Medigap insurance helps supplement Original Medicare, by covering costs normally passed on to patients by the federal plan. But who pays for Medigap?
What is Medigap?
Just a quick refresher to make sure we are on the same page. Medigap plans fill in the gaps in medical fees that Original Medicare does not cover. For instance, Medigap Plan G extends Medicare’s hospitalization days by 365 extra days, covers Skilled Nursing Facility fees, Part B excess charges, and Part A hospitalization coinsurance and deductible. These fees are normally passed on to the patient but Medigap G pays them. Medigap’s standardized plans range from A-N but most people currently enroll in Plan G.
How much does Medigap cost?
Medigap pricing is dependent on your zip code, age and plan. Some plans with deductibles are as low as $50 a month and other plans are as high as $300 or more per month. To find out how much a plan in your area would cost, get a quick quote using the button below.
Who pays for Medigap?
You do! The US Federal Government regulates Medigap but does not pay for them. They are optional and must be paid for by the patient. You will always be responsible for your Medigap premium should you choose to enroll in a plan.
Does Social Security pay for Medigap?
No! Your Medigap payment can not come out of your Social Security check. Most people pay for Medigap using direct withdrawal from their checking account but a few insurance providers will let you use a credit card or pay by invoice.
Is Medigap worth its price?
Our standard answer is, yes! Medigap will limit your financial exposure to a medical emergency or serious illness. Expensive medical fees for those on Medicare are one of the strongest drivers for senior bankruptcy (Source). Medigap can help pay most of the fees not covered by Original Medicare.
What should I do if I can’t afford Medigap?
If you can’t afford Medigap, you should consider a Medicare Advantage plan. While these plans limit your network of doctors and hospitals and many require referrals for specialists, Medicare Advantage plans, unlike Original Medicare, have an out-of-pocket maximum.
Once you’re ready to get a quote or enroll in a Medigap plan, call one of our licensed agents at 800-930-7956.