Medigap Plans

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Medigap Plans are commonly referred to as Medicare Supplements.

They fill in the gaps of coverage that Traditional Medicare leaves up to the beneficiary to pay. You must have Medicare Part A and Part B to be eligible.

When Medicare covers the costs approved for a medical procedure, your supplement policy will take care of some of the remaining out of pocket costs. Depending on what letter plan you choose, you may have all your remaining out of pocket costs covered.

Medicare only covers 80% of your medical services, that leaves the remaining 20% up to the recipient to pay.

The information below will discuss eligibility, when to enroll, important information to know, premium rating guidelines, and where to compare Medigap Plan rates.

Medigap Plans Eligibility Information

You become eligible for all Medigap Plans when you turn 65 years old and are enrolled in Medicare Part B.

Another way to qualify for Medigap insurance is to be on disability for 24 months, but not all states have plans available for these individuals.

The rules are state specific, and the available plans and guidelines vary.

When Can I Enroll in a Medigap Plan

Every Medicare recipient is given a time frame to enroll in a supplement plan.

During this time frame a carrier can’t deny you coverage. Nor can they increase your rates due to your current health status. You’re granted Medicare Supplement Guaranteed Issue rights.

This time frame is called your Open Enrollment Period. This period begins the first day of the month you’re at least 65 years of age and your Medicare Part B has come into effect. Your OEP will be in effect for a total of six months.

After this six month period you can still enroll, but a carrier is allowed to require medical underwriting prior to being approved.

Guidelines for Medigap Plans

  • You must have Medicare Part A and Part B.
  • There are multiple standardized Medigap plans lettered A thru N
  • You can go to any doctors or hospital who excepts Medicare
  • If you have a Medicare Advantage (Part C) plan, make sure you disenroll before your Medigap Plan become active.
  • You pay your provider a monthly premium in addition to the monthly Part B premium that you pay to Medicare.
  • A policy only covers one person. If you and your spouse both want Medigap insurance coverage, you’ll each have to buy separate policies.
  • Any standardized policy is guaranteed renewable even if you have health problems.
  • Medigap policies do no cover prescription drugs.

Medigap Premiums

Carriers price the premiums for each letter plan off of several factors including age, location, gender, etc. They’re are three types of Medigap pricing guidelines:

  1. Community Rated – the premium is based on your age and could go up due to inflation but never because of your age
  2. Issue Age Rated – the premiums are lower when you enroll at a younger age and won’t increase as you get older
  3. Attained Age Rated – these premiums are low for younger enrollees, however, they can increase as you get older. At the time of purchase this may be the cheapest option, but will eventually catch up to the rates of the above rating methods.

Premiums can range anywhere from $50-$300. Also, the same letter plan might have a lower premium in one state than it does in another.

Compare Medigap Plans Online

We know your time is limited, that’s why we created forms to get Medigap quotes online.

To compare Medigap insurance rates online, click here. If you prefer to speak to a Medicare agent directly, please dial the number above.

Their standing by to help you find the best Medigap Plan for your individual healthcare needs. 

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