Don’t Miss These 8 Quick Facts about Medigap

If you have enrolled for Medicare, it’s wise to consider additional coverage with a Medicare supplement plan, also known as Medigap. In this post, we have enlisted 8 fast facts about Medigap that you should know.

  • A Medigap insurance policy works like a supplemental policy to the original Medicare plan. Your Medicare plan is still valid if you choose to extra cover through Medigap. Also, you need to pay the cost of Part B premium, as well.

  • Medigap is sold by private insurance providers, who are approved by the state. However, if you have a MSA plan (Medicare Medical Savings Account), you cannot go for Medigap. Check online to know more about licensed insurance companies.
  • Medicare supplement plan basically covers copayments and deductibles that are not covered under Medicare part A or B. If you have a Medigap policy, both Medicare and Medigap will pay their share of the bills and healthcare expenses, as per the terms and conditions.
  • As mentioned earlier, the Medicare supplement plan helps in covering for costs and services that are not a part of Medicare. You can also get additional benefits if you have medical expenses while traveling outside the US.

  • Please note that Medigap is different than that of a Medicare Advantage Plan. While Medigap covers the gaps in Medicare, a Medicare Advantage Plan is designed to work like a complete replacement policy for Medicare, inclusive of all the benefits. If you already have a Medicare Advantage Plan, you need to quit before you can go for Medigap.
  • Medigap covers one person in each policy. If you want one for your spouse, you need to get a separate policy and the pay the premiums additionally. Also, regardless of your current health concerns, the policy can be renewed. The insurance company cannot deny renewal, as long as you are paying the premiums as per terms.

  • Medigap doesn’t pay for prescription drug coverage. If you are looking for the same, you can opt for the Part D of the Medicare plan, also known as ‘Medicare Prescription Drug Plan’. Medigap also doesn’t cover for long term care and dental treatments and vision issues in most cases.
  • Standard plans are named after letters from A to N. Some of these plans, including E, I and J are not available to new subscribers.

Check online now to find AARP Medicare supplement plan for your needs.