Medigap Insurance Plans To Fit Your Needs
Medigap Insurance Plans are available to assist in helping to pay out-of-pocket expenses in both Medicare Parts A & B. These plans are standardized, meaning no matter which company you get a policy from, it must be the exact same coverage within a plan letter. This makes comparing plans very easy. The biggest thing to remember is that the cost for Medigap Insurance Plans can vary widely from one company to the next. This makes it very important to shop all the rates and make sure you don’t overpay for your Medicare Supplement.
Medigap Insurance plans are lettered A – N (Plans E, H, I and J no longer exist).Each is slightly different and they cover some or all of the gaps in Medicare. Medigap Insurance Plans F and G are the most popular. They both offer the most coverage with Medigap Plan F covering 100% of the gaps in Medicare. Although Plan F is the most popular, Plan G has just one small deductible and then pays everything 100%.
Qualifying for Medigap Insurance Plans
To purchase Medicare Supplemental Insurance, you must have Part A and Part B Medicare. Most people also are 65 or on Social Security disability for 24 months. Medicare Part B does have a monthly premium but Part A does not. Part B pays 80% of doctor’s services of all approved charges, as well as other benefits. Medigap Insurance Plans are guaranteed renewable as long as you pay the monthly premium. Anyone in an “open enrollment” period is automatically guaranteed a Medigap Policy. There are other guaranteed issue period in which you may obtain Medigap Insurance plans with no medical underwriting. Regardless of any pre-existing health conditions, the company must issue you a policy.
Popular Medigap Insurance Plans
Some of the most popular supplement plans are Plan F and Plan G. This is due to their relatively low premiums, and the fact that they cover most if not all of the gaps in Medicare. Though there are currently 10 Medigap insurance plans available, not every insurance company in every state carries every plan. A YourMedicareSupplement.com Agent can assist you in finding which plans are available in your area at the lowest cost.
Medicare Supplements and People Under 65
If you qualify for Social Security disability and you are eligible for Medicare, then the same open enrollment period applies. This period is 6 months from the Part B effective date. It depends on the state you live in as to which Medigap Insurance Plans are available to people under 65. Being able to apply with no medical underwriting still does exist provided it is within 6 months of the Part B effective date. In many states it is common for under 65 policies to have much premiums than for those who are over 65. Keep in mind that when turning 65 there is another 6 month period to reapply at much lower rates.
While Medigap Insurance Plans are available from different companies (With very different rates for the same coverage!), you don’t have to try to find the right plan alone. Our experienced agents can easily determine which plan will fit your needs the best. We’ll then shop the rates of the top companies to make sure you pay the least amount possible, year-after-year.
