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What is a Medigap policy?

Experienced Medicare Broker Consulting with Client in Michigan

Medicare is a valuable healthcare program for millions of Americans who are 65 years old or older. However, while Medicare covers many medical expenses, it doesn’t cover everything. That’s where a Medigap policy can come in handy. In this article, we’ll explain what a Medigap policy is and why you might need one.

What is a Medigap policy?

Medigap policies, also known as Medicare Supplement Insurance, are health insurance plans that are designed to fill in the gaps left by Medicare. Medicare Part A and Part B cover many healthcare expenses, but there are still some costs that you will need to pay out-of-pocket. Medigap policies can help cover those costs, such as deductibles, coinsurance, and copayments.

Medigap policies are sold by private insurance companies and are regulated by state and federal laws. There are ten standardized Medigap plans, each identified by a letter from A to N. Each plan offers a different set of benefits, and the costs of each plan can vary depending on the insurance company and where you live.

Why might you need a Medigap policy?

There are several reasons why you might want to consider getting a Medigap policy:

  1. To lower your out-of-pocket healthcare costs: As we mentioned earlier, Medicare doesn’t cover everything. If you have a Medigap policy, it can help cover some of the costs that Medicare doesn’t.
  2. To give you more healthcare choices: Medicare has a limited network of healthcare providers, and not all healthcare providers accept Medicare. With a Medigap policy, you may be able to see more healthcare providers.
  3. To provide peace of mind: Healthcare costs can be unpredictable, and having a Medigap policy can provide peace of mind knowing that you have additional coverage.

How to choose a Medigap policy

Choosing a Medigap policy can be overwhelming, but here are some things to keep in mind:

  1. Compare plans: There are ten standardized Medigap plans, each with its own set of benefits. Compare the plans to find the one that best fits your needs.
  2. Consider your healthcare needs: Think about the healthcare services you use most often and what healthcare services you might need in the future.
  3. Check the insurance company’s rating: You want to make sure that you choose an insurance company with a good rating. You can check the insurance company’s rating through resources like A.M. Best or Standard & Poor’s.
  4. Compare costs: Medigap policies can vary in cost depending on the insurance company and where you live. Compare the costs of different plans to find one that fits your budget.

 

A Medigap policy can be a valuable addition to your healthcare coverage if you are enrolled in Medicare. It can help lower your out-of-pocket healthcare costs, give you more healthcare choices, and provide peace of mind. When choosing a Medigap policy, compare plans, consider your healthcare needs, check the insurance company’s rating, and compare costs.

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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.