21, Jan, 2021

What is Medigap and What Do Medigap Plans Cover?

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Did you know What is Medigap and What Do Medigap Plans Cover? I’m Todd, and in this content, I’ll explain what Medigap plans are? How they work? What they cover? and why it’s so important not to miss your one time Medigap open enrollment window? So,Let started to discuss, Medigap plans verses Medicare Advantage plans that will help you decide which coverage is right for you when you turn 65.

What is Medigap and What Do Medigap Plans Cover

You begin using your Medicare benefits, you’ll notice that your medical services aren’t free. You’ll have inpatient and outpatient deductibles to pay as well as co-pays for things like visits to the doctor the most expensive thing that you must also pay is your coinsurance Medicare Part B only pays for 80 percent of your expenses. This leaves you paying the other 20% for things like lab work, diagnostic imaging, medical supplies and even big ticket items, like outpatient surgery or chemotherapy. What’s really concerning is that there’s no cap on that 20%. You’ll pay it forever with no stopping point this. Of course is a big concern for a lot of people, who may be retired and are living on fixed incomes paying 20% of the cost of a surgery or dialysis could be physically devastating fortunately.

There is a way for you to protect yourself against those future expenses and that’s by signing up for a Medigap plan during your open enrollment window. Now, what is the Medigap plan? A Medigap plans sometimes also called a Medicare supplement. It’s the same thing is a supplemental health insurance policy that fills in the gaps in Medicare coverage.

Here’s how it works your medical provider bills. Medicare for your health care services, that you received Medicare then processes your claim and pays its share , any deductibles and coinsurance that you would normally be responsible for Medicare then sends the remainder of that bill to your Medigap policy. It will kick in to help you pay for some of those deductibles co-pays and coinsurance that normally would have been your responsibilities. There are currently ten standardized Medigap plans available in all states except for Minnesota Massachusetts and Wisconsin. On these places, plans are slightly different. You can learn more about those rules in those states website but again most of you will have these ten standardized plans to choose from. Each plan covers a different set of benefits. The most comprehensive plans like F and G will leave you with little to nothing out of pocket. There are also less comprehensive Medigap plans like plan n with lower premium,s that pay some of your gaps and leave others for you to pay. This gives you the ability to choose a plan that has the right price and the right benefits for you because the federal government standardized.

Medigap plans in most states, you can check the plans in your area based on price. For-example the benefits for a plan G policy are the same no matter, which insurance company you purchase it from here at our agency.  We provide quotes for our clients, we quote all the insurance companies in a particular zip code and in addition to their current rates. we also look at their rate increase history this helps us narrow down to the insurance company, there’s the perfect choice for that particular client now.

I mentioned at the start of this, that everyone gets a six-month open enrollment window to enroll in any Medigap plan. They want this window starts with your no health questions asked, sometimes we meet people who tell us, that they were pretty healthy ,when they turn 65. They failed to exercise that one-time chance to get any Medigap policy that they wanted. They thought that they would just wait until they get sick and then they could buy the Medigap policy unfortunately this is just not the way it works in most states.

if you miss your open enrollment window, you can still apply for a Medigap plan later on but they do not have to accept you. They can turn you down for health conditions that may be pre-existing this would leave you paying that 20% out of pocket on your own for something like cancer. When you’d be paying 20% of the cost of chemotherapy or radiation. This could be financially crippling, so if you want Medigap coverage be sure not to miss your open enrollment window for Medigap.

So, now you have a better understanding of what Medigap plans are and what they cover. I hope you can also see, why it’s so important not to miss that Medigap open enrollment window. It only happens once if you would like to have someone on your side with Medicare insurance just reach out to us. Here at boomer benefits for help finding your coverage, you’ll gain access to free claims support from our legendary client service team on the backend. So that you’re never alone in dealing with any problem with Medicare.

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