10 Common Medigap Mistakes to Avoid

1. Missing Your Open Enrollment Period

The Mistake: Waiting too long to buy Medigap and missing the 6-month window when you can't be denied coverage.

The Fix: Enroll in Medigap during your first 6 months on Medicare Part B. Mark it on your calendar!

2. Only Getting One Quote

The Mistake: Buying from the first company you call without comparing prices.

The Fix: Get quotes from at least 3-5 companies. Prices can vary by $1,000+ annually for identical coverage!

3. Choosing Based on Premium Alone

The Mistake: Picking the cheapest company without checking their reputation or customer service.

The Fix: Consider financial stability, complaint ratios, and customer reviews alongside price.

4. Not Understanding the Rating Method

The Mistake: Choosing an attained-age policy for the low initial premium without realizing it will increase significantly as you age.

The Fix: Ask about the rating method (community, issue-age, or attained-age) and calculate long-term costs.

5. Confusing Medigap with Medicare Advantage

The Mistake: Thinking Medicare Advantage is the same as Medigap, or trying to have both.

The Fix: Understand that Medigap supplements Original Medicare, while Medicare Advantage replaces it. You can only have one or the other.

6. Forgetting About Part D

The Mistake: Not enrolling in Part D drug coverage because you think Medigap covers prescriptions.

The Fix: Enroll in Part D separately during your Initial Enrollment Period to avoid penalties.

7. Believing You Can't Switch Plans

The Mistake: Staying with an expensive plan because you think you're locked in.

The Fix: You can apply to switch anytime, though underwriting may be required. Some states offer annual switching windows.

8. Overpaying for Excess Charge Coverage

The Mistake: Choosing Plan G over Plan N solely for excess charge coverage, even though excess charges are rare.

The Fix: Evaluate whether the extra premium ($20-$60/month) is worth protection against a rare occurrence.

9. Not Reviewing Coverage Annually

The Mistake: Never shopping around after the first year, even as premiums increase.

The Fix: Review your coverage annually. If you're healthy, you might save money by switching companies (may require underwriting).

10. Dropping Coverage Prematurely

The Mistake: Canceling your Medigap to try Medicare Advantage without understanding you may not be able to get Medigap back.

The Fix: Understand trial rights and guaranteed issue protections before switching. Never cancel until new coverage is confirmed.