Just as the name suggests, Medigap is simply insurance that helps in filling gaps left by the original insurance. Medigap is a type of insurance that is sold by private companies. You can choose any insurance company as long as they offer Medigap. The original Medicare insurance indeed caters to many things but not everything. There are some of the remaining healthcare costs such as deductibles, coinsurance, and copayments that Medigap can help with. That is the reason why you are advised to secure Medigap insurance to avoid using a lot of out-of-pocket money.
There are services that the Original Medicare doesn’t cover but it’s covered by Medigap. Such services include healthcare when you travel abroad. After securing the original Medicare, the next important step should be to buy Medigap insurance. Your original Medicare cover will pay its share of the cost and Medigap will also pay its share.
What you should know about Medigap
Before you enroll in Medigap, it is very important to try and have some basic information about what the insurance is all about, what it does, what is Medigap and what it doesn’t do
To enroll for Medigap, you must have secured Medicare part A and Medicare part B. You should also understand that Medigap is very different from the medicare advantage plan. Medicare advantages help you get more healthcare benefits while Medigap is specifically designed to bridge the gaps left by the original medicare. If you enroll in Medigap insurance, you will have to pay monthly premiums to the insurance company that sold you the insurance. What you should understand about Medigap is that the insurance can only cover one person. If you are a couple, both of you must buy Medigap separately. The good thing about Medigap is that you can buy your insurance from any company that you like and wish.
What Medigap insurance covers
Medigap insurance is healthcare insurance that doesn’t cover anything. Therefore, you should not buy one thinking that you are sorted. This is because Medigap doesn’t cover long-term health care. Conditions such as dental care, vision, eyeglasses, hearing aid, or private-duty nursing cannot be covered by Medigap.
Plans that are not Medigap
Before buying Medigap, it is very important to know of Medicare insurance that is not Medigap. Those insurances that are not Medigap include Medicare advantage plans, Medicare Prescription drug, Medicaid, Union plans, Tricare, and long-term care insurance among other types of insurance.
Dropping Medigap policy
If you feel like you need to drop your Medigap plans or policies, you must do your timing very well. This is important because you will be charged a penalty for late enrollment. If you happened to drop the plan and the coverage was not creditable drug prescription, you will be charged a penalty. Therefore, it is very important to always be very careful when you are enrolling or dropping a Medicare coverage plan. Wait until it is the right time for you to enroll or drop.