Medicare gap insurance coverage offers additional benefits to beneficiaries from private insurance companies. The private insurance company will cover the healthcare costs Original Medicare fails to cover.
Gap Insurance plans will also cover benefits Original Medicare refuses to pay, such as foreign travel. Medicare gap insurance plans don’t cover everything; although the more you know, the better prepared you’ll be.
Gap Insurance for Medicare is easy to obtain, and enrolling in Medigap coverage is even easier. Medigap insurance is the same as Medicare Supplemental insurance.
Medicare Gap Insurance Coverage
You’ll pay a monthly premium for your Medicare gap insurance coverage. However, this coverage provides you with peace of mind towards your healthcare.
Depending on the policy you select; you can have coverage on Medicare Part A as well as Part B.
Having coverage on the Medicare Part A deductible can save you thousands of dollars annually.
The Part A deductible is much different than any other deductible; also, depending on the hospital admission, you could pay the deductible many times in a year.
Paid annually, the Part B deductible is only $185 for 2019.
Medicare Gap insurance plans only cover one person per policy. This means you and your spouse must enroll separately.
Gap Insurance Providers
Many companies offer Medicare Supplemental insurance. Some of the top rated carriers include Aetna, Mutual of Omaha, Cigna as well as Humana. Although, there are other financially strong insurance carriers that may have a lower premium in your area.
Here at MedicareFAQ, we work with all the top insurance carriers to bring you the most suitable policy.
Trying to find the best policy for you in your area can be time-consuming and stressful. However, our agents’ price check policies constantly; they’re highly talented professionals that can find the best plan for you in moments.
By working with an agent that specializes in gap insurance for Medicare, you’ll save time and money.
Medicare Gap Insurance Cost
The cost of a Medicare Supplement can vary; it depends on the company, location, type of plan selected, as well as the benefit level. Medicare gap insurance costs depend on the way the health insurance company prices the plan.
Companies have three ways they can choose to set up Medicare gap insurance rates; although, sometimes state laws dictate which rating method a company can use.
The three rating methods used for Medicare gap insurance are:
- Community-rated plans have premiums that aren’t based on age
- Attained-age-rated is when premiums increase because of age
- Issue-age-rated is when premiums are based on the age you purchase the policy
The best thing a Medicare beneficiary can do is enroll in Medigap when first eligible.
Enrolling in Medicare gap coverage when Part B starts means you’ll be eligible for Guaranteed Issue (GI) Rights. GI will allow you to enroll in any policy without medical underwriting; you’re guaranteed coverage at the best possible premium.
Exact prices vary greatly between insurance carriers and states; talking with a licensed insurance agent in your state will mean you get the most accurate quote.
Gap Insurance Plans
The standard Medicare Supplement plans are labeled A through N. Each plan offers a different level of benefits.
While the cost of gap insurance varies, the coverage is standardized by the government. This means Plan G in Arizona has the same benefits as Plan G in Florida; no matter which company you select.
Although, in Wisconsin, Minnesota, and Massachusetts, benefits are a little different.
The top-rated Medicare gap insurance plans include Medigap Plan G, N, and F.
Medicare Supplement Plan F covers all the gaps in Medicare. However, this policy will be discontinued in 2020. All first dollar coverage plans will be going away.
Once Medigap Plan F goes away, the plan with the most coverage will be Medicare Supplement Plan G. Plan G covers everything except your Part B deductible.
Medigap Plan N is unique because it offers beneficiaries with a lower premium in exchange for paying a copayment.
When you work with a licensed insurance agent in your state, they’ll help identify the best Medicare gap insurance for you.
Enrolling in Medicare Gap Insurance Coverage
You must be enrolled in both Medicare Part A as well as Medicare Part B to enroll in a Medicare gap insurance policy. The best time to enroll in Medigap is within the first 6 months of turning 65 and becoming Medicare Part B eligible.
If you’ve been on Medicare for a while, you could still be eligible to enroll in Medigap coverage. However, you’ll be required to submit your application to the medical underwriting department.
While you could be denied for the coverage you applied for, it’s important to understand that most seniors are approved.
Each company has a different rating process. Our Medicare experts know which companies approve certain health issues.
When you work with a licensed agent in your state you save time as well as money. Call one of our agents today at the number above. If you prefer, submit an online rate form to compare rates side by side.