Medigap
Medigap, also known as Medicare Supplement Insurance, is a type of health insurance offered by private companies to help fill the “gaps” in Original Medicare (Parts A and B). These gaps include costs such as copayments, coinsurance, and deductibles, which can add up significantly. Medigap policies are designed to work alongside Original Medicare, helping you manage out-of-pocket expenses and providing greater financial security.
Key Benefits of Medigap
Covers Out-of-Pocket Costs:
- Helps pay for expenses like deductibles, copayments, and coinsurance.
Predictable Costs:
- With a Medigap plan, you’ll have predictable healthcare expenses, even for extensive medical care.
Nationwide Coverage:
- Use your Medigap policy anywhere in the U.S. with any Medicare-approved provider.
Choice of Plans:
- There are 10 standardized Medigap plans (A, B, C, D, F, G, K, L, M, N), each offering different levels of coverage.
Foreign Travel Coverage:
- Some plans (e.g., Plan G, Plan F) cover emergency medical care while traveling abroad.
What Medigap Does NOT Cover
Medigap is designed to supplement Original Medicare, so it does not include:
- Prescription drug coverage (you need a Part D plan).
- Long-term care (e.g., nursing home or custodial care).
- Vision or dental care.
- Hearing aids.
- Private-duty nursing.
Who Can Enroll in Medigap?
To be eligible for Medigap:
- You must be enrolled in both Medicare Part A (hospital insurance) and Part B (medical insurance).
- You must live in a state where Medigap is offered.
- Medigap is not available to those enrolled in a Medicare Advantage (Part C) plan.
When Can You Enroll in Medigap?
The best time to buy a Medigap policy is during your Medigap Open Enrollment Period, which lasts for 6 months. This period starts when you:
- Turn 65 and are enrolled in Medicare Part B.
- During this time, you have guaranteed issue rights, meaning you can’t be denied coverage or charged higher premiums due to pre-existing conditions.
After your open enrollment period, it may be harder to buy a Medigap policy, and insurers may charge higher premiums or deny coverage based on your health.
Schedule Your FREE Consultation
If you’re ready to take the next step, call 786-970-6539 or e-mail me at topqualitym@gmail.com to book an appointment with me. I proudly serve Florida and can help you find the Medicare coverage you need!