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Medigap, What is it?

This week we will talk about Medigap, including what it is and the different policies you can buy from plan A to N. The first thing to know is that Medigap is a Medicare supplement insurance that is sold by private companies that can help pay for health care costs that an Original Medicare would not, such as copayments, coinsurance, and deductibles. Medigap is different from a Medicare Advantage Plan in that an advantage plan offers Medicare benefits while Medigap is just a supplement to your Original Medicare benefits. In addition to knowing what it is, there are some things you should know about Medigap policies. You must first have Medicare Part A and Part B in order to apply. Second, you should leave your Medicare Advantage Plan before your Medigap policy would begin. Third, you will be paying a separate monthly premium in addition to your Part B premium. Fourth, a Medigap policy only covers the one person applying for it. Fifth, you can buy a policy from any insurance company that is licensed in your state. Sixth, your policy is guaranteed renewable despite the fact you have health problems. Lastly, you cannot have a Medigap policy if you have a Medicare Medical Savings Account. However, you should be aware of the things Medigap policies do not cover. Some of these include long-term care, vision or dental, hearing aids, glasses, and private nursing.

If you have questions choosing a Medicare plan that offers the coverage you need, contact us at MedicareSolutions at 1-800-328-7305 where a licensed sales agent will immediately assist you.

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