What is Medigap? Many people who are getting close to turning age 65 often ask this as the process can seem confusing at first. Rest assured it is easy to understand and is some of the very best health insurance coverage available.
Medigap is outstanding coverage available to those eligible. These are typically people just turning age 65 or those under 65 and on Social Security disability. Medicare Part A and Part B provide an individual with quite a lot of coverage. However, it is very important to understand that it does not cover everything. This is why some people have opted to purchase a separate policy that will provide coverage for certain areas that Medicare cannot cover. People can only buy this policy from private insurance companies. This coverage was made to cover all your expenses that are currently under Medicare. These expenses include annual co-pays and other deductibles.
If you currently have Original Medicare with just Part A and B, it will pay for its share from the Medicare approved amounts to cover regular health care costs. There what are called “gaps” though and these include things like deductibles, co-payments, as well as coinsurance. Depending on which supplement plan you get many of these might be paid and with a Plan F they will all be paid. Medicare does not pay any costs to help you get a Medigap Policy, it must be purchased by your funds.
Every policy will need to follow the state and federal laws designed to help protect you. Note that it must also be clearly identified for being a “Medicare Supplement Insurance.” Most insurance companies that sell this coverage will only get to sell you those “standardized” policies identified from the letters A through N. Every standardized policy offers the exact basic benefits regardless of which company is selling it. The cost and customer service usually are the only differences from these policies sold by other companies.
Pricing for each of the plans is typically determined by a few different factors. They include age, zip code, tobacco use, and gender. Also understand that each policy is per individual, therefore an individual and spouse must each have their own policies. Although many years ago a supplement plan would also cover prescriptions drugs, this is no longer the case. If you would like prescription drug coverage you must also enroll in a Part D drug plan.
Contrary to popular belief you may actually change supplemental coverage any time throughout the year. Medicare supplements are month-to-month policies and do not fall under the enrollment period. Therefore should get you a rate increase mid-year it is your right to change if you find a plan that suits your needs better and has a lower premium. Many people fail to realize this and go the entire year overpaying on their premiums only to wait until the enrollment period starting mid October.
Medigap is a fantastic program that has helped millions of seniors in paying their medical bills. There is no network so long as you simply visit doctors anywhere in the country that accept Medicare. To get instant quotes and compare plans enter your zip code below.