plan by the same letter provides the exact same coverage.  So Medigap plans provided by AARP, Gerber, New Era, and United all provide the exact same coverage even though the companies may charge a different premium.

The best time to first purchase a Medigap plan is when you first turn 65.  During the first six months from when you turn 65 or when you first purchase Medicare Part B the insurance companies cannot turn you down and there is no medical underwriting.  This is a huge benefit because there are many medical conditions that normally will prevent you from purchasing a Medicare supplement.

One of the great benefits of having a Medigap plan as opposed to say Medicare Advantage is that Medigap is guaranteed to be renewable and cannot be canceled as long as you keep paying the premiums.  Medigap changes are also phased in for new purchasers and allow existing policyholders to retain their current policies.

MedigapWhen purchasing a Medigap plan it is best to utilize the services of an independent agent.  Independent agents do not just sell insurance for one particular insurance company.  They can pull quotes from all the insurance companies in your area ensuring you get the lowest price.  Before you request insurance quotes on any website make sure to read the fine print.  Many websites are set up only to collect your information and the sell it out to a whole bunch of insurance agents or companies.  This will get you a bunch of duplicate quotes and a lot of hassle.  One good independent agent will get you the same information, at the same price, and save you time and trouble.


Click here to get your Medigap quotes from an independent insurance agent Medigap Quotes

Nov 202011

Medicare and Medicare supplemental insurance can be a source of frustration for People turning 65 as well as many seniors currently using the services. Medicare has its different parts and Medigap has its ten plans, most people don’t even consider issue age vs. attained age.

Issue age policies have the base price determined by the age you are when you purchase the policy and much more expensive when you first get them but are supposed to not go up in price as you age. Attained age policies determine the base price by the age you currently are. They are a lot less expensive while young but go up incrementally as you age.

Picture issue age vs attained ageI had a customer who was looking for Medicare supplemental insurance for his wife and himself ask me “would we be better off getting issue age policies so premiums won’t increase with age?” This was my response: Continue reading »