What Is A Medigap Plan?

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Medigaps are health insurance policies that offer standardized benefits to work with Original Medicare and are sold by private insurance companies. If you have a Medigap, it pays part or all of certain remaining costs after Original Medicare pays first. Medigaps may cover outstanding deductibles, coinsurance, and copayments. Medigaps only work with Original Medicare. If you have a Medicare Advantage Plan, you cannot buy a Medigap.

Depending on where you live, you have up to 10 different Medigap plans to choose from: A, B, C, D, F, G, K, L, M, and N. Plans G and N offer the most comprehensive coverage and therefore the most popular choice. Each Plan offers a different set of standardized benefits, meaning that Plans with the same letter name offer the same benefits. However, premiums can vary from company to company.

Before you buy a Medigap policy, be sure to do your research. Some steps you may wish to take include the following:

Make sure you are eligible to purchase a Medigap. Remember that you can only have a Medigap if you have Original Medicare.

Learn when you have the right to buy a Medigap without restriction. There are federal protections for people over 65 to buy a Medigap in certain situations. Some states have additional protections for individuals under 65 or during other times.

Compare the different types of Plans that exist. As mentioned above, there are 10 different standardized Plans in most states, each covering a different range of Medicare cost-sharing.

Find out how Medigap premiums are priced so you can make cost comparisons. It is important to understand the ways that insurers set premiums to find the best deal for you.

Have a list of questions to ask when shopping for a Medigap to remind you what you should consider. Buying a Medigap Supplement can be complicated, but using a set of written questions and asking for help when needed can help you stay organized and simplify the process.

Call or Email me if you have questions. (Brian Butz - T65 Health Plans - P: 765-412-6492 or E: brian@butzinsurance.com