Medicare Supplement (Medigap)
What is Medicare supplement insurance (medigap)?
Medigap is medicare supplement insurance that helps fill “gaps” in Original Medicare and is sold by private companies.
A Medigap policy can help pay some of the remaining health care costs that Original Medicare (part A & part B) doesn’t pay for covered services and supplies like: Co-payments / Coinsurance / Deductibles.
Medicare supplements plans were designed to fill the gap in your medical coverage left by Original Medicare.
Medicare supplements take care of things like co-payments and deductibles that you are responsible for, and some plans even cover you if you travel outside of the United States.
Why do you need Medigap?
You need a medicare supplement plan to provide you peace of mind. Knowing that if the unexpected happens, you won’t have your credit ruined because of unpaid medical bills.
If you have Original Medicare and Medigap policy, Medicare will pay its share of the Medicare approved amounts for covered health care costs, then your Medigap policy pays its share.
You must have Medicare part A (hospital insurance) and Medicare part B (medical insurance) in order to buy a Medigap policy.
Why is it important to buy Medigap when you are first eligible?
When you are first eligible, you have the right to buy any Medigap policy offered in your state. In addition, when you are in your open enrollment period you will get better prices and there is no medical underwriting to decide whether to accept your application and how much to charge you for the Medigap policy.
However, if you apply during your open enrollment period, you can buy any Medigap policy the company sells, even if you have health problems, for the same price as people with good health.
Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you pay the premiums.
When is the best time to buy a Medigap policy?
The best time to buy a Medigap policy is during your Medigap open enrollment period. This period lasts for 6 months and begins on the first day of the month in which you are 65 or older and enrolled in Medicare part B.
Original Medicare alone could leave you with high out-of-pocket costs. A medicare supplement plan can help you cover gaps in coverage. The gaps in Medicare are substantial, leaving you to pay for expensive deductibles and 20% of all your outpatient coverage.
Fortunately, we have Medigap policies with low premiums, that allow you to save money on annual premiums. You can see any doctor that participates in Medicare, which is one of the best features about Medigap plans.
Contact us now to schedule a FREE appointment to discuss your Medicare Supplement options.
Schedule a FREE Consultation!
*By responding to this offer, you may be contacted by an insurance agent regarding the sale of insurance products.