What is Medicare Gap Insurance Coverage

If you’re over the age of 65 or have a disability that allows you to qualify for Medicare, you’ll want to understand everything there is to know about Medicare gap insurance coverage. One of the more confusing aspects of Medicare is what’s referred to as the Medicare coverage gap. Knowing more about what this term means will allow you to purchase insurance that will protect you in the event that this gap is reached. 

What is Medicare Gap InsuranceMedicare Gap Insurance

What is Medicare gap insurance? Medicare gap insurance are plans designed to provide you with additional coverage to compliment Original Medicare. This insurance type is also commonly referred to as Medicare Supplement insurance or Medigap. These plans are sold by private companies and can generally pay some of the co-payments, deductibles, and co-insurance that you’ll be required to pay during the gap. Some of the costs that your Original Medicare plan doesn’t cover will be covered with one of these plans. Some plans might even pay for certain costs that aren’t covered directly under Medicare, such as medical treatment when traveling outside of the United States. 

A monthly premium must be paid when purchasing one of these policies and the plan only covers one person. Medicare gap insurance plans are renewable even when suffering from health issues. You’re eligible for one of these plans as long as you have Part A Medicare and Part B. Within six months of signing up for Part B, you have guaranteed enrollment in a gap policy and can buy from any of the 10 plans available to you. You can do so later on as well, but your premium might be higher or they can decline you coverage completely. 

Medicare Gap Coverage Plans Available

There are 10 Medicare gap coverage plans associated with Medicare, including categories lettered A-N and offer a wide array of different benefits. The type of plan you select all depends on your specific needs. For instance, Plan A pays for Medicare Part A co-insurance and hospital costs as well as the co-insurance or co-payment for Part B. Medicare Supplement Plan A also covers the first three pints of blood as well as the co-insurance or co-payment with hospice care. 

Medicare Supplement Plan B offers all of the same benefits but also covers the Part A deductible. Some of these plans offer merely a portion of coverage for some costs. For instance, Medicare Plan K covers 50 percent of costs associated with Part B co-insurance, hospice care co-insurance or co-payment, skilled nursing facility care co-insurance, and the Part A deductible. To have a better idea of which plan suits your needs the best, call us today to get in touch with one of our advisers. 

Medicare Gap Insurance Providers

There are multiple Medicare gap insurance providers in each state. Since all plans are standardized by the government, the benefits remain the exact same across all providers. The only difference is the costs, that’s why it’s important to have multiple side by side Medicare gap insurance cost comparisons with all the carriers.

Compare Rates for Medicare Gap Insurance Online

Now that you’re aware of what this gap is and the insurance available to you, it’s time to compare rates. This is where we can help! If you wish to enroll into one of these plans, call our phone number or fill out our compare rates form to compare rates for Medicare gap insurance online now. You can watch our agents talk about Medicare and Medicare Supplement plans in our video gallery! Don’t forget to like us on Facebook and follow us on Twitter.

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