Medigap plans exist to cover some of the additional costs which can be incurred through Medicare. While Medicare does provide substantial coverage and can reduce medical bills, there are still some cost factors that should be considered. If you’ve noticed that your Medicare bills are higher than you’d like them to be, consider enrolling in a Medigap plan.
There are ten main Medigap plans, each of which varies in coverage. Some plans, such as Plan A, cover the most basic of Medicare costs. Others, such as Plan F, provide lots of coverage and can significantly reduce the beneficiary’s responsibility for Medicare bills. Medigap works to extend past what your Medicare covers, paying for some or all of deductibles, coinsurance, and copayments. Some policies cover a percentage of the added costs mentioned previously, while others will cover the entire amount. For example, Plan G covers 100% of the skilled nursing care coinsurance, as well as 80% of foreign travel exchange.
Some plans have an out-of-pocket limit. This limit is extremely useful for those who are anticipating high medical bills and can reduce financial stress. Enrolling in a policy with a limit is an excellent way of being able to anticipate what costs you may be responsible for. Being able to plan for the future is one of the most important benefits of enrolling in Medigap.
Medigap plans are sold through private insurance companies that conduct their own enrollment. While you will enroll through a private provider, there is still a timeline for when you should enroll. It’s best to enroll in a Medigap policy during the six months after you enroll in Part B and also meet the age requirement of 65.
If you are looking to enroll in a Medigap policy, you’ll need to be enrolled in Original Medicare first. Medigap is not offered for those who are enrolled in Medicare Advantage.
Medigap policies may be standardized differently depending on where you live, so the best way to discover all the options available to you is to speak with an insurance professional. At Fidelis Consultants, our team is here to assist you however we can. Our professionals can walk you through the enrollment process, answer any questions you may have, and help you find the best policy for your situation. You can make an appointment today by calling us at 1-855-872-6565 or filling out our contact form.