After enrolling for Medicare, you will have to take a call on whether you need a Medigap policy. A Medigap plan, also known as Medicare Supplement Insurance, basically covers the ‘gaps’ in your original Medicare plan. In this post, we will talk about the top facts along with tips on choosing a plan for your personal needs.
Things to know
Medigap will cover the things that your Medicare plan doesn’t cover in the first place, such as coinsurance and copayments. When it comes to healthcare costs, Medicare will first pay for the approved amount, following which Medigap will pay its share. If you have a Medicare Advantage Plan, you will have to leave the plan before getting enrolled for Medigap. Medigap policies are sold by private insurance companies, which are approved by the state. These come in 10 different standard packages, named with letters starting from A to N. Some of the packages are now available to new subscribers, such as E and H. You need to compare plans before taking the final call.
Tips for help
If you are looking for comprehensive coverage, Plan F is your best bet by all means, followed by Plan C. For people who are healthy and don’t want to pay the expensive premiums, Plan M and Plan N are the better options with cheaper premium. The standardized Medigap plans are common to all the 47 states, except for Massachusetts, Minnesota or Wisconsin, which have different plans. When it comes to Medigap, you need to consider your health and overall family history. The differences might seem very confusing, as some of the plans may look similar to each other. Besides other third party sites, you can also check the website of medicare.gov to know more. Please note that all the Medigap policies with the same letter offer the same kind of benefits and cover, and hence, you should aim at finding the cheapest premium.
It’s important that you have Medigap Part A and B to be eligible be Medigap. Also, the insurance provider will have to renew your policy, regardless of the new health conditions you may have. Just make sure that you pay the premium on time. Also, you need to pay the Part B premium, as well. Medigap doesn’t cover prescription drugs, for which you need a separate Medicare Part D plan. For any confusions, you can also check for more information online.