How Can You Fully Utilize Your Medigap Insurance Plans?
You may have regular Medicare insurance through federal government, but it is important to remember that this coverage is not an all-inclusive healthcare plan. There are gaps left in Medicare Part A and PartB coverage that can be covered with the purchase of additional supplemental insurance. You may have heard about friends or colleagues who have chosen to enroll in Medigap. Medigap is a form of health insurance that you purchase from a private company. It covers certain healthcare costs that are not covered by regular Medicare. Before you enroll in Medigap you need some basic information about choosing a Medigap plan.
Medigap can cover additional costs, such as co-payments, deductibles, and out-of-country health coverage. When choosing a Medigap plan it’s important to note that there are certain items that are not covered in all Medigap plans. These include long-term care or private-duty nursing, dental care, vision care, hearing aids, eyeglasses, or prescription drugs.
After you enroll in Medigap you will pay a monthly premium. It’s important to note that choosing a Medigap plan is affected by where you live and what plans are available in your area.
Medigap insurance is available for people who already have Medicare Part A. This is the portion of the insurance that covers hospital services. You’ll also need to have Medicare Part B. Part B is for people who have coverage for doctor services. If you have the Medicare Advantage plan you will not be eligible for a Medigap plan.
If you wish to learn more about how to enroll in a Medigap plan you can head to the online Medicare Personal Plan Finder or call your state’s department of insurance. Within Medigap there are multiple labeled plans. These are labeled from A to N. Each offers different types of coverage. It’s important to note that for Plans E, H, and I, that they are no longer available to new subscribers.
You may discover that premiums can vary between insurance companies, even though the Medigap plan coverage will be the same. It’s important to price around to obtain the best quote. But you can be assured that if you get the Medigap Plan C policy that the benefits will be the same no matter which company you get it from.
It’s also important to buy your Medigap coverage before the age of 65 otherwise you may be turned down for coverage. Ensure you buy your coverage six months before your 65th birthday and you will pay the same price that a person in good health pays. After 65, you may be turned down for coverage, or may have to pay significantly higher even if you’re in good health.
After choosing a Medigap plan you will pay a monthly fee to the insurance company. The cost of your policy will be determined by which labeled plan you bought. It can also be affected by the insurance company your choose to buy it from, your location or state, and your age.
If you have enrolled in Medigap and you pay your premiums on time, the Medigap policy is guaranteed renewable. It will provide you with piece of mind knowing that you can now fully utilize your Medigap insurance plans to your advantage.