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How Medigap Works with Original Medicare
Original Medicare offers extensive coverage, but it doesn't cover everything. Once your Original Medicare benefits have been applied to your medical bills, Medigap policies pay for a significant portion of the remaining approved costs. It's essential to understand that Medigap plans do not replace Original Medicare; instead, they act as a complement to your existing Medicare coverage.
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Enrollment and Eligibility
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To be eligible to purchase a Medigap policy, you must be enrolled in both Medicare Part A and Part B.
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The best time to buy a policy is during your Medigap open enrollment period, which begins on the first day of the month in which you're enrolled in Medicare Part B.
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This period lasts for six months and provides guaranteed issue rights, meaning you can buy any Medigap policy sold in your state, even if you have health problems, without being charged more for past or present health conditions.
When selecting a Medigap plan, you'll choose from a range of options, each labeled with a different letter of the alphabet. While benefits within each lettered plan must be the same regardless of the insurance company, premiums can vary. It's important to compare plans and choose one that fits your medical needs and financial situation.
Choosing the Right Medigap Policy
Why Enroll in a Medigap Policy?
One of the key advantages of a Medigap policy is the predictability of costs. With clear coverage of copayments and deductibles, you can avoid unexpected medical bills that could disrupt your budget.
Key Considerations for Medigap Policies:
Medigap doesn't cover prescription drugs (see Part D), long-term care, dental, vision, hearing aids, eyeglasses, or private-duty nursing.
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