Medigap is a Medicare Supplement Insurance plan that pays for extra costs not typically covered by Original Medicare. This generally includes copayments, coinsurance, and deductibles. Medigap plans may also cover medical care needed when traveling outside of the United States, among other costs.
Read More: What is Medigap and Do I Need It?
Medigap plans are sold by private insurance companies that have been licensed in your state. Medigap is different from Medicare Advantage Plans and may not cover Part D prescription medication costs. The specific items that are covered by your Medigap plan will vary depending on which plan you choose.
Medigap plans can be categorized as:
The basic benefits that you’ll receive in Minnesota cover items like inpatient hospital care, Part B coinsurance, the first 3 pints of blood each year, Part A hospice and respite care cost-sharing, as well as Parts A and B home health services and supplies cost-sharing.
There is no standard cost for Medigap plans. Each insurance company that offers Medigap sets its premiums. When deciding between Medigap plans, make sure to understand how the insurer prices its policies. This can affect how much you pay now, and also how much you could pay in future years.
Medigap premiums are set in one of three ways:
Read More: 7 Medicare Facts You May Not Know
Other factors could influence Medigap policy costs, such as:
Most Medigap plans are guaranteed renewable plans. This means that benefits will remain consistent, even if your health needs change. As long as you continue to pay the premium, the insurance company cannot cancel your Medigap policy. (The premiums may change, however.)
Both Medigap and Medicare Advantage Plans provide coverage through a private insurance company. Medicare Advantage Plans (also known as Medicare Part C) generally cover Medicare Parts A, B, and D. In addition, Medicare Advantage Plans usually provide dental, vision, and wellness benefits.
Medigap plans don’t work with Medicare Advantage Plans – you can’t use Medigap to pay Medicare Advantage premiums, copays, and deductibles. Therefore, if you have a Medigap policy and decide to change to a Medicare Advantage plan, you would need to cancel the Medigap plan.
If you join a Medicare Advantage Plan for the first time and are unsatisfied with the plan, federal law grants you the right to buy a Medigap policy. This right only applies if you return to Original Medicare within 12 months of joining the Medicare Advantage Plan.
Are you unsure about which Medicare plan is right for you? Contact Twin City Underwriters.
The best time to buy a Medigap policy is when you’re first eligible. This six-month Medigap Open Enrollment Period automatically begins the first month you have Medicare Part B, and when you’re at least 65 years old.
If you don’t enroll in Medigap at that time, you can buy a policy during the annual open enrollment period. You may be able to buy a policy outside of open enrollment, depending on your situation. Contact Twin City Underwriters to discuss your options.
There are a few simple steps involved in purchasing a Medigap policy:
Read More: How To Find a Medicare Insurance Broker in Minneapolis
If you’re traveling outside the United States, you could be entitled to additional coverage for emergency health care services or supplies.
With Medigap plans, you may receive coverage benefits such as:
Read: Traveling Abroad with Medicare
Though you may be covered, foreign travel emergency coverage with Medigap policies has a lifetime limit.
Talk with an insurance broker for more information on traveling with Medigap. You’ll get personalized advice that meets your needs.
Get all the answers to your Medicare questions in our Medicare Resource Guide.
Do you have questions about Medicare, and which plan is right for you? Twin City Underwriters offers free informational Medicare webinars and one-on-one meetings with agents where you can ask questions and get personal answers. We can help you select the right coverage for your needs. To attend a webinar or set up an appointment, call us toll-free at 1-800-507-6778 or send us a message.
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