The Puritan Advisor*

Lock in Your Medigap Plan F Rate BEFORE You Turn 65!


by Jason Elwonger on March 21, 2012

Lock in your Medigap Plan F rate BEFORE you turn 65!

Here in the United States, senior citizens, who are 65 years of age or older, are blessed with a federal program of health insurance called Medicare. Those who have spent several years as a working class citizen likely paid Medicare taxes while employed and will not have to pay any premium for their Part A coverage. Part A covers things like inpatient care in hospitals, a skilled nursing facility, hospice, or home health care. Medicare Part B is usually optional and will be accompanied by a monthly premium that is deducted from your social security check. Part B is designed to cover medically necessary services like outpatient care, doctors’ services, home health services, and some preventative care services.

Although Medicare covers 80% of approved medical expenses for its members, it does leave a 20% gap in coverage that you would be responsible for. Medicare Supplement insurance is available to those who are enrolled in Medicare Part B. This type of insurance helps you bridge the gap in your Medicare coverage. Instead of simply paying everything out-of-pocket, Medigap Plan F may actually save you money. Many have an understanding that once they turn 65 years old, they may enroll in Medicare Parts A and B, and they are then eligible to apply for Medicare Supplement insurance.

What many don’t realize is that you can actually obtain Medigap quotes up to six months prior to your enrollment in Medicare.  As long as you plan to have Part B, you can LOCK IN YOUR RATE early! What that means, for you, is that you can get ahead of the game by locking in a low rate BEFORE prices increase. Although your policy will not become effective until you are enrolled in Part B, being ahead of the game could mean less work for you when you become eligible. By getting your health insurance coverage lined up early, you may be able to get a better rate on your Medicare Supplement Plan F (or whichever plan that you determine best suits you). 

                    Medigap Plan F

Unfamiliarity with Medigap insurance can lead to hesitation or procrastination. A few things that Medicare Supplement policies may do for you:

  • Build a bridge between your Medicare coverage and potential out-of-pocket expenses.
  • Certain policies provide the benefit of having NO co-payments, and in some cases, NO deductibles to satisfy.
  • If you are someone who likes to budget, some policies may make it easier to plan for future health expenses.
  • Many members feel more stability and confidence in knowing that they have the ultimate array of health coverage available to them.

Most prominent Medicare Supplement policies offered by private insurance companies:

  1. Medicare Supplement Plan F (Plan F)
  2. Medicare Supplement Plan G (Plan G)
  3. Medicare Supplement Plan N (Plan N)

Puritan, a company that represents several top-appointed Medigap insurance carriers, utilizes a search engine to provide you with free quotes for any plan that might be of interest to you. Inquire today for your free rate quote!


Comments on this entry are closed.

Previous post:

Next post: