Could You Afford Medigap in 2020?

Medigap is a Medicare Supplement insurance provided by private health insurance companies, that helps pay for healthcare costs that are not covered by Medicare. While original Medicare covers approximately 80 percent of the medical expenses, 1 in 4 Americans eligible for Medicare also opt for Medigap for additional coverage.

Here we look at what is Medigap, how much it costs and how to enroll in it:

Understanding Medigap

Medigap is used to cover medical expenses that are not covered by Medicare Part A and Part B. It can also be used to pay for deductibles, coinsurances, copays and excess costs for Medicare Part A and B or for healthcare costs during foreign travel. Medigap has 10 different plans designated alphabetically from A through to N, with each plan offering a different level of coverage. These plans have standardized coverage irrespective of the insurance company selling it.

How much does it cost to enroll in Medigap?

The exact cost of enrolling in a Medigap policy depends on the policy selected. The insurance company can set a monthly premium that can be tied to or be independent of your age. While Medigap isn’t usually associated with deductibles, copays or coinsurance. Medigap Plan F and Plan G do have high-deductible amounts with lower monthly premiums. Medigap Plan K and Plan L have an out-of-pocket limit for the medical expenses you have to pay for before they cover 100% of the remaining medical expenses. Additionally, Medigap does not cover the cost of dental care, vision, hearing aids, prescription drugs, long term care, or private nursing care.

How to enroll in Medigap?

To enroll in Medigap, you must be enrolled in Medicare Parts A and B. Additionally, you need to purchase separate policies for each family member. In the case that you have Medicare and are under 65, you may not be eligible to purchase Medigap. Additionally, Medigap Plans C,E,F,H,H,I,J are only available to those who are already enrolled in them.

Medigap open enrollment starts at the beginning of the month that you turn 65 or older and lasts for 6 months. To be eligible, you must be enrolled in Medicare Part B. After this period ends, insurance companies may refuse to sell you a Medigap policy due to medical underwriting or charge higher premiums.

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