Have you just enrolled in Medicare? You may soon find out that not all costs are covered in the plan. Instead, you would be responsible for the costs not covered by the plan.
A Medigap plan is the perfect supplement for Medicare. In fact, you must have chosen original Medicare (parts A and B) to qualify to apply for a Medigap plan. Medigap (Medicare supplemental plan) plan fills some of the “gaps” and costs not covered by Medicare.
Medigap – The Choices
10 Medigap plans have been designed and they are identified by letters: A, B, C, D, F, G, K, L, M, or N. The letters are in no way a determining factor for how these plans function. However, plans A, B, K, L, M, and N have basically similar benefits while plans C, D, F, and G have same basic structures. You can find the unique benefits of these plans when you visit medicare.gov.
Who qualifies for a Medigap Plan?
Although you must have an original Medicare plan to be eligible for Medigap, not everyone is eligible. Individuals less than age 65 are not eligible in most states. A Medigap plan is a personal plan. For example, if you have purchased the plan because you are qualified, and you have a spouse that also qualifies, he or she must purchase a separate policy from yours.
Choosing a Medigap Plan
Medigap plans are regulated by state and federal laws. Generally, all plans with the same letters have the same basic benefits. However, states such as Wisconsin, Minnesota, and Massachusetts have policies that regulate the plans differently. Before you decide on the best Medigap plan, there are a few important factors you must consider.
What you can afford
Considering what you can afford means you would have to review the costs involved in the plan including coinsurance, deductible, and copayments. These plans should be reviewed in terms of the medical services you would most likely need and your budget. Most policies have low premiums with higher copayments or higher premiums with less expensive copayments. In reviewing the plans, you would be able to determine the best plan for your budget.
How much Coverage you need
Does your condition require regular medical care? Are you currently taking any management drugs? Did your healthcare provider recommend a treatment plan you must stick to for the next few months? Keeping all these in mind will help you choose a plan.
Provider’s policy
Medigap plan providers could charge based on two policies:
Community-rated policies: This policy costs every member of the group – referred to as community – the same amount regardless of the age of a member.
Issue-age rated policies: This policy is priced according to the age of the placer holder at the time of purchase. This policy does not increase over time as the individual ages.
Attained-age rated policies: This policy is priced according to the age of the policy holder at the time of purchase and could increase as the individual ages.
Choosing a Medigap plan is a complex endeavor that demands valuable amount of time, so you do not make mistakes. Ensure you are aware of the laws of your locality, stick to them, consider your medical needs, and consider your budget before you choose a plan.
Learn more about Medigap plans and rates at http://emedigap-plans.com. Medigap Insurance brokers will help you compare Medigap Insurance rates and plans. To talk to an expert in Medigap coverage call toll free 888-452-7949!