Everything You Need To Know About Medigap

Health & Medical Blog

If you are on Medicare, then you might have heard of something called Medigap. However, you might not know what Medigap is, or if you can take advantage of it. To help you out, here is an overview of Medigap, including its requirements and benefits.

What is Medigap?

The purpose of Medigap is to fill in the cracks of Medicare. Medicare doesn't cover all the services of private insurance, which is you need a supplemental insurance plan: Medigap. Copays, deductibles, and coverage outside the United States are all outside the coverage of regular Medicare. With Medigap, you will pay a small amount every month in order to increase your healthcare coverage.

What are some of the unique qualities of Medigap?

Unlike Medicare, Medigap is actually a service offered by private insurance companies. This means that you will have some sort of plan with a private insurance company in addition to your plan with the government.

Unlike some other private insurance policies, Medigap cannot be cancelled by the provider unless you fail to pay your premium. This means that you are guaranteed service as long as you make your monthly payments.

What are the requirements for Medigap?

  • For starters, you need to already be on Medicare Part A and Medicare Part B.
  • Next, you can't simultaneously have a Medicare Advantage Plan and Medigap. If you are currently on a Medicare Advantage Plan, then you will need to drop that plan before receiving Medigap coverage.
  • On the same note, you cannot have a Medigap policy if you already have a Medicare Medical Savings Account plan. 
  • You must be able to pay a small monthly premium to the private insurance company in question. Even though this premium may seem expensive and unnecessary, it can save you a good deal of money in the long run.
  • Not all insurance providers are licensed to provide Medigap in your state. You'll have to find a private insurance company that is licensed in your area, but the government provides a handy online tool that can help with that

What are the drawbacks of Medigap?

Unfortunately, Medigap plans only cover a single individual. This means that if you get Medigap, it won't apply to your spouse or dependents. Each person will need to get their own Medigap plan. Medigap also doesn't cover certain elements of healthcare, such as glasses, contacts, dental work, or hearing aids. Finally, Medigap policies today do not cover prescription drugs. 

For more information on medicare supplement plans, visit http://scis.us.


16 September 2015

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