A Medigap policy is a type of health insurance issued by private insurance firms to bridge the gaps in coverage provided by the original medicare plan. Medigap plans assist in covering part of the expenditures of health care that are not covered by the Original Medicare Plan.
There are two ways to pay for medical expenses; you can either have Original Medicare and a Medigap policy, or you can have both.
To be eligible for a Medicare supplement plan, you typically need both Medicare Parts A and B, by paying the monthly Part B Medicare premium is a requirement of the federal government’s health insurance program and Medigap insurance also requires you to pay an additional fee.
As long as you continue to make your premium payments, your Medigap policy will be assured to renew, this means it is renewed each year automatically as long as you continue to pay your premiums, your coverage will be in effect year after year and a Medigap coverage purchased before 1992 may be refused renewal in some states by insurance providers.
Insurance companies are only allowed to sell you a standardized Medigap coverage under the Affordable Care Act and the Medigap insurance must adhere to all applicable federal and state regulations, these laws are there to safeguard you. In order to be considered Medicare Supplement Insurance, the policy’s front page must explicitly state Medicare supplement plans.
It is critical to compare Medigap coverage because premiums might differ significantly and in order for insurance companies to offer standardized Medigap policies, they must all give the same benefits, and if you compare their policies supplied by different insurance companies; the price is usually the only thing that differs.
Medigap coverage must be purchased separately by you and your spouse
In the event that your spouse requires medical treatment, your Medigap policy will not cover the costs, some of their policies may include coverage for additional benefits that are not covered by Medicare, such as vision and dental coverage.
Under certain conditions, you are entitled to purchase a Medigap policy
There are several Medigap Brokerages available that would be delighted to assist you in enrolling in a new medicare supplement plan and brokers are compensated by the insurance company with whom you choose to do business with, therefore their services are completely free to you.
Though some brokers may provide incentives such as following up with you on an annual basis to avoid rate rises and other similar services. Choose one with whom you are most comfortable working, and if you haven’t done your homework yet, the open enrollment period is the greatest time to submit your application.
Overall, if you follow these three simple steps before enrolling in a Medicare supplement plan, you will have a leg up on finding the best plan that is right for you and for your loved one. We hope that this post may be of use to you in your quest to get the appropriate Medigap Plan for your needs.