Medigap policies provide unique benefits. How?
When you enroll in Medicare you may mistakenly assume that you are fully covered and do not have to pay a cent from your pocket. While Medicare health insurance takes care of most medical costs for seniors you are still required to pay deductibles. This will vary depending on your medical costs every year, and to be safe many people invest in Medigap policies – these are policies that supplement the costs that aren’t included in your Medicare plan.
In other words, you will pay premiums to an insurance company, and in turn, they will pay any supplemental costs so that you don’t have to pay for medical care directly out of pocket.
Apply Immediately After You Enroll
The most important thing to know about Medigap policies is that it is best to apply for them immediately after you enroll for Medicare. You are given a period of 7 months from when you first enroll during which insurance companies cannot deny you coverage regardless of your condition and they cannot charge you more or turn you away based on preexisting conditions. Once that 7 month period elapses, you can be turned away by an insurance company when you want a Medigap policy or they can charge you more because of existing conditions.
Know What Is and Isn’t Covered
The good news is that the government offers standardized Medigap policies. Whether you buy your policy from one insurance company or another will not make a difference to how much you will pay. That said, it is important to know what is and isn’t covered by your Medigap policy. You will find that some important senior cover areas are left out, and if you need them you may need to look at other alternatives to pay for medical insurance.
If you would like to be able to get drugs/medication on a continuing basis you should enroll in a Medicare Part D Plan – you will be required to pay premiums every year and with these, you can get most of the prescription drugs that you need.
We Make Medicare Easy!
This may all sound very complicated to the average person, which is why it is a good idea to get someone like Medicare On Video to help you navigate through all the different options that are available to you. Get advice from a neutral party like us so that you can make the best decisions without any pressure.