4 Things To Know Before You Buy A Medigap Policy

Posted on: 1 June 2023

Medigap insurance helps cover gaps in your health care insurance. You add this coverage to your core insurance to reduce some or all of your out-of-pocket costs.

You buy Medigap from private insurance companies. While companies have to offer standardized benefit plans, you should still do some research into these policies before you decide which one to buy. Read on to learn some useful facts about how Medigap works.

1. Medigap Has Qualifying Criteria

You can only buy a Medigap policy if you meet the qualifying criteria. For example, you have to be enrolled in Original Medicare with Parts A and B coverage before you can buy this supplementary insurance.

If you currently have a Medicare Advantage Plan, then you can't buy a Medigap policy right now. To do this, you'll have to switch back to using Original Medicare.

2. Medigap Plans Offer Different Benefits

You can choose from different types of Medigap coverage. You should research all your available options before you choose which policy to buy. This ensures that you get the best possible benefits at the lowest cost.

For example, not all plans will cover all co-pay or deductible costs. Some pay a percentage towards your expenses. You need to consider whether you need the security of full co-payment and deductible coverage or whether you are happy with a cheaper policy that leaves you with some out-of-pocket expenses.

Remember that any insurance company that sells Medigap has to legally offer standardized coverage for each type of coverage. The only difference between insurers is the price they charge.

3. Medigap Doesn't Include Drug Benefits

Older Medigap policies included some prescription drug cost coverage. However, the policies you buy now won't do this. If you need drug coverage, then you should take out a Part D drug plan when you buy your Medigap policy.

4. Medigap Coverage Stays With You For Life

One of the advantages of Medigap coverage is its automatic renewal. Once you buy a policy, your insurer renews it every year unless you choose to cancel it.

The company can't change your coverage if your health deteriorates or if you develop a new medical condition in the future. As long as you pay your premiums on time and were honest on your initial application, your coverage is with you for life.

To find out more, contact Medicare supplement insurance plans providers. They can talk through plans and help you choose the right one for your current and future medical needs. 

For more info about Medicare supplement insurance plans, contact a local company. 


Always Prepare for Medical Emergencies

Everyone needs medical insurance, but choosing the right health insurance policy can be a tough task. Every medical insurance policy has its unique advantages and disadvantages. Some have higher premiums and lower deductibles, while others offer lower monthly premiums, but have higher coinsurance payments. In addition, many medical insurance policy marketing materials include complicated financial and medical jargon that the everyday person may not understand. We created this blog to help everyone choose the right medical insurance policy for them, whether they are choosing their very first policy or just trying to find a new one. We also plan to post tips on how to update insurance policies to add new dependents and other tips on preparing for medical emergencies. Come back often for new posts that we hope can help you.


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