When it comes to understanding Medigap and if it’s right for you and your insurance needs, there are often many things to consider, including the following:
Medigap, also referred to as Medicare Supplemental Insurance, is available to seniors who meet certain criteria, picking up where Medicare leaves off.
Who Is Eligible?
If you are on Medicare Part A and Medicare Part B, you may be eligible for a Medigap plan. If you have a Medicare Advantage plan, also known as Medicare Part C, then you are not eligible for Medigap.
What Does Medigap Cover?
Most Medigap policies provide Medicare co-payments and hospital coinsurance payments. However, they do not cover hearing aids, dental, or vision care, and most plans do not cover prescriptions.
It is important to note that individuals with pre-existing health conditions may have a six-month waiting period, but there are exceptions that they may qualify for.
How Much Does Medigap Cost?
Medigap plans usually cost more than Medicare Advantage plans. It’s important to note that if you require a higher level of medical care, Medigap may be best for you. If you have high prescription costs, then a Medicare Advantage plan may be a better choice for your needs.
The Medigap supplementary plan charges a monthly fee, all based on where you live and your age. You pay this fee to the insurer underwriting the plan. Once enrolled, the law guarantees renewal, just as long as you are paying your premiums on time.
When Can I Enroll?
Open enrollment occurs for six months from the first day of your 65th birthday, or within six months of signing up for Part B Medicare. If you are outside this period, you may be declined coverage, or will be required to pay higher rates.
Medigap can be confusing. Be sure to speak with your insurance agent in order to help determine if Medigap is right for you. Contact Brazelton Insurance Group for more information today!