Should You Get Medigap Coverage?

Have you reached the age where you qualify for Medicare and you are wondering if you should get Medigap coverage to supplement your health insurance needs? Here are a few things you need to know about Medigap to make a decision. 

How Does Medigap Work?

Medigap is a supplement plan that has benefits regulated by the Medicare program. If you decide to use Medigap, then you are going to be using Medicare as your primary health insurance coverage. This allows you to visit any Medicare-affiliated doctor in the country, and Medicap acts as your supplemental insurance. As long as the doctor you visit accepts Medicare, then that means they will also accept Medigap coverage as well.

What Does Medigap Cover?

Many people seek out Medigap coverage because they do not like the areas where they do not have full coverage with traditional Medicare. These are typically all of those out-of-pocket costs that you have to pay with Medicare. By purchasing Medigap coverage, you'll be protected from paying out-of-pocket costs after your deductible has been met. Many people feel like Medigap is the most comprehensive health insurance coverage you can get, which is crucial as you get older in age and have more health-related needs. 

What Are The Disadvantages Of Medigap?

One reason why people do not get Medigap is because of the high premium that you pay for it. People that are on a fixed income may not be able to afford Medigap coverage, so it is not an option. The other thing to keep in mind is that Medigap does not have robust prescription coverage. If you want more prescription coverage, you need to sign up for Medicare Plan D supplement coverage.

When Can You Sign Up For Medigap?

There are certain enrollment periods in order to sign up for Medigap, and there are certain life events that must happen to enroll without a medical screening. For example, the most common time that people sign up for Medigap is when they are turning 65 years old. There is a 6-month enrollment period that starts on your 65th birthday, which is the best time to sign up. 

However, there are other open enrollments that you can use after you turn 65 if you miss that initial enrollment period. The catch is that you must take that medical screening, and you may not qualify. It's also possible that you will only be given some of the Medigap coverage through Medigap Select. 

For more information about Medigap insurance, contact a local insurance agent. 

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Are You Insured?

When you have a house with a mortgage on it, you have to buy insurance. When you have a car with payments, you also need to buy insurance for that car. So, what about your body? Your body also deserves to be insured! We just so happen to call that kind of insurance "medical insurance" in our society. While buying medical insurance can be a little complicated, it is definitely worth talking to an agent and figuring out what you need. It's also worth reading a lot more about health insurance so you get a better idea of what it involves. You can start that journey here.