Medigap, also known as Medicare Supplement insurance, is offered by private health insurance companies. Its main goal is to pay for health care costs that original Medicare does not cover. The fees Medigap covers that original Medicare doesn’t include copayments, deductibles, and coinsurance payments.
Depending upon the type of Medicare Supplement plan you have, you also get additional benefits that you don’t get from Original Medicare, such as health care coverage when traveling outside the US.
Medigap is vital for senior citizens because it gives them peace of mind regarding medical bills. Medical bills can add up quickly, even if you need simple medical care or preventative care. While you might think that since Medicare covers 80% of the medical care cost, your share won’t amount to much, however, it can quickly add up in a severe medical emergency or a lengthy treatment.
That is why Medigap is important to prevent your medical care cost from getting out of hand and forcing you into a financial crisis during your golden years. With that being said, there are a few important things you should know about Medicare Supplement insurance, and this article will help you understand all of them.
Things to know before you can supplement your Medicare individual health insurance?
If you are buying a Medigap policy for the first time to supplement your Medicare individual health insurance, it is better to know more about Medigap before purchasing a plan. Here are the five key things you need to know about Medigap:
- Medigap can only supplement Medicare, and it does not supplement any other insurance such as Medicare Advantage insurance.
- It is best to enroll in a Medicare Supplement plan as soon as you become eligible for it. You have a six month guaranteed enrollment period that starts when you turn 65 and become eligible for Medicare Part B. However, suppose you are working after turning 65, and your employer’s health insurance covers you. In that case, you can enroll in Medigap as soon as you retire and become eligible for Medicare Part B.
- Prescription drugs aren’t covered under Medicare Supplement insurance, so you will have to get a separate Medicare Part D from private health insurance companies. Medicare Supplement insurance only covers what original Medicare health insurance covers, with only a few exceptions.
- You should consider getting a high deductible supplemental health insurance plan. Many senior citizens who have fixed incomes avoid buying supplemental insurance because of the high premium costs. However, if you go with a comprehensive Medicare Supplement plan such as Plan F that comes with a high deductible version, you can pay lower premium payments. However, the deductible of such plans is higher, and you will have to spend higher amounts on healthcare out of pocket before your supplemental plan starts covering the costs.
- When choosing the best Medicare Supplement health insurance provider for yourself, you should always choose based on price. Medigap plans are standardized by the government, which means all the Medigap plans offer the same benefits no matter which provider you choose. So, you should only focus on the price when choosing a Medicare Supplement plan for yourself.
If you still have questions or need help in deciding which plan would be best, there are companies like The Benefit Link; these companies can help you.
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