Understanding Medigap Coverage: What You Need to Know

Older adults need to have reliable health insurance to help cover medical expenses. While Medicare is a great option for covering many healthcare needs, it doesn't cover everything. Medigap is a supplemental insurance policy that helps bridge the gaps in Medicare coverage, ensuring coverage for your medical expenses. In this post, we'll take a closer look at what Medigap covers and why you might need it.

What Is Medigap Coverage?

Medigap coverage, also known as Medicare Supplement Insurance, is an insurance policy that helps cover the costs that Medicare doesn't cover. It's sold by private insurance companies, and it's only available to people who have Medicare Part A and Part B. The federal government standardizes these policies, so you'll get the same benefits no matter which insurance company you buy from.

What Does Medigap Cover?

Medigap coverage helps cover the costs of copayments, coinsurance, and deductibles, which are all things that Medicare doesn't fully cover. Depending on which Medigap policy you choose, it may also cover emergency medical care when traveling overseas, skilled nursing care, and more. While many different Medigap policies are available, each policy must be standardized and cover certain basic benefits.

Why Do You Need Medigap Coverage?

While Medicare is a great option for covering many healthcare needs, it can still leave you with significant out-of-pocket expenses. If you have a chronic condition that requires frequent medical care or are worried about having to pay for unexpected medical expenses, Medigap coverage can help give you peace of mind. By helping to cover the gaps in Medicare coverage, Medigap can be an affordable option for those who need extra coverage.

How Do You Enroll in Medigap Coverage?

To enroll in Medigap coverage, you'll need to be enrolled in both Medicare Part A and Part B. You'll need to sign up for a policy during the initial enrollment period and enroll in Medicare Part B. During this time, you can get a Medigap policy without having to answer any health questions. If you miss this initial enrollment period, you may have to pay more for a policy or even be denied coverage.

How Much Does Medigap Cost?

The cost of Medigap coverage will depend on several factors, including your age, where you live, and which plan you choose. Generally, the more coverage you need, the more expensive your policy will be. However, it's important to note that the cost of Medigap coverage can vary significantly between insurance companies, so it's important to shop around and compare prices before making a decision.

Medigap coverage can be an affordable and effective way to ensure full coverage for your medical expenses. To learn more about Medigap insurance plans, contact a provider near you.