Most Texans know that their Original Medicare coverage alone is not enough and the out of pocket expenses that Parts A and B of Medicare leave behind are simply to high for their budget.
This is why many Medicare beneficiaries in Texas choose to purchase a Medicare Supplement Plan, also known as Medigap policies. Medicare Supplement Plans are sold by private insurance companies and help by paying most or all of the health care costs that Original Medicare (Medicare Part A & B) doesn’t cover.
The expenses that Supplement plans cover include co-payments, coinsurance, deductibles and excess fees. These types of plans help you fill the gaps in your medicare coverage, ensure you have a very predictable healthcare budget, and lower your out-of-pocket spending.
There is truly no one supplement plan that is best for everyone so finding the best medicare supplement plan for you starts with knowing exactly what to look when selecting your coverage. Here are a few of the most important tips that will help you find the insurance company and plan that will offer you the greatest coverage for the most affordable price.
There are 10 different Medicare Supplement plans available in Texas that insurance companies are allowed to offer. These plans are named with letters such as Plan G, Plan F, Plan N, and so forth. Out of these 10 plans, Plan G simply offers the greatest benefits for the price making it the best Medicare supplement plan available in Texas. Learn more about Plan G and why it is the best value supplement in the following article: Plan G vs Plan N
Once you have selected which plan you want to go with, such as Plan N or G, then the next big tip is to shop around to see which insurance company offers that plan for the lowest price. This is especially important because all insurance companies in Texas are required to offer the exact same coverage for each plan! The only thing they are allowed to change is the price they charge for the coverage! To save the most money on your coverage read our 3 Steps to Savings!
The benefits from plan to plan are the same from every insurance company. This means that the benefits that plan F provides will be the same no matter which insurance company you choose.
One last reason to make sure and shop around before purchasing your plan is because premiums for new applicants are based on your age, sex, tobacco use, and location. This means the best supplement insurance company for someone in Dallas may be different then for someone living in Austin, Fort Worth, or Huston. So don’t over pay for your coverage, be sure to shop around and find the best rates available in Texas for you, especially since each insurance company is providing the same benefits.
Supplement companies must provide the exact same benefits for each plan type but prices will vary between companies.
Once you have selected a plan we can help you shop the market for your best price!