You’re almost 65 and about to transition to senior health insurance. One of your options is Medicare Supplement Insurance, also known as Medigap. Here are a few things that you should know about Medigap policies before you sign up:
1) You Need Both Medicare Part A & B
Before you can enroll in a Medigap plan you must enroll in Medicare Part A and B. The reason is Medigap fills in the gaps that Original Medicare leaves open, therefore you would need both. You are still responsible for your Part B premium (most people do not pay a Medicare Part A premium).
2) Medigap is not Medicare Part C
Medigap is supplemental insurance, while Medicare Part C, known as Medicare Advantage, replaces Original Medicare. MA plans generally offer additional benefits such as Rx coverage, dental, and vision. However, Medicare Advantage plans usually do not add additional coverage, for instance with the most comprehensive Medigap plan, Plan F, you have first dollar coverage and Medigap will pay your deductible, coinsurance, and excess charges for things like hospitalization, skilled nursing, and hospice care, as well as extending your hospitalization days to 365.
3) Enroll in Medigap During Open Enrollment
This may seem self-explanatory, but Medigap plans, unlike Medicare Advantage plans which have a do-over period each year, more than likely will not enroll you in a plan after your initial period if you have preexisting conditions. This is not a blanketed statement, as three or four states have laws that allow you to enroll regardless of medical underwriting. There is also a special Medigap enrollment period, for those who will typically qualify for guaranteed enrollment if special circumstance, such as your retirement health plan ends. To be on the safe side, enroll as soon as you become eligible for Medicare Part B enroll in Medigap -if that is the route you choose to go.
4) You’ll Need a Separate Rx Plan with Medigap
Even though Medigap offers a lot of extended coverage this does not bleed over to prescription coverage. Medicare Part D, otherwise known as a Prescription Drug Plan, is separate from Original Medicare and therefore separate from Medigap. Remember to choose a plan that covers all or the majority of the prescriptions you take now.
To learn more about Medigap call 800-930-7956 or contact Senior65.com.