Anyone 65 years of age and over who has signed on for Medicare insurance is likely going to realize that Medicare only covers a finite group of health care costs leaving “gaps” in their medical insurance coverage. To help pay some of the health care costs that standard Medicare doesn’t cover (items such as co-payments, co-insurance and deductibles), there is Medicare supplement insurance or Medigap policies that may cover what Medicare doesn’t cover.
When you choose a Medigap plan, it is important to find the best policy for you. Seniors should talk to someone who knows and can help them compare rates, plans and benefits for Medicare supplement insurance before they buy.”
For older Americans who are ready to choose a Medicare supplement insurance policy, here are five tips to help them learn further about Medigap insurance.
Medigap Insurance and the Policies Companies Sell
Medigap offers plans A through N; however, while the insurance companies can sell only standardized Medicare supplement insurance policies, they don’t have to offer every Medigap plan. There is a caveat. Insurance companies must offer Medigap Plan A if they offer any other Medigap policy. In addition, state law may affect which plans are offered.
Important Information about Medigap Policies
In order to buy a Medigap policy, there are some important points you need to know. First, you generally need to have Medicare Part A and Part B. Next, there are monthly premium rates you have to pay for Medicare supplement insurance. And your policy cannot be cancelled, even for health reasons, as long as you pay your premium. Finally, each plan only covers one person. That means you and your spouse will have to buy separate policies.
Choosing the Best Time to Buy Medicare Supplement Insurance
The best time to buy Medigap insurance is during your Medigap open enrollment period which is the six month period which begins on the first day of the month in which you turn 65 and enroll in Medicare Part B. During this period insurance companies cannot use medical underwriting so they cannot:
Insurance Company Pricing of Medicare Supplement Insurance
Insurance companies decide individually how to price their policies. There are three ways they can set the price. Either community rated (known as no-age rated), issue-age rated or attained-age rated. Be sure and ask them how they do it because the way they set the price affects how much you pay now and in the future.
Know What Medigap Policies Don’t Cover
Medigap policies don’t cover long-term care (like care in a nursing home), vision or dental care, hearing aids, eyeglasses, private-duty nursing and prescription drugs. Prescription drug coverage can be obtained by joining the Medicare Prescription Drug Plan (Part D). Supplement Supplemental Medigap.
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When you choose a Medigap plan, it is important to find the best policy for you. Seniors should talk to someone who knows and can help them compare rates, plans and benefits for Medicare supplement insurance before they buy.”
For older Americans who are ready to choose a Medicare supplement insurance policy, here are five tips to help them learn further about Medigap insurance.
Medigap Insurance and the Policies Companies Sell
Medigap offers plans A through N; however, while the insurance companies can sell only standardized Medicare supplement insurance policies, they don’t have to offer every Medigap plan. There is a caveat. Insurance companies must offer Medigap Plan A if they offer any other Medigap policy. In addition, state law may affect which plans are offered.
Important Information about Medigap Policies
In order to buy a Medigap policy, there are some important points you need to know. First, you generally need to have Medicare Part A and Part B. Next, there are monthly premium rates you have to pay for Medicare supplement insurance. And your policy cannot be cancelled, even for health reasons, as long as you pay your premium. Finally, each plan only covers one person. That means you and your spouse will have to buy separate policies.
Choosing the Best Time to Buy Medicare Supplement Insurance
The best time to buy Medigap insurance is during your Medigap open enrollment period which is the six month period which begins on the first day of the month in which you turn 65 and enroll in Medicare Part B. During this period insurance companies cannot use medical underwriting so they cannot:
- Refuse to sell you a Medigap policy
- Make you wait for coverage to start, except in some cases for pre-existing conditions
- Charge you more because of health problems
Insurance Company Pricing of Medicare Supplement Insurance
Insurance companies decide individually how to price their policies. There are three ways they can set the price. Either community rated (known as no-age rated), issue-age rated or attained-age rated. Be sure and ask them how they do it because the way they set the price affects how much you pay now and in the future.
Know What Medigap Policies Don’t Cover
Medigap policies don’t cover long-term care (like care in a nursing home), vision or dental care, hearing aids, eyeglasses, private-duty nursing and prescription drugs. Prescription drug coverage can be obtained by joining the Medicare Prescription Drug Plan (Part D). Supplement Supplemental Medigap.
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