Original Medicare Plans chosen by most Medicare members have some limitations on both Part A or hospitalization coverage and Part B or physicians and medical services coverage. Medicare Supplement or Medigap is a type of insurance that was devised to step in where Original Medicare leaves off. Although Medicare Supplement plans are sold by private insurance companies, yet they are strictly monitored.

According to laws related to Medigap, a company can sell only 12 plans, designated by a letter from A to L. all plans with the same alphabet would offer the same healthcare advantages, irrespective of the insurance provider. However, the premium amount may differ from state to state. Moreover, not all insurance providers offer Medigap plans in all US states.
Considering all the criteria, if youre planning to purchase a Medicare supplemental insurance, you must ask some questions to yourself and those are:

Can I afford?

First of all, you need to ask yourself whether or not you can afford to buy a supplemental insurance. Unless you get a quote, you may not get the answer. But if you have saved some money and live a frugal life, then you have better chance to afford such a health plan. If youre sure about your financial capacity, then check whether or not you qualify for getting more coverage for less. Extra Help for prescribed medication coverage, Medicare Savings Program, Medicaid and Veterans Administration Benefits these are some of the federal health programs that are monitored at state level. These are some of the most popular health programs especially designed for the people with low income.

What would be my healthcare expenses?

You need to check how much you spend every year for your health over last 5 consecutive years. If you were uninsured, you should include the best estimate of expenses you might have passed through. Making out actual healthcare expenses is not easy, especially if an employer-funded program has picked up most of the tab. Try to figure out potential expenses. Do you think that you may need a knee-replacement in near future? Have you diagnosed with diabetes or high blood pressure? Do you need to undergo a colonoscopy? If any of these is applicable for you, you must include the expenses which may be covered by Medigap plans like Medicare deductible, Part A and Part B expenses that are your accountability.

Which plan suits me the best?

To find the plan that suits you the best, you should review the benefits provided by different plans (A L) in detail. You may find in-depth information on the office site of Medicare (medicare.gov). You may decide on a single plan or more plans that deserve a closer look. Check out Medicare Personal Plan Finder where you will find all the details different plans offer. The details may include which insurance companies offer Medigap in your state and which dont. Be careful while choosing the plan because as per federal laws, once you enroll for a plan, you cant switch outside open enrollment period; provided you should qualify under certain circumstances. However, in some states, the laws are a little bit generous and being a resident of those particular states you may switch Medicare Supplemental Insurance policy if you assume your Medigap decision as a long-term proposition.

Will my premium rate rise?

Yes all insurance providers hike premium rates to keep updated with increasing cost of healthcare. Some insurers charge more for the smokers, while some provide discounts different health-related good habits like non-smoking and non-alcoholism. Make sure you can figure out how premium costs are rated before you make final decision. A Medigap policy which is less-pricey at age 65 can be pricier as you grow old, especially if the policy is age-rated. In fact, most Medicare Supplement policies are age-rated; the rate of premium rises with the age of the policyholder. Some Medigap plans are issue-age-rated; it means the cost increment is based on factors besides age, for example, inflation. Community rating is another method of calculating premium rate. It means that everybody living in your locality will be charged with the same rate of premium.

These are just some of many questions that you should ask yourself before you make any final decision regarding buying a Medicare Supplement plan.