If you have Medicare coverage, you likely still have costs leftover after Medicare pays their portion. If you would prefer to limit these out-of-pocket costs, you may want to consider a Medicare Supplement Insurance (Medigap) policy. Here is how Medigap policies can help make your Medicare coverage easier to manage.
What Is Medicare Supplement Insurance
Medicare Supplement Insurance, also known as Medigap, exists to fill the gaps that are left in between Medicare payments. If you have a Medigap plan active, it will kick in to help pay for your health care costs. There are 10 different Medigap plans available currently, each offering a different arrangement of supplemental benefits to Medicare beneficiaries. In order to purchase a Medigap plan, you must have both Part A and Part B of Medicare.
Typical Medicare Supplement Insurance Benefits
The types of benefits offered in Medigap include assistance paying for most out-of-pocket expenses related to Medicare, such as coinsurance, copayments, and deductibles. The level of coverage offered depends on how broad the plan your purchase is. Some may pay all of the out-of-pocket costs of approved Medicare services, while others may offer just the minimum level of assistance.
Types Of Medigap Plans
Plan A is the most basic Medicare Supplement policy and offers minimal assistance paying for out-of-pocket health care costs. Because it has fewer benefits, it comes with lower premiums. Plans F and G offer the most comprehensive forms of coverage, with Plan F offering slightly more benefits than G. Both can be acquired as high deductible policies as well, allowing users to get their policy with much lower premiums, in exchange for higher deductibles.
Medigap Plan Costs
Medigap plans have relatively affordable premiums, ranging from $50 to around $200, depending on which plan you select and your location. If you want the best deal on Medigap coverage, be sure to apply for Medigap as soon as you are eligible. Doing so will allow you to take advantage of a rule that requires Medigap providers to provide you a policy at the lowest available rate without underwriting requirements.
Find A Medigap Policy
The best time to get your Medigap policy is when you are first eligible to do so, therefore you won’t want to choose a plan you are unhappy with and need to change later. Having a Medicare specialist help you choose your policy can help you make the decision with peace of mind that you made an informed decision. Reach out to the experts at The Fussell Group now to start shopping for Medicare Supplement Insurance now.