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Supplementing Your Medicare Coverage with Medigap Policies

Experienced Medicare Broker Consulting with Client in Michigan

Supplementing Your Medicare Coverage with Medigap Policies

As you approach your retirement years, healthcare coverage becomes a crucial factor to consider. Medicare is a federal health insurance program that provides coverage to those aged 65 and older, as well as those with certain disabilities. While Medicare provides significant coverage, it does not cover everything, and there may be gaps in coverage that can lead to significant out-of-pocket costs. This is where Medigap policies come in, to help fill those gaps and provide additional coverage for healthcare expenses. In this article, we’ll take a closer look at Medigap policies, how they work, and what you need to know about them.

What is a Medigap policy?

Medigap policies, also known as Medicare Supplement plans, are private insurance policies designed to supplement the coverage provided by Original Medicare (Part A and Part B). These policies are sold by private insurance companies and are standardized across most states. They can help pay for certain healthcare costs that Medicare does not cover, such as copayments, coinsurance, and deductibles.

Who is eligible for a Medigap policy?

To be eligible for a Medigap policy, you must be enrolled in Medicare Part A and Part B. You cannot have both a Medigap policy and a Medicare Advantage plan at the same time. If you have a Medicare Advantage plan, you may be able to switch to a Medigap policy during certain enrollment periods.

When can you enroll in a Medigap policy?

The best time to enroll in a Medigap policy is during your Medigap Open Enrollment Period. This period starts on the first day of the month in which you are 65 or older and enrolled in Medicare Part B. During this time, you have a guaranteed right to buy any Medigap policy sold in your state, regardless of your health status. Insurance companies cannot deny you coverage or charge you more for a policy based on pre-existing conditions.

If you miss your Medigap Open Enrollment Period, you may still be able to enroll in a Medigap policy, but insurance companies may be able to charge you more or deny you coverage based on your health status.

What do Medigap policies cover?

Medigap policies are standardized across most states and are labeled with letters (A, B, C, D, F, G, K, L, M, and N). Each lettered plan offers a different set of benefits, and all plans with the same letter offer the same benefits. For example, Medigap Plan F is the most comprehensive plan and covers all Medicare deductibles, coinsurance, and copayments.

Some of the most common benefits covered by Medigap policies include:

Medicare Part A coinsurance and hospital costs

Medicare Part B coinsurance or copayment

Blood (first three pints)

Part A hospice care coinsurance or copayment

Skilled nursing facility care coinsurance

Part A deductible

Part B deductible

Part B excess charges

Foreign travel emergency (up to plan limits)

It’s important to note that Medigap policies do not cover prescription drugs. If you need prescription drug coverage, you will need to enroll in a separate Medicare Part D plan.

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What Our Customers Have To Say

Shecter Calendar
Shecter Calendar
2023-05-12
Very knowledgeable, friendly, easy to work with.
Cindy
Cindy
2023-05-11
Jim was a great resource who was recommend by my financial advisor. His explanations of the various options were straight forward and very informative. He asked me pertinent questions about my health in order to tailor a plan to best fit my needs.
beth swartz
beth swartz
2023-05-10
very knowledgable
Loventry Robinson
Loventry Robinson
2023-05-10
Jim is patient and very knowledgeable in his work. He helped me to get the Medicare advantage plan I wanted, and I am very satisfied.
Teresa Orr
Teresa Orr
2023-05-10
Jim was very helpful in explaining coverages and explaining the steps I needed to take to get Medicare. I highly recommend him. He is very knowledgeable on all aspects of care and made it easy for me to enroll in coverage.
Laurie Eisenbraun
Laurie Eisenbraun
2023-05-08
Jim was able to provide tailored Medical Gap policy solutions that fit my and my husbands individual needs. Jim is knowledgeable about all the potential policies that could work for us.
Denise Bensch
Denise Bensch
2023-05-04
I want to thank James Neil for making the Medicare Insurance sign up process so easy. He took what I thought would be a frustrating and confusing process, and made it a pleasure. He clearly explained our options and gave us information in an easy to understand manner. I will definitely recommend his services to friends and family.
Chris Bensch
Chris Bensch
2023-05-04
Mr. Neal is extremely knowledgeable & helpful. He did an excellent job of explaining how everything works and presented our options clearly. I'd strongly recommend anyone nearing retirement, considering a benefit change or simply looking for an overview of their options contact him.
Patrick Lennane
Patrick Lennane
2023-05-01
Awesome experience, explained all options clearly and made it easy to make a healthcare decision. Highly recommend!
KATHY TROHA-AUSTIN
KATHY TROHA-AUSTIN
2023-04-24
These two (Jim and Jennifer) were awesome. Extremely knowledgable about the entire process. Would highly recommend them.