You always need to manage your insurance plan if you’re hoping to get the best healthcare.
People over the age of 65 often handle their medical treatment with Medicare. If you use Medicare, you should also familiarize yourself with Medicare supplement insurance, also called Medigap.
But what is Medigap insurance? Consider the tips below to learn more about it and how this can serve you.
What is Medigap Insurance?
In a recent calendar year, more than 14 million people had Medigap insurance. This is a common supplement that people use to handle their healthcare.
In essence, Medigap insurance makes up for the shortcomings in your Medicare plan.
If you receive Medicare that doesn’t quite cover all your needs, supplementary Medigap coverage can help you still get medical treatment without missing a beat.
These plans are sold by private, third-party professionals.
What Should You Know About Getting a Medigap Plan?
Though you might be eligible for Medigap, it’s not something that is automatically granted. As with any other healthcare benefits, you’ll need to apply and accept policy terms.
Here’s what you need to know about getting a Medigap plan:
1. Understand Your Rights and Eligibility
First and foremost, you have to apply for both Part A and Part B Medicare. Once you’ve enrolled in both forms of Medicare you can apply for Medigap during open enrollment.
Medigap open enrollment happens in your birth month on the first day. The open enrollment period lasts for half a year.
Shopping for a plan during the open enrollment period is crucial because it’s during this time that you can buy a plan regardless of your health status.
2. Find Out What They Cover and What They Don’t
While Medigap makes up for shortfalls in your Medicare plan, it’s not a catch-all for your healthcare needs. There are several healthcare aspects that Medigap won’t cover.
For instance, you can’t use Medigap for assisted living facilities and nursing homes.
Medigap plans also won’t cover you if you’re looking for optometrist care, dental healthcare, prescription plans, or Veteran’s Affairs (VA) coverage.
3. Learn About How Your State Makes a Difference
Do your best to learn more about how Medigap plans might differ state by state. States like Wisconsin, Massachusetts, and Minnesota all have different variables at play with their Medigap policies.
These states have differences when it comes to things like the length of the open enrollment period and the amount of co-insurance that you receive.
4. Figure Out How Much You’ll Have to Pay
Do yourself a favor and shop around for the best prices for your Medigap coverage. You might pay between approximately $100 per month and $160 per month depending on the plan and where you live.
Make sure to choose the Medigap plan with the ideal coverage and most affordable premiums.
Get Your Health Insurance in Order
So what is Medigap insurance? The points above explain exactly what you should know about these plans and how they affect you.
When you put your ducks in a row you can pay for whatever medical coverage you need. Consider these points of information and reach out to us to learn more about business, personal finance, and more