According to the National Council of aging, there are more than 10,000 citizens across our country who enroll for Medigap plans. The most confusing aspect about having a Medigap policy is, “Why does one need it when they already have a Medicare policy?” The answer to this is simple. Medicare plans do not provide coverage for every medical condition. Hence, you need a Medigap plan that bridges the gap between your Original Medicare plan and costs for medical expenses that are not included in the plan.

There are many private insurance companies that offer the Medigap plans for different medical conditions and lifestyle. The best Medigap plans pay for different costs such as copayments, coinsurance, and deductibles.

Out of the 50 states in the country, 47 provide a medical supplement or standardized Medigap plans divided into ten different sets of benefits. The remaining three states that have different standardized Medigap plans include Massachusetts, Minnesota, and Wisconsin.

Once you decide to buy the best Medigap plan as a supplement for your health insurance policy, how will you decide which Medicare supplement is best for you?

It is ultimately on you to decide what type of medical insurance would suffice your own personal needs and lifestyle. Apart from this, the following circumstances will decide if a Medigap plan may be a good choice.

• You prefer the flexibility of being able to choose a medical practitioner or a doctor of your choice even anywhere in the country.
• You have two homes in different states across the country or if your job requires extensive travel.
• You have been frequently hospitalized in the past and have enrolled in Medicare Part A and Part B.    

However, they might not be the best choice if you are in the following situations.

• If you are having a Medicare Advantage plan. A Medicare Advantage plan also called as Medicare Part C provides coverage that is approved by Medicare.
• You have a cover from an employer or a union that covers most of the medical costs that cannot be paid by Medicare Part A and B.

The following three factors will help you to select the best Medigap plans

Knowing your Medigap plan choices
The best Medigap plans come with standard benefit design. These plans are lettered from alphabets A to N. Each letter denotes a particular set of benefits. Out of all the Medigap plans, Plan F is considered to be the most versatile as it covers coinsurance, blood transfusion expenses, deductibles, skilled nursing, and foreign travel due for medical treatment. Plan A offers the most basic coverage where it covers for Medicare part A and part B and blood transfusion for up to three pints.

Narrowing your choices for best Medigap plans
Narrow down your choices through factors such as personal preference, risk tolerance, ability to pay, and lifestyle and travel. Apart from this, the best Medigap plans are rated based on the following.

• Community-rated plans
  These types of Medigap plans do not use age as a deciding factor when calculating premiums.
  
• Attained-age-rated plans
  These policies offer premiums that change every year according to the individual’s age.
• Issue-age-rated plans
  The premiums of these Medigap plans are based on individual’s age at the time they purchase the policy.

  Selecting a plan for the long run and signing up early
  Beneficiaries can save a significant amount of money by enrolling together with a Medicare policy. The official age of eligibility for Medicare is 65. However, people with disabilities can enroll earlier. The enrollment period for Medicare runs from three months before the beneficiary’s birthday until three months after it.  Now that you are aware of how Medicare supplement works, it is time to compare insurance companies that offer the best Medigap plans. Find out which companies offer Medicare supplements near your location and if they are standardized for the maximum number of states. Consult an insurance agent who will help you select the best Medigap plans based on your current Medicare plan, health, and lifestyle.