Top 5 Things You Need to Know When Looking For Medicare Supplemental (Medigap) Plans

These policies cover medical procedures that are5. Community-rated policies charge the same
approved by Medicare at a Medicare Provider.premium to everyone living in that area regardless
Here are the top five things that you must beof age.
aware of when buying Medigap plans:6. Premiums in Issue-age-rated policies are based
on your age when you first bought the policy,
1. Medigap policies are only available to individualshowever, the rate doesn't increase automatically
who already have Medicare Part A for freeas you age.
hospital services and Medicare Part B for doctor7. Attained-age-rated policies are inexpensive at
services. Each plan covers one only individual,the age of 65, but their rates increase
meaning you and your spouse will have toautomatically as you age. Generally, insurance
purchase separate Medigap policies.companies establish their own prices and eligibility
2. Medigap has 12 standard plans, through A to L,regulations, so it is recommended to shop around
that offer different levels of health coverage andfor the plan.
benefits. Although different insurance companiesMedigap plans cover some of your Medicare
sell these policies, they offer the same Medigapco-payments, co-insurance for hospital stays, and
plan benefits. Not all Medigap policies may besome other medical services such as preventive
available in your state.care, at home recovery, etc., thus reducing your
3. If you intend to buy a Medigap plan, you mustout of pocket costs. It is important to note that
do it within the Medigap open six-monthMedigap plans do not cover eyeglasses, hearing
enrollment period that starts on the first day ofaids, dental care, long term care etc. Prescription
the month in which you turn 65 and enroll indrug coverage can be obtained by enrolling into
Medicare Part B. During this period, insurancethe Medicare Prescription Drug Plan, or Part D.
companies cannot use medical underwriting toYou have to decide what type of plan is best for
deny you Medigap policy, or raise your premiumsyou. In most cases, if you give up your Medigap
due to your health or apply waiting periods, unlesspolicy, you won't be able to get it back.Medicare
you suffer from pre-existing medical conditions.Supplement Insurance has an automated claims
However, if you try to buy a Medigap policy afterprocess since it is linked to the Medicare B. Make
the six month enrollment period is over, there issure that the insurance company has arranged
no guarantee that you'll be able to get coverage.with Medicare to file your Medigap claims
In case you get covered, chances are that yourautomatically.
rates may climb substantially.Once you are done with comparing the Medigap
4. For a Medigap plan, you have to pay a monthlypremiums and looked into the financial stability of
premium to the insurance company along withthe insurance companies, take your time to
your Medicare Part B premium. The cost of thedecide which type of Medicap plan can help you
Medigap policy is determined as follows:protect yours and your spouse's health.