Medicare Supplement insurance is more commonly known as Medigap which we will refer to it as such throughout the rest of the article. Everyone including the federal government now calls it Medigap and, plus, it’s a more fun name to say. Now should you buy Medigap? Check out our list first.
Medigap Pros and Cons
|Medigap Pros||Medigap Cons|
|Plans cover all or part of Medicare additional fees||Monthly premiums can be pricey|
|Plans are easy to compare||Plans difficult to switch once enrolled|
|Guaranteed 6 month enrollment when 1st eligible||May not be able to enroll after initial enrollment period|
|All plans offer an additional 365 days in hospital||Not all plans cover hospital deductible|
|Some plans offer extras like excess charges, foreign travel, and Silver Sneakers program||Does not include drug coverage|
|Nationwide coverage||Doesn’t cover acupuncture|
68% of people who read this article also read: Medicare Advantage VS Medigap
What is Medigap?
You have seen the pros and cons list but what exactly is Medigap? Medigap is additional insurance offered by private companies that you can buy to fill in the “gaps” of Original Medicare. While Original Medicare covers much of your medical costs, it still requires you to pay many fees such as copays, coinsurance, and deductibles. These fees can add up and many retirees are unable to afford them.
There are 10 different standardized Medigap plans that can help pay some or all of these cost. Medigap extends your Medicare benefits by adding an additional 365 days of hospitalization coverage . Medigap can also offer coverage not available under Original Medicare such as $50,000 of Foreign Travel Emergency. Visit our Medicare Overview Page to learn more or you can head straight to our Medigap Pros and Cons list below.
Pros and Cons of Medigap Recap
After looking at the list you should now know that Medigap can be somewhat expensive and you will still have to purchase additional drug coverage. But if you have it, it will reduce most or all of your additional cost and you will be able to use this with any doctor that accepts original Medicare.
How Expensive is MedigapThat depends on your age, zip code and which plan you select. You can get an instant quote by clicking the button below:
How Much Does Medigap Cost? <-- Click here to get an instant quote in your area.
Alternatives to Medigap?Most people who are not comfortable with Medigap’s Monthly premium consider Medicare Advantage (MA). Unlike Medigap, MA replaces your Original Medicare. It doesn’t fill in all the gaps but it is usually less expensive. You might want to check out Medicare Advantage pros and cons, to decide which plan is right for you. For further questions call 800-930-7956 or click here to get a Medigap quote
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