How to Choose a Medigap Policy?

Every individual will need to choose the Medigap policy that best suits his or her own needs. These needs can be very different depending on retirement income, retiree health benefits and other personal considerations.

Medigap Plans Must be Purchased Individually

When you are looking at your needs make sure to take into account the health and needs of your spouse or significant other. Medigap plans must be purchased individually and one plan may be right for you but not the right plan for your spouse.

Take a look at the various Medigap Plans and ask yourself what types of services are most important. At the same time take a look at your monthly budget and decide how much you can afford for a Medigap Plan. Once you have your budget and you list of needs it is time to start comparing the plans the companies offer. Compare plans of the same letter together. Make sure you get a copy of all the fine printed documentation and read through it.

Medigap policies are offered through private insurance companies. Not all insurance companies are equal. Read user reviews on the companies you are considering. Look for many different reviews posted off the website that belongs to the company. It is a common practice on the Internet to remove unpopular reviews.

Auntie Lou says, "A few of the people can be right all of the time, and most of the people can be right some of the time, but rarely are all of the people wrong all of the time."

Choose the Company You Trust

Once you have narrowed your choices down to a few plans within a single letter and a few companies, make appointments to go and talk to one of the company's representatives. You can also do this on the phone but in person is best if it's possible. You can learn a lot about a company by meeting the employees. Have a list of questions and listen carefully to the answers. Imagine you are interviewing this person. You are hiring them (in a sense) for a long time. This is an important decision. Do you like what you see?

Choosing the "right" Medigap policy is a difficult decision to make. Give yourself plenty of time to carefully research the various plans and study the rules. Don't forget to research the company too. Put it all together ad make a choice within your 6-month Open Enrollment Period. For an additional year you will have the option of changing plans if you don't like the plan you have chosen, this is known as your "Trial Period."