Medicare Supplement insurance, more commonly known as Medigap, offers guaranteed coverage. What does this mean? We’ll explain it to you, as well as lay down some Medigap knowledge on you.
Medigap Guaranteed Renewal
The law designates that Medigap plans cannot cancel you because you get sick or have an accident. This may seem logical, but many health insurance companies are able to drop you if you cost them too much. But, and this is a very important but, you must pay your premium on time. Because if you don’t and get dropped, you more than likely won’t be able to get a Medigap policy again.
Medigap Guaranteed Issuance
This is different than guaranteed renewal. I’m sure you’ve heard of the new Affordable Care Act plans: Bronze, Silver, Gold, and Platinum, which must enroll anyone regardless of preexisting conditions.
Well, Medigap was all over this years ago. Medigap plans have an open enrollment period that must guarantee issuance to all seniors regardless of diabetes, heart condition, or high cholesterol. So take advantage of it when you are first eligible, otherwise you may be denied, because unlike the ACA plans, Medigap, in most states, only has to offer guaranteed issuance during this 6 month window starting with your birth month.
Medigap Fills in the Gaps
Figure, we might as well explain what Medigap is for those who aren’t totally sure. The basics: It is a standardized health insurance Medicare supplemental plan. Okay, so that’s a lot of BIG language. Basically, all plans offered are identical to each other. All Medigap plan A’s from one provider are the same as Plan A from another provider. What’s the difference? Price. So go ahead and comparison shop.
Original Medicare leaves gap open, and Medigap fills them in. Explain further, you ask. My pleasure. So, Medicare covers quite a bit, but with a thin, old blanket (with some moth balls). Then Medigap comes in with a wool blanket. Medigap can save you a $1 Mil in one year by covering such things as:
• Part A & B deductibles
• Part A & B coinsurance
• Part B excess charges
• Extend your hospitalization coverage an additional 365 days
• First 3 pints of blood for a transfusion
AND with some policies, add benefits like:
• Foreign travel emergency health care
• Silver sneaker program: free or low-cost gym memberships
If you turning 65 and want a Medigap plan, get it during your open enrollment period. If you want to learn more about how much Medigap plans cost in your area call 800-930-7956 or contact Senior65.