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Medigap overview

What Is Medigap?

This is supplemental health insurance that provides coverage that is not paid for by original Medicare. It is important to understand that Medigap does not apply to Medicare Advantage plans. Medigap pays for any leftover costs after Medicare is applied. This usually covers deductibles and co-payments.

Medigap coverage can be purchased through most private medical insurers. And once you are Medicare eligible — and depending upon the state — there are 10 types of Medigap policies to choose from. Each state has its own standard benefits with varying premiums. Anyone who is interested in purchasing Medigap should refer to the state-specific rules and regulations because the cost of the premiums can vary.

What To Do Before Purchasing A Medigap Policy

Important Things To Know About Medigap

When Can Medigap Be Purchased?

A Medigap insurance policy should be purchased during the open enrollment period. During this period, you can find many policies to choose from and more affordable pricing. It is important to purchase a Medigap policy during the first month after you turn 65 years old. If you miss this window, you may not get another chance to purchase an affordable Medigap policy.

Important Note Regarding Medigap

As of Jan. 1, 2020, Medigap plans with a part B, C, and F deductible will no longer be covered. However, if you were not currently enrolled but eligible, you may still qualify for the deductible. Call Medicare and speak with a representative about this issue. They will inform you of your standing.

What Happens If You Travel Abroad?

The Medigap policy will cover the remainder of what Medicare does not pay. This includes any type of medical emergency. Before you leave the U.S. it is important to speak with a Medigap professional regarding the limitations and the deductible. Your state insurance company has a wealth of information at your disposal.

Remember, there are laws that govern the purchase of Medigap insurance. Be sure you thoroughly investigate which ones pertain to your state. If you need more information regarding the Medigap plans, you may reach out to the State Health Insurance Assistance Program (SHIP) or the State Insurance Department.

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