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What is a Medigap Policy & How Do I Sign Up?

What is a Medigap policy? This is a supplemental health insurance policy that caters to your healthcare costs that are not covered by Primary Medicare. Such costs include co-payments, deductibles, and treatment outside the U.S. This policy doesn’t cover dental care, eyeglasses, vision care, private-duty nursing, and long-term care.

To qualify for a Medigap policy you must already be enrolled in Medicare Part A, which pays for medical facility services, and Medicare Part B, which caters for doctor services. Those who have Medicare Advantage plans are not eligible for a Medigap Plan. Call our team of advisers to learn more about the plans provided in your state.

What is a Medigap Policywhat is a medigap policy

Once you have enrolled in a plan, you will be required to pay the monthly premium to your insurer on top of your Medicare Part B premium. 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 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 pay for your out-of-pocket costs for pre-existing health problems during that time. 

The policy must cover pre-existing conditions after six months. The exception to this rule is if you bought the policy during your Open Enrollment Period or if you had continuous “creditable insurance” for the six months prior to buying a policy. 

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 we’ll compare different rates from various top insurance companies. Remember that if you want to get coverage as a couple, you will have to purchase separate policies; spouses cannot be covered together.

When is the Best Time to Apply

The best time to apply for a policy is during your six month Open Enrollment Period. During this period, you’re allowed to purchase any 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 AND you must already be enrolled in Medicare Part B.

What Happens After My Open Enrollment Period

If you try to purchase a policy after the Open Enrollment Period, you’re not guaranteed coverage. If you happen to get coverage, you might be forced to pay higher premiums.

What is the Best Plan

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

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

Medicare Advantage and Medicare Supplement Plans

A Medigap policy differs from a Medicare Advantage Plan. While Medicare Advantage plans provide means of getting Medicare benefits, the policy doesn’t compliment Original Medicare. You can still apply for Medigap plans even if you have a Medicare Advantage plan. Just make sure you’re able to leave your Medicare Advantage plan before the policy begins.

Where to Begin the Sign Up Process

We know finding a plan that best fits your individual healthcare needs can be confusing, that’s why we provide answers to the most frequently asked questions here. At no additional cost, we’ll compare rates with all the top carries in your area! We know you’re time is valuable, so we provide two ways to compare rates.
  1. If you prefer to speak to a senior Medicare agent directly, please call us at the number above to be connected with a licensed agent in your area. 
  2. Complete our online rate form to have an agent start comparing rates for you based off your individual healthcare needs.

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