Medigap insurance policies or Medicare Supplement Insurance can help pay some of the healthcare costs that original Medicare does not cover. These expenses are copayments, coinsurance, and deductibles under Medicare. Private companies sell Medigap policies, and typically, they will step in to pay whatever share of your overall costs the policies call for after Medicare pays its approved amount for the services you need.

How Do I Become Eligible For A Medigap Insurance Policy?

In order to be eligible for Medigap insurance policy, you must have Medicare coverage under Parts A and B of the program. The Medigap policy comes with an additional monthly premium that you pay with your regular Part B premium amount.

It is important to understand that even Medigap policies don’t fill in all of the gaps in Medicare coverage. For example, they generally don’t cover long-term care, vision or dental services, hearing aids, eyeglasses, or private-duty nursing services.

Do You Need A Medigap Insurance Plan?

As long as you are a senior, yes, you need a Medigap plan. Obtaining a Medigap plan gives you the financial peace of mind. Knowing that no matter what happens to you with your health you are well covered. Also, it is reassuring to know that you do not have to bear all your medical expenses. There will be an upper limit on how much of your own money you have to spend.

Medicare covers a huge portion of the costs of healthcare for older Americans, but it is not entirely comprehensive. In order for you to close the gap between what Medicare covers and what you owe, a Medigap policy can be essential in order to protect your assets from the risk of an unforeseen health problem. If you decide to stick with traditional Medicare to cover the bulk of your costs, looking at Medigap policies more closely is a smart move.

Do You Really Need Medigap Insurance Policy If You are in Good Health?

Medigap is a private insurance policy that supplements Medicare. It picks up where Medicare leaves off, helping you cover co-payments, coinsurance, and deductibles. Some policies also pay for services Medicare does not touch, like medical care outside the U.S.

If you can afford to, have a Medigap policy. It provides protection for high out of pocket costs, especially if you become ill or need to receive more care as you age.

What are the Benefits covered by Medigap policies?

All Medicare Supplement plans cover co-insurance on hospital costs, up to an additional 365 days after your Medicare Part A hospital benefits have run out.

All Medigap policies also cover at least part of these costs:

  • Medicare Part A hospice co-insurance or copayment
  • Medicare Part B co-insurance or copayment
  • The first three pints of blood received as a hospital in-patient
  • Skilled nursing facilities
  • Foreign travel

Other advantages of choosing a Medigap policy include:

A better fit for individuals with ongoing medical issues

If you buy a Medigap policy within 6 months of starting Part B at age 65 or older, the company cannot turn you down for any reason. If you have a history of cancer or have recently been diagnosed with heart disease, chronic obstructive pulmonary disease (COPD), diabetes, or another chronic condition that will require frequent doctor’s visits, you may want to go with a Medigap policy.

More flexible treatment options

With Original Medicare you do not have to choose a Primary Care Physician (a requirement of some Medicare Advantage plans), so you do not have a “gatekeeper” who has the final say on which providers you see. You can shop around for the treatment and care that you want. You can also choose to see any physician who accepts Medicare.

Medigap policies can be easier to understand

Perhaps easy is not the best term, but with Medigap there are 10 types of policies that all pay for the same things–which makes comparing costs relatively simple. These 10 categories are used all over the country, so you can also make decisions about what your costs might be if you move.

Furthermore, you also get to enjoy the following:

  • Plans cover all or part of Medicare additional fees
  • Plans are easy to compare
  • Guaranteed 6 month enrollment when first eligible
  • All plans offer additional 365 days in hospital
  • Nationwide coverage.

All these are some of the reasons why you should consider choosing a Medigap policy. Remember, nothing can be more reassuring that knowing that irrespective of what happens to your health, there is already enough provision on ground for you. Medigap plans are here to lessen the burned of your medical expenses.