Medigap

A Medigap or otherwise known as Medicare Supplement Insurance policy is what helps in paying off what the other Medicare plan was unable to cover. With the best Medicare Supplement plans 2020, the following will be covered
  • Coinsurance
  • Copayments
  • Deductibles



The medigap is normally sold by private companies and not a responsibility of the government. There are some Medigap policies which accommodate services which the original Medicare covered as well as those which it did not cover such as getting medical services while outside the USA. So if at the moment you have the original Medicare plan and you purchase the Medigap, the following happens:

Medicare will be able to cater for its share of approved medical care for the health costs.
  • The rest is covered by the Medigap
  • The following are some of the things which you need to know about medigap:
  • To qualify, you need to have Medicare part A and B
You should not confuse the Medicare Advantage plan with a Medigap policy. The plans are always a way to get the benefits of Medicare while when it comes to Medigap, it comes in handy to supplement your Medicare policy

For your Medigap, you will need to pay your private insurance a monthly premium. These payments are in addition to the Part B monthly premium payments which you submit to Medicare

Medigap is a policy for only one person. In case you want the policy as a spouse, each of you have to purchase the policy separately.

You are at liberty to get a Medigap policy from whichever licensed insurance provider, which is available in your specific state.

Even if you have health issues, you are entitled for an automatic renewal of your Medigap policy. What it means is that, there is no way an insurance company will cancel your Medigap policy as long as you honor your payments.

There are some Medigap policies which cover prescription drugs; those are the ones which were offered before 1 January 2006. At the moment, if you want to enjoin prescription drugs in your cover, you have to get going with the Medicare prescription drug plan part D.

If you have a Medicare Advantage plan, it is illegal to be sold a Medigap policy unless you have decided to switch back to the original Medicare.

Medicare Supplement Insurance Doesn’t Cover Everything

It is important to remember that, when you get yourself on the Medigap policy, not all your health care will be taken care of. They don’t take care of vision, hearing aids, dental care, private duty nursing, eyeglasses and long term care.

You are at liberty to change from the medigap policy and switch to the Medicare advantage plan which will offer you coverage of prescription drugs. If you do so, you have to be careful about your timing. When you decide to join a new Medicare drug policy, there is a possibility of you having to pay for a late enrollment penalty. So check it out before deciding to change. 


Related post