Understand Your Healthcare Needs
Before diving into plans, take a moment to evaluate your healthcare situation. Are you someone who visits the doctor often, or do you only go for annual check-ups? Knowing your medical history and anticipating future needs can help you choose a plan that avoids overpaying for unnecessary coverage.
Compare Plan Options
Carefully
Medigap plans are standardized, meaning each plan (e.g., Plan G or Plan N) offers the same coverage, regardless of the insurance provider. The only difference is the price.
Shopping around and comparing premiums from different companies can save you a bundle without sacrificing benefits.
Enroll at the Right Time
Timing is everything when it comes to Medigap. The best time to buy a plan is during your Medigap Open Enrollment Period, which starts the month you turn 65 and are enrolled in Medicare Part B. During this six-month window, insurers can’t deny you coverage or charge higher premiums based on pre-existing conditions. Missing this window could mean higher costs later.
Consider Your Budget
It’s tempting to go for a plan with the lowest monthly premium, but be careful. Plans with lower premiums often have higher out-ofpocket costs when you need care. Look at the big picture and balance the premium with potential healthcare expenses.
