FRIDAY, OCTOBER 13, 2023
Medicare coverage can help provide a robust health care safety net, but gaps in coverage can leave you vulnerable to significant out-of-pocket expenses. That’s where Medigap—also known as Medicare supplement insurance—comes in.
At Matt Roenker Insurance Agency in Virginia Beach, Virginia, we specialize in helping Medicare recipients make informed decisions about Medigap plans, including when and how to enroll.
Types of Medigap Plans
Medigap covers some out-of-pocket costs not covered by Original Medicare (Part A and Part B). These plans can help fill the “gaps” in Medicare coverage. Depending on the Medigap plan you choose, you may receive the following coverage:
- Hospital deductibles and coinsurance
- Additional hospital days
- Skilled nursing facility care coinsurance
- Part B deductible, coinsurance and copayment
- Blood required for a blood transfusion
- Hospice care coinsurance or copayment
- Foreign travel emergency medical care
- Excess charges not covered by Medicare
Medigap policies come in standardized plans labeled A–D, F, G and K–N. Each plan offers a different mix of coverage, allowing you to choose based on your health care needs and budget.
Each standardized Medigap policy must offer the same benefits, no matter which insurance company sells it. However, some plans provide additional benefits and may have a higher monthly premium.
Understanding which costs are covered by the specific Medigap plans can help you choose the right plan for your health care needs and budget. Consult a knowledgeable insurance advisor to fully understand what each plan covers.
Medigap Enrollment Periods
Understanding when to enroll in a Medigap plan is crucial. The initial enrollment period for Medigap is the same as Medicare enrollment. It begins three months before you turn 65 and continues for seven months (three months before, the month of and three months after your 65th birthday). During this period, insurance companies cannot deny coverage or charge you higher premiums based on preexisting conditions.
If you miss this window, you can still apply for Medigap coverage, but you’ll be subject to medical underwriting. This means the insurance company can review your medical history, charge higher premiums or even deny coverage based on your health status.
Contact Us
Navigating Medigap enrollment doesn’t have to be complicated. With expert guidance from Matt Roenker Insurance Agency, you can choose and enroll in a Medigap plan to help cover Medicare’s out-of-pocket costs. Contact us today to discuss your Medigap options and take the first step toward complete health coverage.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
No Comments
Post a Comment |
|
Required
|
|
Required (Not Displayed)
|
|
Required
|
All comments are moderated and stripped of HTML.
|
|
|
|
|
|
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
|