Medigap, also known as Medicare Supplement insurance, is a type of coverage that can help fill the gaps in Original Medicare. It’s an important consideration for anyone on Medicare, as it can help cover the out-of-pocket costs associated with the program, such as copayments, coinsurance, and deductibles.
If you’re considering purchasing a Medigap policy, here are five things you should know:
- Medigap policies are standardized. This means that all insurance companies that sell Medigap policies must offer the same basic benefits, regardless of which company you buy from. This makes it easier to compare policies and choose the one that’s right for you.
- Medigap policies do not cover prescription drugs. If you want coverage for prescription medications, you’ll need to enroll in a separate Medicare Part D plan.
- Medigap policies only cover one person. If you and your spouse both want Medigap coverage, you’ll need to purchase separate policies.
- Medigap policies do not cover long-term care. If you need coverage for extended care in a nursing home or assisted living facility, you’ll need to purchase a separate long-term care insurance policy.
- You can only enroll in a Medigap policy during certain times. There are specific enrollment periods when you can sign up for a Medigap policy, so it’s important to familiarize yourself with these periods and ensure you enroll at the right time.
Overall, Medigap is an essential consideration for anyone on Medicare. It can help cover the out-of-pocket costs associated with the program and provide peace of mind. Be sure to research your options and speak with a licensed insurance agent to find the right policy for you.