Turning 65: Medigap for Seniors

Medicare Supplemental insurance for seniors over 65

by Katie Banks+ on Oct 17, 2013 | 4 Comments

Medigap is the nickname given to Medicare Supplemental insurance that helps fills in the “gaps” of Original Medicare. We know it can seem a little overwhelming to learn about all the new health options once you turn 65. Therefore we have broken it down for you.

How Does Medigap Work?

Medigap has a separate premium than Medicare Part A & B, even though it’s rare that you would pay a premium for Part A. These plans are federally standardized, which just means that all Plan A’s are equal to Plan by any provider. That just means once you figure out the coverage you want, you can pick a plan by price.

What is the Most Popular Medigap Plan?

Plan F is by far the most popular Medigap plan. This is because F offers the most comprehensive coverage.

  • Medicare Part A & B Deductible
  • Medicare Part A & B Coinsurance
  • Foreign emergency care up to $50K
  • First 3 pints of blood for a transfusion
  • Part B excess charges
  • Extends hospital coverage up to 365 days

When to Sign Up for Medigap

The best time to buy a Medigap policy is during your initial 6-month enrollment period. This begins the first day of the month you turn 65 (or older) and enrolled in Part B. You can enroll after this time, however most insurance providers require health records, making it difficult to enroll. So do it early.

What if your work still covers you? Well, there are exceptions to the Medigap enrollment period, such as moving out of Medicare Advantage area or your employer sponsored coverage ends,

To enroll in a Medigap plan call 800-930-7956 or contact Senior65.

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Reader Comments and Questions

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By Hugh Hadley on December 02, 2016

I am 73 years old and a veteran. I am considering enrolling in Medicare Parts A and B. Can I also get a Medigap policy without regard for my current health status?

Unless you just left creditable coverage (ie job based insurance, COBRA), you will have to undergo medical underwriting to enroll in a Medigap plan outside of your initial enrollment period, regardless of veterans status (as VA coverage is not creditable). For help finding a plan, call one of our Senior65 licensed independent insurance agents at 800-930-7956.
-Chris from https://www.senior65.com/

By Clayton on October 20, 2016

I truly appreciate this blog.Really thank you! Much obliged.

By Kenny schmidt on March 08, 2016

I am covered by insurance through my wife's employee-cigna HDHP with HSA.i am considering enrolling in VA benefits mainly for prescription coverage.I have deferred enrollment for Medicare A&B.should I go ahead and enroll in Medicare now? How do I prevent a lapse in coverage with stopping HDHP and HSA ?When do I discontinue contributing to HSA... Is there a time frame?

If you want to stop contributing to your HSA, then you should contact Social Security, and start Medicare. When you speak with them they will let you know when you will receive your red, white, and blue card, how much longer you can contribute to your HSA, and your Medicare effective date. Do not cancel your current coverage until you have confirmation of your effective date. Please call us at 800-930-7956 to find a Medicare Health plan.
-Amy from https://www.senior65.com/

By Richard on December 18, 2015

Can the VA Health Care cancel my existing coverage if I earn too much in a single year (lump sum distribution of IRA)? If VA health care cancels my coverage for any reason will I have to pay a penalty for enrolling in Medicare part B after my eligibility date?

Thank you for your questions. Unfortunately, we don't know the answer to the first question. You'd want to contact the VA directly for this answer. As for your second question, yes, you would owe a penalty for not enrolling in Part B when first eligible, even if enrolled in VA coverage (medical VA is not considered creditable coverage with Medicare), and another big thing to consider is you can only apply between January 1-March 31, and your Part B effective date would be July 1. Hope this helps.
-Amy from https://www.senior65.com/

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