Do You Need Medigap?
If you are a recipient of Medicare part A and B, the chances of you needing a supplemental policy is fairly evident. Medigap or Medicare Supplement Insurance covers the gaps in original Medicare. All of the plans are standardized by law, and the choice is yours, as the recipient.
There are plan options labeled from A-L. The only states that have variations on these labels are Wisconsin, Minnesota and Massachusetts. Their standardized plans differ from the other states. The object of Medigap plans is to suit the needs that you may have. Plans will vary from minimal coverage after Medicare and others have a wide variety of benefits. Each must have certain benefits that are required by law.
The most comprehensive plans are the Medigap plans to supplement your original Medicare coverage. The plans cover the difference in the price charged by your health care provider and your Medicare plan. Medigap plans are more costly than Medicare Advantage plans. These do not come with prescription drug coverage but you may add one to the policy if you do not have one in place.
Finding the program or policy that suits your needs is the first step in your plan. Your needs will depend on your physical condition and the ability to pay for the plan. Usual premiums are in the $150+range.
When you reach the age of sixty-five and you receive your initial card, you should notice that you are only covered for Part A. It is your responsibility to apply for part B. With part B you will still have gaps in your coverage. These do not cover your prescriptions at all. For this you need to find a provider for Part D. At that point you will learn that still are not covered for all expenses. Co-pay and co-insurance costs are still there to be paid. This is the point that a Medigap plan comes into play.
Information is available on the internet. Plans vary from state to state as far as costs go, but the basic benefits are standardized by law. Investigate all of your options before making your choice. Medigap does not cover prescriptions. It will provide with co-pay costs for hospital and medical care that you may require. There are still minimums that need to be dealt with, even with these plans.
As the name, Medigap, implies, it fills in the gaps in original Medicare. Each, your Medicare and Medigap plans will pay their share of the health care costs covered. These plans cover only one person and do not include your spouse. Each recipient must obtain their own policy. Premiums vary from state to state and coverages vary according to the policy chosen. It is vitally important to make an informed decision.
Information for Medigap plans and private companies that sell these policies is available at your Medicare site on line, or from the individual providers that are available in your state. The choices for available policies are made by the insurance companies. They will choose which policies they want to sell. Choose carefully.