What is a Medigap Policy?

Are you new to Medicare and concerned about how you are going to pay the part of your bill that Medicare does not cover? There is something you can do that will help you out.

What is a Medigap policy?

It is a health insurance policy that is sold by private companies to fill the “gaps” in the coverage that your original Medicare plan gives you. It helps to pay for health care costs that the Original Medicare Plan does not cover.

Are there any requirements to getting a Medigap policy?

Usually to buy a policy you must have Medicare Part A and Part B. These policies (like any health insurance policy) have a premium you must pay monthly. You will also have to pay the monthly premium for Part B, which is around $100 a month. The good thing about these Medigap policies though is that you do not have to re-apply every year or every few years. As long as you make your premium payments, the policy renews itself yearly and the coverage continues unchanged.

Are there different types of policies?

All Medigap policies have to follow state and federal laws that protect you. All Medigap policies are standardized. It is still important to compare policies from different companies though because costs do vary. Usually the only difference in Medigap policies sold by different companies is the cost. The coverage is standardized.

You and your spouse both have to have your own Medigap policies. These do cover extra benefits that are not covered by original Medicare.

Where can I get more information on these policies?

You can get more information from your local Medicare office. There is also a booklet available from your local Medicare office that is called “Choosing a Medigap Policy? A Guide to Health Insurance for People with Medicare. Your State Health Insurance Assistance Program and State Insurance Department also will be able to help you with specific questions.

Related posts

1. Do I Have To Switch Medigap Policies If I Have An Older Medigap Policy?
2. What Is A Standardized Medigap Plan?
3. Are All Medigap Policies Good In Every State?
4. Why Are Some Medigap Polices More Expensive Than Others?
5. Are All Medigap Policies Guaranteed Renewable?

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