What’s Medicare Supplement Insurance (Medigap)?

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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.
Source: medicare.gov

How to compare Medigap policies

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Source: medicare.gov

Medicare: What Are Medigap Plans?

However, you may have to wait up to six months for coverage if you have a pre-existing health condition. The insurer through which you buy your Medigap policy can refuse to cover out-of-pocket costs for pre-existing conditions during that period. After six months, the Medigap policy must cover the pre-existing condition. The exception to this rule is if you buy a Medigap policy during your open enrollment period and have had continuous “creditable coverage,” or a health insurance policy for the six months before buying a policy. The Medigap insurance company cannot withhold coverage for a pre-existing condition in that case.
Source: webmd.com

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.
Source: cms.gov

Medicare Supplement Insurance & Medicare Advantage Personal Service

Medicare Supplement Insurance, also known as MediGap Insurance, is designed to help cover some of the medical costs that are not covered by Medicare. These Medigap coverage plans are available to anyone enrolled in Part A and B of Medicare. There is an open MediGap Insurance enrollment period for the first six months after you turn age 65, in which you do not need to qualify or answer any questions about your prior medical history.
Source: medigapadvisors.com

Medigap Enrollment Among New Medicare Beneficiaries: How Many 65

Jacobson G., Neuman P., and Damico A. 2015. “At Least Half of All Medicare Advantage Enrollees Had Switched From Traditional Medicare, 2006–11.” Health Affairs. 34(1): 48–55.  Hoadley, J., Hargrave, E., Summer, L., et al. 2013. “To Switch or Not to Switch: Are Medicare Beneficiaries Switching Drug Plans to Save Money?” Kaiser Family Foundation, October 2013. Abaluck, J. and Gruber, J. 2013. “Evolving Choice Inconsistencies in Choice of Prescription Drug Insurance,” NBER Working Paper No. 19163, June 2013.  Abaluck, J. and Gruber, J. 2011. “Choice Inconsistencies Among the Elderly:  Evidence from Plan Choice in the Medicare Part D Program.” American Economic Review, 101(4): 1180-1210. Heiss, F., Leive, A., McFadden D., and Winter, J. 2012. “Plan Selection in Medicare Part D: Evidence from Administrative data,” NBER Working Paper No. 18166, June 2012. Zhou C. and Zhang, Y. 2012. “The Vast Majority of Medicare Part D Beneficiaries Still Don’t Choose the Cheapest Plans That Meet Their Medication Needs.” Health Affairs. 31(1): 2259-2265. Said, Q., King, A. J., Erickson, S. W., et al. 2015. “Self-Reported Plan Switching in Medicare Part D: 2006-2010.” American Journal of Pharmaceutical Benefits 6(6): e157-168. Ketcham, J. D., Lucarelli, C., and Powers, C. A. 2015. “Paying Attention Or Paying Too Much in Medicare Part D.” American Economic Review, 105(1): 204-33.
Source: kff.org

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