When a senior acquire Medicare insurance, the next question is about how it’s able to cover for the health needs within the year. Most people find that Original Medicare alone cannot sustain the needs, and as such, they go the extra mile to look for a supplementary cover.
Medigap Insurance, in that case, comes in as a supplemental coverage to fill the gaps that Original Medicare left. It’s therefore important to get to know more about Medigap to help you see if you need any extra coverage or not.
Medigap Covers Those Leftover Expenses
While Original Medicare is an excellent plan for basic health needs, which include the cost of doctor’s visits, hospital stays, and clinical medications, it’s important to weigh out and think of extra coverage. The reason being that you may be caught up with a health condition that demands a lot of medical care, which Medicare is not able to cover.
Medigap, in this case, comes in to sort some of these medical needs such as blood usage, nursing coinsurance, hospital coinsurance, foreign travel medical bills, among others. It also covers for deductibles, whereby one can enjoy Medicare Part A and some of the Medicare Part B expenses.
When we talk about excess charges, then Medigap helps to settle such expenses in a big way.
For instance, if you visit a doctor outside the network, one will be forced to pay all the costs from the pocket, but when in possession of Medigap health coverage, then you stand a better chance of the insurance company paying the bill on your behalf.
Medicare Supplement Plans 2021
How to Enroll for Medigap
One of the critical points to note is that as much as it is easy to enroll for Medigap, it’s vital to know the times of the year that you can enroll.
Essentially, one can enroll three months before celebrating the 65th birthday up to three months after your birthday. At this time, your preexisting conditions will be considered at no additional cost.
In case you miss enrolling during this period, then you have to wait for the official enrollment period that starts from October 7th to December 15th every year. However, there is no assurance that your preexisting condition will be approved, or you may be forced to pay an extra fee for the condition.
It’s therefore recommended that you sign up as soon as you are eligible to avoid some of these penalties.
Should you be interested in signing up for Medigap and you have another plan, you need to confirm first and avoid overlapping. For example, you cannot sign for Medigap and Medicare Advantage plans at the same time to avoid overlapping. Still, Medicare will not approve for a sign up of two overlapping plans. However, some can be bought together such as Medicare Part D drug coverage, which is a good plan that can be used to complement Original Medicare plans when it comes to prescription of drugs at a reasonable cost.
Which are some of the Good Medigap Plans?
The fact that there are a variety of plans available, not all of them are worth the value for your money. We are going to explain some of the best available plans to help you make a decision.
Medicare Plan G is one of the plans that work great for seniors. Among the costs it takes care of are the Medicare Part A deductible, Cost of all the copayments, Part A hospice coinsurance and Part B excess charges. Other coverages include blood usage, 80% medical bills on foreign travel, nursing, and nursing coinsurance. If you are looking for high coverage supplemental cover, then plan G is the way to go.
Medigap Plan N is another Plan under Medigap. The unique thing about Plan N is that it offers comprehensive coverage for all the benefits provided by Plan G except that it considers the specific coverage. You do not have to pay for the entire coverage while you only need part of the services. This makes it a lot cheaper and has gained popularity over time. It is a perfect coverage for those seniors who are very careful about their spending.
Medigap Plan N is also covered under Medigap plans. Previously it used to sell very well but has since been delisted. You cannot, therefore, sign up for this coverage, but for the seniors who were members at the time of delisting, they can still enroll and enjoy its benefits. However, we find that it’s losing popularity, and members are shifting to part G and N because of the price. These two are also better plans for the seniors as at now.
Some Insurance Companies Add Value to Their Medigap Plans
We have a wide range of companies that offer Medigap plans. The difference between them is the cost of the coverage, the reputation, its customer service reviews, and also its history in the field.
On the other hand, plans differ such that the price of Medicare Part G will be higher than That of Medicare Part A because of its high coverage. We are going to discuss the most reputable companies which will give you value for your money.
AARP/United Healthcare- This is currently the largest insurance provider in the U.S with wide network coverage all over the states. It’s financially stable and offers excellent perks to its customers.
Mutual of Omaha is another company that has been in the industry since the inception of Medicare plans. It has very competitive prices with excellent customer service that has enabled customers to have confidence with them.
Cigna insurer is a company that offers comprehensive coverage with great perks and be sure that your money will be put to use and never regret signing up with them.
Aetna being a kid in the industry, has fought to retain a good position, and indeed it has grown to high levels due to its customer service experience, competitive plans, and an easy way to make claims.
Besides these, we have a wide range of other companies that are available on our site. You can check using your zip code so that you access the information of where you live and the prices offered by each company.
But still, you can call us for further guidance, and we will be happy to be part of your solution at any time as you seek to secure a healthcare plan that will sort your needs.