By Bill
Loughead
There are a lot of Myths about Medigap Insurance Plans that
get discussed every year with new clients and we thought we would share some
important ones. After all, it is a lot to remember. Who can keep
track of all the parts and plans such as Medicare Part A & B and Plans A, B, C, D, G, F and J
just to name a few. It is enough to give anyone a headache. If that
isn't enough there are different names that mean the same thing like Medigap
Plans and Medicare Supplement Plans. They
are just two names that describe exactly the same thing.
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| Medigap Insurance Myths |
Myth #1- I
need to make sure I pick a plan that has a strong network in my area that includes
my doctor.
Fact: Medigap Plans (or Medicare Supplement Plans)
do not have a network. You can go to any
doctor or hospital in any state you want.
If they take Medicare they will take the plan regardless of who the
carrier is. That never changes. Anytime you hear of someone’s doctor not
being in network it is because that person has a Medicare Advantage plan.
Myth #2- I
can only switch my Medigap Plan (Medicare Supplement) during the Annual
Enrollment Period (AEP).
Fact: You can switch your Medigap Plan any time of
the year that it benefits you. You do
not need to wait for a certain time. The
Annual Enrollment Period (AEP) is only for people who have a Medicare Advantage
Plan or for your Part D Prescription Drug Plan.
Most people don’t realize this because there is so much advertising done
in the last half of the year by insurance carriers for AEP so it has led
everyone to believe it.
Myth #3-
All insurance companies price Medigap Plans the same so I don’t need an
independent agent.
Fact: Prices can vary
greatly for exactly the same plan from one insurance carrier to the next. For example, one insurance carrier can charge
$150 per month for Plan F while another well-known carrier may charge $220 per
month for the same plan. Benefits are identical but the
price isn’t. In addition, there are 11
different Medigap Plans with varying degrees of benefits. An independent agent can help you sort
through it all.
Myth #4- My insurance won't be as good as my employer’s group plan.
Fact: Medicare along with a good Medigap Plan is
great health insurance. Most Medigap
Plan’s do not have coinsurance and high deductible like many employer group
plans. Often time’s people who get a
Medigap Plan get more comprehensive coverage for less than what they were
paying with their employer.
Myth #5-
It will cost more if I use an independent insurance agent or broker.
Fact: The services of an independent agent are free
to you. You will get exactly the same
premium if you go directly to the insurance carrier or if you use an independent
agent. The difference is you save money because the independent agent will show
you all the plans from all the major carriers and help you pick a plan that
fits your needs. A good agent will also
help you save money down the road when carriers come out with different plans
and rates. You pay exactly the same but
get unbiased advice from the independent agent. The insurance company pays the
agent for getting you a policy. The
insurance company saves money because they do not pay the agents office space,
staff salaries, marketing or other expenses. Similar to when you buy a house using a buyer’s agent, the seller pays
your realtor’s commission, not you.
Summit Medigap is an independent insurance agency that
specializes in Medicare
supplement insurance (Medigap Plans). We make Medicare seem easy™. For more
information about Medicare supplement insurance visit http://www.SummitMedigap.com/
or call us at 1-888-40-Summit (888-407-8664). We have helped many people in
Florida, Georgia, North Carolina, South Carolina, Texas, Colorado and Michigan.
