Medigap Supplemental Insurance Plans

Everyone needs to pay something for their health insurance, but the amount is different depending on the type of plan that a person has.  Once a person reaches retirement age, they are eligible for Medicare, which may or may not have a charge for premiums but does require everyone to pay a deductible and coinsurance each year.  Medigap supplement insurance plans are a great way to save on the deductible and coinsurance of Medicare, but there is often a premium for them. If you are unsure of the difference between premiums, deductibles, and coinsurance when it comes to Medicare and Medigap plans, it is fairly easy to figure out.  A premium is the money that you pay for your medical policy.  You may not have to pay a monthly premium for your Medicare insurance, but every Medigap supplement insurance plan has a premium.  The amount of that premium is determined by the plan that you choose. A deductible is the amount of money that you will need to pay before y...

You have guaranteed enrollment in a Medigap supplement insurance or Medigap policy if you are 65 years of age, are enrolled in Original Medicare and if any of the plans are offered in the state where you live. Medicare Supplement plans are sold by private insurance carriers to help pay for some of the services that Original Medicare doesn’t cover, such as coinsurance, copayment, deductibles, as well as emergency overseas travel coverage or Part B excess charges. You can sign up for a Medigap policy either through an insurance company or an independent Medigap broker. Using an independent Medigap broker has significant benefits that most folks may not know or even want to know out of fear that it may cost them more in broker fees. It doesn’t cost to use an independent Medigap broker and consulting one will not change your premiums or the policy benefits. Additionally, understanding how each plan works and each of their benefits or lack thereof can be extremely confusing, even to...

Medigap is an insurance policy that will cover the health care costs that you incur that regular Medicare, Part A and Part B, does not cover.  These costs can include co-payments, deductibles, and travel outside of the United States.  However, Medigap supplement insurance does not cover costs that are associated with dental care, vision, hearing aids, or private duty nursing. Medigap supplemental insurance is available to anyone that has Medicare Part A and Medicare Part B, and the best time to purchase Medigap is during your open enrollment period.  You are automatically eligible for a Medigap supplement insurance plan the month that you turn sixty-five and your eligibility continues for a period of six months. That six-month time frame is the best time to purchase Medigap, simply because you can get it from any Medigap supplement plan that is available in your area.  None of them can turn you down for any health issues that you may have, nor can they charg...

Medigap insurance is sold by private companies to help pay for things like copayments and deductibles that Medicare doesn’t cover. This policies are only available to individuals over the age of 65 who already have Original Medicare Parts A and B. Those with Medicare Advantage, Part C or are younger than 65 and on Medicare due to disability cannot enroll or buy a Medigap policy . There are eleven standard Medigap policies in the United States each lettered A through G, and K. Insurance carriers can only sell one of the plans, and if you are married and your partner is covered by Medicare, they will need to buy a separate policy to get a Medigap cover. Standard Medigap policies generally cover some or all of the costs of: Your Part A deductible and coinsurance for hospital stays A portion of your Part B doctor’s bills services The first 3 pints of blood annually As we as your hospice care coinsurance Medigap policies do not cover Long-term care Private duty nursing Prescr...