Medicare Supplement Insurance, also known as Medigap, is available for seniors 65+ in order to supplement Original Medicare coverage. Policies are recommended for anyone who is Medicare eligible in order to cover your Medicare co-pays and co-insurance, and especially those who require extensive medical care or will be visiting the doctor frequently. Since Medicare Part A & B only cover 80% of bills, the remaining 20% is an out-of-pocket expense that can cut significantly into hard earned retirement savings. Medigap plans provide additional support for those looking to extend their coverage and lower the out-of-pocket costs. If you are considering a Medicare Supplemental Insurance plan, here are some lesser known facts to consider.
All Medicare Supplement Plans Offer the Same Coverage
Regardless of where you purchase your Medigap plan, all the benefits are standardized under federal law. So you do not need to worry that some carriers will offer better coverage or benefits than others. The only difference between the plans is the price. For this reason, shopping around for a Medigap plan is how you secure the best price. An experienced agency, like The Benefit Link, will be able to compare prices between plans and select the right coverage for you at the cheapest rate.
Medigap Provides Coverage Abroad
Retirement is the perfect time to travel without worrying about work or family responsibilities. However, Medicare does not offer any coverage when traveling abroad. Most seniors are looking for extended travel stays and might require an emergency visit or check up while doing activities that they typically would not do at home. If you plan on spending a lot of time overseas, Medicare Supplement Insurance will cover most emergencies outside of the U.S.
Medigap is “guaranteed renewable” Under Federal Law
You can enroll in Medigap with no additional questions about your health for three months before your 65th birthday and for five months after in what is known as the “open enrollment period.” Guaranteed acceptance of coverage is part of the newly eligible benefits under federal and state law. Similarly, once you enroll, as long as you continue to pay your premium you are guaranteed renewal coverage. In other words, in the unfortunate event you develop a health issue, insurance carriers cannot increase your rate or deny you coverage.
Medigap Only Covers One Person
Unlike Medicare, Medigap policies do not offer any coverage for spouses. Medicare often allows some spouses to qualify based on the work record of the other. Medicare Supplement Plans do not offer this, under any circumstances. Since Medigap plans are meant to supplement your coverage based on your specific needs, it assumes that you and your spouse will have different healthcare requirements. Furthermore, your spouse will also have to be enrolled in Medicare to be eligible for Medigap policies
You are not Eligible if you have a Medicare Advantage Plan
If you opt-in for a Medicare Advantage plan rather than Original Medicare you are not eligible for a Medigap policy. You must either enroll in Medicare and then purchase a Medigap plan, or give up your existing Medigap plan to purchase a Medicare Advantage plan. In other words, you cannot use a Medigap policy to pay for copayments, deductibles, or premiums under your Medicare Advantage plan. If you would like to discuss your options further, contact our agents for the best medicare advantage plans available to you.
These are only five of the lesser-known facts about Medicare. An insurance agency like The Benefit Link that specializes in Medicare and Medigap policies for the senior market will find the right type of coverage for you at the best price. Furthermore, healthcare laws are constantly changing so to find the latest updates for Medicare Supplement Plans 2021 check our website.
