Medigap Policies Take The "Gap" Out Of Medicare

The Medigap policy is offered by private health insurance companies to fill the "gaps" in the Original Medicare Plan. Medigap policies and Medicare Supplement Insurance are the same thing. The Medigap policies help you pay some of the additional healthcare expenses that Original Medicare doesn't cover. If you have both a Medigap policy and the Original Medicare Plan, then your Medigap policy and Medicare will both pay for their portions of your healthcare expenses.

Private health insurance companies are only allowed to sell you a standard Medigap policy. In order for you to be able to easily compare Medigap policies, they must offer specific benefits.

There are twelve different standardized Medigap policies. These are known as Medigap Plans A through L. The Medigap policies must adhere to both State and Federal laws. Each Medigap Plan, A through L, has a different set of both basic and extra benefits. The Medigap policy must be identified on the cover as Medicare Supplement Insurance.

The costs of Medigap policies can be very different and it is important that you take time to compare costs and benefits. The nice thing is that the Megigap Plans A through L are the same for any health insurance company. The individual insurance company decides which Medigap policies that they will sell.

In order to buy a Medigap policy you must have Original Medicare (Medicare Part A and Part B). You do have to pay the monthly premium for Medicare Part B. Also, you will have to pay a premium to the Medigap insurance company.

If you are married, both you and your spouse will need to buy separate Medigap policies. Healthcare costs for your spouse will not be covered by your Medigap policy.

A Closer Look At The Medigap Plans

There are 12 standard Medigap policies that you can select from (Medigap A through Medigap L). Essentially, Medigap A is the basic policy. As you advance through the Medigap plans, additional coverage is added.

You do need to remember that there is no difference in the plans that are offered by the different health insurance companies. Although a few states like Massachusetts, Minnesota, and Wisconsin offer different plans than the other 47 states. You should double check with your state insurance company to verify any differences in Medigap policies.

You do need to know that if you decide to get a Medicare Advantage Plan (Medicare Part C), that if you own a Medigap policy, that policy will not pay for coverage. Therefore, if you get a Medicare Advantage Plan and you have a Medigap policy, get rid of the Medigap insurance.

Be Smart When Looking For Medigap Insurance

In order to make sure that you don't spend too much money on a Medigap policy, there are a few tips you should consider before you purchase a Medicap insurance.

1. Purchase your Medigap policy during your Medicare open enrollment. This is the best time to buy a Medigap policy because insurance companies must sell you any plan they offer whether you have a pre-existing condition or not.

2. Make sure that you shop around and compare insurance companies and premiums. Medigap insurance prices can vary greatly between health insurance companies. It is easy to search online for Medigap policies and to get insurance quotes.

3. You should learn more about the insurance company that sells the Medigap policies. Do they have a good company record and a good financial rating? Check with the consumer protection companies in your state to learn about any complaints.

4. Make sure that you don't buy duplicate coverage. It is not legal for an insurance company to sell you more than one Medigap policy. However, some insurers might offer you other health insurance policies that may overlap the coverage you have with your Medigap policy. Any duplicate coverage must be disclosed in writing and don't even consider any duplicate coverage, because it just costs you more money.

5. Consider Medicare Part D prescription drug coverage. If your Medigap plan includes prescription drug coverage, take a look at getting a Medicare prescription drug plan. Typically, the Medigap prescription drug coverag is not as good as Medicare Part D prescription drug coverage.