What is Medigap?
Do you hear the term Medicare quite frequently? Do you want to know what Medigap is? Well, if you’re a senior, it’s quite essential for you. It is an insurance plan which helps you get Coverage for things generally left out by your Medicare Plans.
Medigap plans are privately sold and are known for filling gaps left out by typical Medigap plans. The gaps may include copays and deductibles that will be covered by Medigap.
Medigap is also known as Medicare Supplement. It may even let you choose your doctor. Once you enroll with this plan, it makes sure your health remains intact. You won’t be rejected because of health reasons.
What Coverage do you get with Medigap?
You may find up to 10 standard plans with private insurers selling Medigap. The naming convention is pretty simple. Every plan is marked by a letter of the Alphabet. The benefits vary with different plans. You may find a plan that has the highest deductible.
Medigap fills the following gaps for you left by Original Medicare:
- Copays & Hospital Deductions
- Whopping 365 days in a Hospital
- Initial 3 Pints of Blood required in a transfusion etc
- Coinsurance, excess charges Outpatient charges
- Foreign Travel Exchange Expenses for Medical Emergency
- Nursing care whenever required
If you are curious about what plan options you may have, please have a brief overview of our Medicare supplement plans comparison chart here.
Compare Medicare Advantage Plans 2021
When Should I Sign up for Medigap?
Open enrollment is undoubtedly the best time when you can grab this opportunity of applying for Medicare supplements. This enrollment widow is valid for about six months from the starting of your Medicare Part D or your 65th birthday, whichever is longer.
Open enrollment is important to consider. As, if you sign up during this time, no insurance company can deny you the Coverage. Also, they cannot ask for more prices keeping your health conditions in mind.
In some cases, people tend to miss open enrollment. It’s because of the employer’s health insurance plan, which is active at the time of open enrollment. If you are one of them, an open enrollment window lasting for six months will appear when you signup for Medicare Part B. It’s usually during retirement.
Picking the Right Medigap Policy in 2021
Medigap is available in ample amounts with numerous insurance carriers across the country. So, it’s quite obvious to get confused amid the options available for you. These policies are standardized. And, it’s a matter of selecting a Medigap Plan letter that suits you the best.
“The plans are standard” signifies a Plan G with insurance company A will be the same if you buy it from any another insurer. For enrolling, you should have active Medicare Part A and B. Also, and you should be living in the state you buy the plan from.
Apart from that, prices are what you should take care of. Such prices tend to change at regular intervals of time.
Here are some things to note before you begin with the enrollment process.
- Plan N, Plan F and Plan G are some of the best seller Medigap plans for 2021
- Plan F offers a very wide Coverage. However, people who want to sign up for this plan cannot do that after Jan 2020. This plan will be delisted.
- Plan G is a great alternative to Plan F, which offers great Coverage.
- With Plan N, you pay the lowest premium per month. However, you may have to pay for copays for E.R. or doctor visits. Also, you’ll have to pay up to 15% for the services that you use outside the insurer’s network.
- If you visit your doctor regularly, you may have to pay a lot in copayments. In such a case, you can opt for Plan G.
- There will be separate policies for you and your wife. However, you may get household discounts. So, don’t forget to ask for this and check for eligibility.
Important: Drug Plan Part D is not included with Medigap Plans. To get Coverage for prescription drugs, you have to signup for Part D separately. It’s an essential point to consider before you enroll with Medigap.
What are Some FAQs about Medigap?
What is meant by Part F of Medigap?
The terms Plans or Parts can confuse you. But Medigap Plan F is a Medigap Plan that covers you for coinsurance expenses as well as deductibles. It will provide you with something known as first-dollar Coverage.
You won’t have to pay anything from your wallet for whatever expenses are covered with this plan.
The plan was in trend for the last few decades. It was because of the peace of mind it provided to the seniors. You just pay for your monthly premium, and in case any unexpected illness comes into the picture, you will get covered.
Everything that’s considered medically necessary is covered with this plan.
What is Medigap Plan G?
Another famous Medigap or Medicare Supplement plan is Plan G. Plan G is quite similar to Plan F. However, with Plan G, you have to pay for your Part B deductible every year. The premiums are lower than what Plan F asks for. So, it can be a great choice if you want a good Coverage at affordable prices.
How Medigap Plan F and G are Different?
Both Plans F and G function similarly. It’s just the Part B deductible that you have to pay for in case of Plan G.