When you sign up for a Medicare plan, your healthcare insurance provider would probably have forewarned you that a Medicare plan alone does not cover the entire cost of healthcare expenditures. To bridge the gap, Medicare supplement insurance programs, such as Medigap, are often recommended to those seeking benefits from Medicare.
What Is Medigap and How Does It Work?
Medigap is a supplementary insurance program that helps cover for copayments, coinsurances and deductibles not covered by the original Medicare, including the cost of medical care while traveling overseas or outside the United States. These policies are sold by private healthcare insurance companies.
With a Medigap policy in place, Medicare will pay its approved share of healthcare costs and then the Medigap policy will pay the share approved under it. A Medigap policy is different from a Medicare Advantage Plan. The former is a supplementary program for the original Medicare plan while the latter are simply ways to get the benefits from Medicare.
Things To Know About Medigap Policies
For Medigap to be available to you there are a few things that need to be kept in mind.
Knowing When To Buy The Policy
An important thing to know about the Medigap policy is that you need to have your Medicare plan in place for the Medigap policy to be affective. Beneficiaries of the Medicare Advantage Plan can still apply for the Medigap policy as long as they can opt out of the Advantage Plan before their Medigap policy comes into effect.
You and Your Spouse May Need To Buy Separate Policies
The Medigap policy covers the healthcare costs for one person only. So if you and your spouse both require Medigap coverage, you will have to buy two policies separately. The Medicare policy can be bought from a licensed insurance company, such as Seniors for Medicare.
It’s Renewable Whether You Use It Or Not
So long as you cover the cost of the premium, the insurance company has to renew your Medigap policy- even if you have health problems and need the benefits from the Medigap policy frequently.
Medigap Doesn’t Cover Everything
Medigap policies do not generally cover long-term healthcare costs, vision and dental costs, private nursing and hearing aid or spectacles.
Timing Is Everything
In the event that you want to upgrade the benefits you receive from a Medigap policy, or you decide to opt for a Medicare Advantage Plan that includes coverage for prescription drugs, you need to be careful about the timing. A late enrollment penalty may be applicable if you end up dropping the Medigap coverage and the drug coverage was not for a creditable prescription drug or if the new Medicare drug overage does not begin for another 63 days or more.
Get the technicalities clarified and find a Medigap policy that works in your favor with the help of a licensed insurance agent.
With Seniors for Medicare, you can learn all there is to know about Medicare health plans and supplementary programs.
If you’re looking for a Medicare advisor New York or New Jersey to make your healthcare insurance journey easy and hassle-free, reach out to Seniors for Medicare at 800-276-1753 to get in touch with a licensed agent.