What are Medigap Plans?
|
A Medicare Supplement (Medigap) insurance, sold by private companies, can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles.
A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits and fills in the gaps that Original Medicare has. Each insurance company decides which Medigap policies it wants to sell, although state laws might affect which ones they offer. Insurance companies that sell Medigap policies:
Keep in mind, that the Medicare Supplement policies covers co-insurance after you've paid the deductible (unless the Medigap policy also pays the deductible). There are 10 Medigap Plans to choose from. They’re labeled by letters A, B, C, D, F, G, K, L, M, and N (Plans E, H, I, and J are no longer available), and each plan letter has different coverage benefits. HOW How do you get Medigap Policy?
To qualify for a Medicare Supplement, you must first enroll in Medicare Parts A and B. Once you turn 65, enroll in Original Medicare, or enroll in Medicare Part B, you will enter your Open Enrollment period.
What is the Medigap Enrollment Period?
The Medigap Open Enrollment Period is a six-month period starting the first day of the month after you turn 65 and have Medicare Part B. , or it is the six month period after you get your Part B at any age, like obtaining it after leaving an Employer Group Health plan. During your Medigap Open Enrollment window you cannot be asked Health questions, so you cannot be declined, and also PRE-EXISTING conditions do not factor into the approval process.
What do Medigap policies cost?
Medigap plan monthly premiums differ depending on several factors.
Different insurers also vary their monthly rates depending on actuarial models, though many offer discounts to those who live with a spouse. You do have the option to enroll outside of your Open Enrollment, but acceptance is not guaranteed, and you may have to pass a health underwriting exam. The 2021 Deductibles,Copays,and Coinsurance that a Medigap Policy Can Pay:Medicare Part A: Hospitalization
Skilled Nursing Facility Coinsurance:
Part B deductible per year* in 2021 is $203.00 only paid for by Plan C and F Medicare Part B Coinsurance: 20% Medicare Part B Excess Charges: Up to 15% (in addition to coinsurance) Foreign Travel Emergency: Not covered If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Your Medigap policy pays its share. Medicare Supplement Benefit Chart
Review the chart and look at what each Plan pays.
What it means is the per cent in the box is the amount the Medigap policy covers. If you don’t have a Medicare Supplement, you will pay these costs associated with Original Medicare.
|
Medigap 2020 From Medicare.Gov
|
Licensed in Nevada, Arizona, California, New Mexico, Oregon, Texas, and Utah.
Navigation |
Connect With UsShare This Page |
Contact Us |
Location |
Insurance Marketing Group. A sales agent may mail, call or e-mail as a result of completing the information to discuss Medicare Advantage, Prescription Drug Plans or Medicare Supplement Insurance. We are not recommended, endorsed or affiliated with the Federal Government, CMS, Medicare or the Department of Health and Human Services (DHHS) Medicare has neither reviewed nor endorsed this information.
Please Note: Clicking on any of the links provided will take you from our Medicare Information website to a non-Medicare information or to a different website.
Please Note: Clicking on any of the links provided will take you from our Medicare Information website to a non-Medicare information or to a different website.