That's a common question many Americans ask every single day. A Medigap insurance plan is a health care policy sold by private companies and caters for costs that traditional Medicare doesn't pay. Some of the benefits covered by the plan include co-payment, deductibles, and coinsurance. Some plans also cover for the emergency travels outside the United States.'
Do I Need a Medicare Supplement Plan
It's highly recommended to get a Medigap insurance policy. It provides guaranteed protection for the out of pocket expenses when you become ill or need extra care. Medicare covers 80% of the total medical costs leaving the insured with the 20% bills to cover. Medigap insurance lifts the burden off your shoulders and covers the remaining amount.
Original Medicare covers approximately 64% of your medical expenses if you have attained 65 years of age or older. Therefore, it's important to look for other alternatives of meeting health care costs. Our team of professionals is ready to take you through the process of acquiring a Medicare Supplement Insurance Plan.
What are the Advantages of Getting a Medigap Policy
Below are some of the benefits:
The next thing you need to know after is your eligibility for the plan. The best time to apply for the Medigap coverage is during the Open Enrollment Period. The period runs for six months from the first day of the month that the insured acquired Medicare Part B and reached 65 years of age. You have a guaranteed-issue right to settle for any Medigap plans offered in your state without an increase in the premiums or denial of coverage following a pre-existing condition. Some states also allow open enrollment for the people under 65 years of age as long as they are in a Medicare plan.
Is the Application for Medigap Limited to Open Enrollment Period
You can apply at any time outside your Open Enrollment Period. The only problem is that the insurance company can easily deny coverage if you have chronic problems or charge a higher premium based on your medical history. About 31 states require the insurers to allow anyone who applies for the plan to receive coverage. However, the insured are subject to any medical underwriting from the insurer unlike during the Open Enrollment Period.
What Factors Should I Consider When Choosing a Carrier
You don't need a policy if you're in any of the following health insurance plans/programs:
The insurance policy does not cater for some conditions such the hearing aids and vision and provision of eyeglasses, long-term treatment, private nursing, and dental care. Plans purchased after January 1, 2016 do not include Medicare prescriptions benefits. However, you may consider getting a Part D plan to cater for Medicare prescriptions.
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