If you have Medicare, then you know that the Original Medicare Plan (Parts A and B), do not cover everything you need when you go to the doctor. Due to this, it is advised that you obtain a Medicare Supplement Insurance Policy, which is known as a Medigap. It is called this because it covers the “gaps” in traditional Medicare insurance. They are sold by private insurance carriers.
Interested in getting one? Here are three important facts you should know about Medigap policies.
Things you should know about Medicare Supplement Insurance
1. You MUST be enrolled in Medicare Part A and B
In order to qualify for a Medigap policy, you must already be enrolled in Medicare Parts A and B. This is because the Medigap policy covers whatever Medicare does not. Your supplemental insurance covers things such as copays and deductibles that you are unable to afford out of pocket.
2. Medigap plans are federally regulated
Since Medicare Supplement Insurance is federally regulated, that means there are protections in place to keep you safe. Any insurance company wanting to sell it needs a proper license to do so. If they don’t have a license, or cannot say that they are being regulated, look elsewhere! It’s a scam.
3. You can renew your plans even if health problems arise.
A dive in health, which would normally scare away insurance coverages, are guaranteed renewable with a Medigap plan, just as long as you are able to cover your agreed-upon premium. Best of all, most Medigap Plans are customizable, thus you can ensure you pick a plan that covers what you need that you can afford… and there are many options!
Interested in getting a great Medigap Plan?
Look into 1-800-MEDIGAP, or call this toll-free number: 1-888-686-1428 to speak to a licensed US agent about Medicare and Medigap plans. There’s no obligation to purchase a plan with us. We’re happy to help answer all of your questions about Medicare and Medigap.