If you are over the age of 65, or if you are under 65 and have a disability or certain medical conditions, you may be eligible for Medicare, a federal health insurance program. While Medicare provides coverage for many healthcare services, it does not cover everything, and there are out-of-pocket costs that you may be responsible for paying. This is where supplemental insurance, also known as Medigap insurance, can come in handy.
What is Medigap Insurance?
Medigap insurance is a type of private health insurance that helps cover some of the out-of-pocket costs that Medicare does not cover. There are ten different Medigap plans, each with its own set of benefits. Some of the things that Medigap insurance can cover include:
- Medicare Part A coinsurance and hospital costs
- Medicare Part B copayments and coinsurance
- First three pints of blood used in a medical procedure
- Medicare Part A hospice care copayments or coinsurance
- Skilled nursing facility care coinsurance
It's important to note that Medigap insurance does not cover long-term care, vision, or dental care. It also does not cover most prescription drugs, which are covered under Medicare Part D.
Is Medigap Insurance Necessary?
Whether or not you need Medigap insurance is a personal decision that depends on your individual healthcare needs and financial situation. Some people may prefer to have the extra coverage to help cover out-of-pocket costs, while others may be able to afford the costs on their own. Here are a few things to consider when deciding whether or not Medigap insurance is necessary for you:
- Your Current Health: If you have a chronic medical condition or require frequent medical care, you may want to consider Medigap insurance to help cover the costs of your healthcare.
- Your Financial Situation: If you have a limited income or savings, Medigap insurance can help protect you from unexpected medical expenses.
- Your Current Medicare Coverage: If you have Original Medicare (Medicare Part A and Part B), you may be responsible for paying certain out-of-pocket costs, such as deductibles and copayments. Medigap insurance can help cover these costs.
How To Sign Up For Medigap Insurance?
If you decide that Medigap insurance is necessary for you, here's how you can sign up:
Determine Your Eligibility
To be eligible for Medigap insurance, you must be enrolled in Medicare Part A and Part B. You also must not have a Medicare Advantage plan, which is an alternative to Original Medicare that is offered by private insurance companies.
Shop Around
There are many Medigap insurance plans available, so it's important to shop around and compare the different plans to find the one that best meets your needs. You can use the Medicare Plan Finder tool on the Medicare website to compare plans in your area.
Choose A Plan
Once you've compared the different plans and found one that meets your needs, you can enroll in the plan through the insurance company offering it. You'll typically need to pay a monthly premium in addition to your Medicare Part B premium.
Keep In Mind The Enrollment Period
There is a limited enrollment period during which you can sign up for Medigap insurance. This enrollment period begins on the first day of the month in which you are both 65 years old and enrolled in Medicare Part B. If you enroll during this period, you cannot be denied coverage or charged more for a pre-existing condition.
Summary
Medigap insurance is a type of private health insurance that can help cover some of the out-of-pocket costs that Medicare does not cover. Whether or not Medigap insurance is necessary for you depends on your individual healthcare needs and financial situation. If you decide that Medigap insurance is necessary for you, you can sign up by determining your eligibility, shopping around for different plans, choosing a plan, and enrolling during the limited enrollment period.
If you're considering purchasing Medigap insurance, it's important to act quickly. Open enrollment for Medigap insurance is a limited time period, and you may not be able to enroll if you miss it. Click on the offers below to learn more about your Medigap insurance options and to get started with enrollment. Don't wait – secure your coverage today and protect yourself from unexpected healthcare costs.
Updated February 14, 2023