Medicare has a wide variety of plans that can work together to accommodate your health coverage needs. While Medicare Part A and B are their more popular forms of service, not all the costs specific to your needs might be met by your current Medicare coverage. If you are enrolled in both Medicare Part A and B, then you are eligible to register for Medicare Supplement Insurance, or Medigap.
Medigap is an option that can help lighten the load of medical expenditures your other Medicare plans can't cover. While both Part A and B can provide coverage in areas such as hospital care, ambulance services and medical supplies, there are still a number of medicinal necessities that both parts don't finance. Medigap policies are health insurance plans sold through private companies and managed through Medicare. The program gets its name by help filling the gaps of costs left over from other Medicare plans.
You can purchase a Medigap plan from any licensed insurance company in your state. Medicare Supplement Insurance only applies to you, so if your spouse is also looking to receive Medigap, they would have to purchase a separate policy. If you are unsure whether Medigap is right for you, here are the top 10 reasons to apply for Medicare Supplement Insurance.
1. Large medical bill protection
Let's say you're already covered by Medicare Part B and need to purchase some medical supplies. Under Part B, 80 percent of your total costs will be taken care of, but 20 percent of the bill will still be up to you. If you're protected by Medigap, that extra 20 percent out of your pocket will be covered, so you won't have to pay a dime the next time an expensive emergency arises.
2. Coverage outside of the U.S.
Certain Medigap plans can provide financial aid to beneficiaries even when they are out of the country. Original Medicare services in Part A and B do not cover incidents on foreign soil, so if you are on vacation and an accident happens, you could be paying 100 percent of the charges if you are not enrolled in certain Medigap.
3. Medigap policies are guaranteed renewable
Even if you are undergoing health problems, all standardized Medigap plans are guaranteed renewable, meaning insurance companies cannot cancel your Medigap plan if you are making your premium payments. This also means your policy will automatically renew every year.
4. See any doctor who accepts Medicare
Doctors and hospitals who take Medicare patients will also accept all of those who are covered under Medigap.
5. Wide variety of plans
There are 10 standard Medigap policies each featuring a wide variety of options to suit your medical insurance needs. Similar to standard facets of the Medicare program, each separate policy under Medigap is labeled alphabetically, and allows you to pick and choose which coverage choices are the right ones for you.
6. Each Medigap policy is standardized
All ten of the Medigap policies are regulated by law, meaning that all the benefits from each separate plan are the same, regardless of who your insurer is. This is important to note when comparing prices with various insurance agencies.
7. Medigap benefits for those 65 and over
Once you turn 65, you are automatically eligible to sign up and receive Medigap benefits, as well as Medicare Part B.
8. No network restriction
While Medigap is accepted by all doctors who use Medicare, there is no network restrictions with Medigap, allowing you to see any doctor in any area of the U.S. Most Medicare Advantage plans will require a out-of-network service fee when seeing a doctor outside their network coverage.
9. Simplicity
Unlike Medicare plans, Medigap is consistent with their programs and do not change annually. Once you are enrolled in a Medigap plan, the benefits will remain the same. When compared to other insurance coverage options, Medigap plans are standardized.
10. Switching policies
You may switch Medigap policies to ensure you get the coverage you need. When you begin your new Medigap policy, you will have 30 days to decide whether or not you wish to continue that specific plan.
There are a wide variety of reasons to take advantage of Medigap. It's important to note that Medigap does not cover the following categories: vision, dental, long-term care, hearing aids, private nursing and eyeglasses. The best time to purchase Medigap is during the first six months after you turn 65.
Medicare has neither reviewed nor endorsed this information.
Medicare has a wide variety of plans that can work together to accommodate your health coverage needs. While Medicare Part A and B are their more popular forms of service, not all the costs specific to your needs might be met by your current Medicare coverage. If you are enrolled in both Medicare Part A and B, then you are eligible to register for Medicare Supplement Insurance, or Medigap.
Medigap is an option that can help lighten the load of medical expenditures your other Medicare plans can't cover. While both Part A and B can provide coverage in areas such as hospital care, ambulance services and medical supplies, there are still a number of medicinal necessities that both parts don't finance. Medigap policies are health insurance plans sold through private companies and managed through Medicare. The program gets its name by help filling the gaps of costs left over from other Medicare plans.
You can purchase a Medigap plan from any licensed insurance company in your state. Medicare Supplement Insurance only applies to you, so if your spouse is also looking to receive Medigap, they would have to purchase a separate policy. If you are unsure whether Medigap is right for you, here are the top 10 reasons to apply for Medicare Supplement Insurance.
1. Large medical bill protection
Let's say you're already covered by Medicare Part B and need to purchase some medical supplies. Under Part B, 80 percent of your total costs will be taken care of, but 20 percent of the bill will still be up to you. If you're protected by Medigap, that extra 20 percent out of your pocket will be covered, so you won't have to pay a dime the next time an expensive emergency arises.
2. Coverage outside of the U.S.
Certain Medigap plans can provide financial aid to beneficiaries even when they are out of the country. Original Medicare services in Part A and B do not cover incidents on foreign soil, so if you are on vacation and an accident happens, you could be paying 100 percent of the charges if you are not enrolled in certain Medigap.
3. Medigap policies are guaranteed renewable
Even if you are undergoing health problems, all standardized Medigap plans are guaranteed renewable, meaning insurance companies cannot cancel your Medigap plan if you are making your premium payments. This also means your policy will automatically renew every year.
4. See any doctor who accepts Medicare
Doctors and hospitals who take Medicare patients will also accept all of those who are covered under Medigap.
5. Wide variety of plans
There are 10 standard Medigap policies each featuring a wide variety of options to suit your medical insurance needs. Similar to standard facets of the Medicare program, each separate policy under Medigap is labeled alphabetically, and allows you to pick and choose which coverage choices are the right ones for you.
6. Each Medigap policy is standardized
All ten of the Medigap policies are regulated by law, meaning that all the benefits from each separate plan are the same, regardless of who your insurer is. This is important to note when comparing prices with various insurance agencies.
7. Medigap benefits for those 65 and over
Once you turn 65, you are automatically eligible to sign up and receive Medigap benefits, as well as Medicare Part B.
8. No network restriction
While Medigap is accepted by all doctors who use Medicare, there is no network restrictions with Medigap, allowing you to see any doctor in any area of the U.S. Most Medicare Advantage plans will require a out-of-network service fee when seeing a doctor outside their network coverage.
9. Simplicity
Unlike Medicare plans, Medigap is consistent with their programs and do not change annually. Once you are enrolled in a Medigap plan, the benefits will remain the same. When compared to other insurance coverage options, Medigap plans are standardized.
10. Switching policies
You may switch Medigap policies to ensure you get the coverage you need. When you begin your new Medigap policy, you will have 30 days to decide whether or not you wish to continue that specific plan.
There are a wide variety of reasons to take advantage of Medigap. It's important to note that Medigap does not cover the following categories: vision, dental, long-term care, hearing aids, private nursing and eyeglasses. The best time to purchase Medigap is during the first six months after you turn 65.
Medicare has neither reviewed nor endorsed this information. Top 10 Reasons to Get a Medicare Supplement Plan
Medicare has a wide variety of plans that can work together to accommodate your health coverage needs.
Top 10 Reasons to Get a Medicare Supplement Plan
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