Some Medigap policies also offer coverage for services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medigap policy pays its share.
Medicare: What Are Medigap Plans?
If you are going to buy a Medigap plan, the open enrollment period is six months from the first day of the month of your 65th birthday — as long as you are also signed up for Medicare Part B — or within six months of signing up for Medicare Part B. During this time, you can buy any Medigap policy at the same price a person in good health pays. If you try to buy a Medigap policy outside this window, there is no guarantee that you’ll be able to get coverage. If you do get covered, your rates might be higher.
Medigap (Medicare Supplement Health Insurance)
A Medigap policy is health insurance sold by private insurance companies to fill the “gaps” in Original Medicare Plan coverage. Medigap policies help pay some of the health care costs that the Original Medicare Plan doesn’t cover. If you are in the Original Medicare Plan and have a Medigap policy, then Medicare and your Medigap policy will each pay its share of covered health care costs. Generally, when you buy a Medigap policy you must have Medicare Part A and Part B. You will have to pay the monthly Medicare Part B premium ($96.40 in 2011 for most beneficiaries). In addition, you will have to pay a premium to the Medigap insurance company. As long as you pay your premium, your Medigap policy is guaranteed renewable. This means it is automatically renewed each year. Your coverage will continue year after year as long as you pay your premium. In some states, insurance companies may refuse to renew a Medigap policy bought before 1992. Insurance companies can only sell you a “standardized” Medigap policy. Medigap policies must follow Federal and state laws. These laws protect you. The front of a Medigap policy must clearly identify it as “Medicare Supplement Insurance.” It’s important to compare Medigap policies, because costs can vary. The standardized Medigap policies that insurance companies offer must provide the same benefits. Generally, the only difference between Medigap policies sold by different insurance companies is the cost. You and your spouse must buy separate Medigap policies.Your Medigap policy won’t cover any health care costs for your spouse. Some Medigap policies also cover other extra benefits that aren’t covered by Medicare. You are guaranteed the right to buy a Medigap policy under certain circumstances. For more information on Medigap policies, you may call 1-800-633-4227 and ask for a free copy of the publication “Choosing a Medigap Policy: A Guide to Health Insurance for People With Medicare.” You may also call your State Health Insurance Assistance Program (SHIP) and your State Insurance Department. Phone numbers for these Departments and Programs in each State can be found in that publication.
Consumer Guide to Health Care
Medicare is the main insurance for people 65 and older and also provides coverage for some people with disabilities. It is the nation’s largest health insurance program – covering 49 million Americans in 2012. The federal Centers for Medicare and Medicaid Services (CMS), which runs the program, provides lots of information on its Medicare website. Here is additional information about the program.
Online Comparison of Medicare Supplemental Insurance Policies From Multiple Insurance Providers
Our customers will tell you, that things like this don’t happen to them. Our Medigap Insurance Brokers on staff are also professional â€œfield underwriters.â€ So we’ll not only aid you in finding the most affordable for Medigap Costs, but we’ll make sure that you’ll meet the provider’s requirements for the coverage before we ask you to apply. With a few quick questions about your health, you can easily qualified for Medicare Supplement Coverage which will approve you on the spot, without hassles or misgivings of revoking insurance.
Understanding Medigap Medicare Supplemental Insurance
If you already have a comprehensive retiree health plan to supplement Original Medicare, you may not need a Medigap plan. If your retiree policy provides more-generous benefits, or benefits not covered by Medicare or Medigap policies, you should think carefully before dropping your retiree health plan for a less expensive choice. (You might not be able to get that employer plan back once you drop it.) Check with your union or your former employer’s benefits manager or health plan to make sure you understand all the stipulations. Can you accept some restrictions on your care? If so, Medicare Select is a Medigap policy that limits the providers you can see. Costs can be lower than with standard Medigap policies because Medicare Select policies cover services only at certain hospitals and through specific doctors. Your state insurance department can tell you if there are Medicare Select plans in your state and give you more information about them.