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What is a Medigap Policy? Find Out the Answers Here!

What is a Medigap policy? This is a supplemental health insurance policy that caters for health care costs that are not covered by the Primary Medicare.
Such costs include copayments, deductibles, and treatment outside the U.S.
This policy does not, however, cover dental care, eyeglasses, vision care, private-duty nursing, and long-term care. Also, most Medigap plans do not cater for prescription drugs.

Am I Eligible for the Medigap Insurance Plan?

To qualify for a Medigap policy, you must already possess the Medicare Part A which pays for medical facility services and the Medicare Part B which caters for doctor services.

Those who have the Medicare Advantage plan are not eligible for a Medigap plan. Call our team of advisers to learn more about the Medigap plans provided in your state.

What is a Medigap Policy?

Once you have enrolled in a Medigap plan, you will be required to pay the agreed monthly premium to your insurer on top of the Medicare Part B payment. The monthly premium depends on the insurance company, the type of plan you purchase, your age, and your location.

Paying your premiums on time guarantees you the renewal of your Medigap policy, even if you have a health-related problem.

However, you may be forced to wait up to a period of six months for coverage, in the case of a pre-existing health condition. Your insurer may refuse to cater for the out-of-pocket charges for pre-existing health problems during that duration. Please be aware that pre-existing conditions aren’t allowed while in your Open Enrollment period.what is a medigap policy

The Medigap policy must, however, cover pre-existing conditions after six months. The exception to this rule will be if you bought the Medigap policy during the open enrollment period and you had continuous “creditable insurance” or a health insurance for the six months prior to buying a Medigap policy.

The Medigap insurer cannot refuse to provide coverage for a pre-existing health condition in this case.

Remember, insurers set their own monthly premiums and underwriting qualifications, so, it pays to shop around.

The cost varies depending on your location, your health condition and, of course, the particular plan you choose. Fill out the rate form on our site and let’s generate different rates as charged by various insurance companies.

Also remember that if you want to get Medigap coverage as a couple, you will have to purchase separate policies; spouses cannot be covered together.

When is the Best Time to Apply for a Medigap Plan?

The best time to purchase a Medigap insurance policy is within the six months open enrollment period. During this period, you are allowed to purchase any Medigap policy available in your state, whether you have a pre-existing health condition or not and at the same price as someone in good health.

This period automatically starts on the first day of your 65th birthday. Note that you must already have the Medicare Part B to be able to apply for a Medigap plan.

What Happens if I Buy My Medigap Plan After the Open Enrollment Period?

If you try to purchase a Medigap policy after the open enrollment period, you are not guaranteed coverage. If you happen to get coverage, you might be forced to pay higher premiums.

What is the Best Medigap Plan?

There are ten supplemental Medigap policies that you can choose from, with names running from A through N. Each plan provides a different benefits bundle and has a different premium. Plan A provides the core or basic benefits.

The other nine provide the primary benefits together with one or more other advantages. For instance, Medigap F will provide something that is missing in Medigap C but will lack a benefit found in Medicare G.

There is no distinction in plans as offered by different insurance companies; policy details are all determined by the state government. Beneficiaries should carefully review the different policy packages and decide which coverage is appropriate for them.

Remember, some policies provide higher monthly premiums but less out of pocket expenses, while some provide lower monthly premiums but high out of pocket expenses.

The best way to know more about these plans and which one best suits your needs is by contacting our team of Medicare agents, who will help to match a plan to your specific needs.

What is a Medigap Plan & is it the Same as a Medicare Advantage Plan?

A Medigap policy differs from the Medicare Advantage Plan. While Medicare Advantage plans provide means of getting Medicare benefits, the Medigap policy only supplements the Original Medicare benefits.

Also, you can still apply for the Medigap policy even if you have the Medicare Advantage plan. Just make sure you will be able to leave your Medicare Advantage plan before the Medigap policy begins.

Conclusion

Medigap insurance plan can be useful for beneficiaries with the Original Medicare, especially the ones with frequent hospital visits or the people who like to travel.

  • what is a Medigap policy?
  • What is a Medigap plan?
  • What is the best Medigap plan?
  • Are the benefits for each plan worth the cost?
  • How much will you pay for the premiums?
  • What specific benefits will you get from a Medigap plan?
  • What should you consider before buying a Medigap plan?

If you are interested in learning more about Medigap or are still asking “What is a Medigap Policy?” don’t hesitate to call our agents to compare rates.

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