If you are concerned about Medicare costs, Medigap health insurance (a.k.a. Medigap insurance or Medicare advantage insurance) helps fill the “donut hole” between what Medicare Parts A and Part B of Original Medicare pays for and what you pay from your own purse. Through private insurance companies, you can get a advantageal Medicare policy.
What you should know about Medigap
The Medigap policy you are purchasing must be clearly labeled “Medicare Advantage Insurance”. In most states, there are up to 10 different Medigap basic performance options to choose from. The plans are labeled A, B, C, D, F, G, K, L, M and N (plans E, H, I and J are no longer available). Plans with innovative benefits can be offered by a company. In Minnesota, Massachusetts, and Wisconsin, Medigap guidelines are standardized in different ways.
Ever insurance company that sell a specific type of Medigap plan in your region must offer the same basic services in this type of plan, but they can offer them at different prices. So you can buy the best price. You can only get additional Medicare coverage if you have enrolled for Original Medicare. Medicare advantageal plans may cover the cost of Medicare Part A and Medicare Part B, but does not include Medicare Part C benefits i.e. Medicare Advantage plans, Part D of Medicare (prescription drug plans) or any other Medicaid, private Health insurance, TRICARE, or Veterans Administration Benefits.
Because Medigap insurance plans are governed by state and federal legislation, the basic benefits inherent in plans of the same type of letter are generally the same, no matter the insurance company. The differences will be in the price and in the person who manages the plan. Each insurer cannot offer all types of plans. Choose a health insurance company that you trust and look for the best prices. In some states, you may be able to buy another Medigap policy called Medicare SELECT. With this plan, you may need to use a specific network of doctors and hospitals.
Open enrollment period for Medigap plans
Your Medigap open sign up period commences on the 1st day of the month whereby you turn 65 years old and are covered by Medicare Part B. You’ll have 6 months to buy Medigap insurance. If you are below 65, contact your state social security office to find out if there are any additional open enrollment hours.
Bear in mind that Medigap policies advantage Original Medicare so as to fill in the gaps in cost. If you are thinking of a Medicare Advantage plan, you should know that you cannot use a Medigap plan with a Medicare Advantage plan. The insurer cannot refuse to sell a Medigap policy to you, charge you more for health problems or wait for the start of basic benefits, if you have enrolled for a Medigap plan within the 6 months of Medigap open enrollment period. However, you may have to wait up to six months for the benefits of the Medigap policy to include your current condition. Generally, Original Medicare still covers an existing condition, even if your Medicare advantageal insurance does not cover your expenses.