Chances are, Medicare won’t cover all of your medical expenses. A Medigap policy, also referred to as a Medicare supplement plan, is a policy that can be obtained through a private insurance company. Its purpose is to supplement your existing Medicare plan and fill any gaps in coverage. If you’re looking for coverage that’s not offered by your current Medicare policy, a Medigap policy can help you get it.
Medigap supplement plans are not one size fits all. The policy you choose should be one that reflects your specific needs. For those who like to travel, having overseas coverage can be extremely beneficial. This may not be of any particular interest, however, for those who prefer to stay close to home. Being mindful of your specific needs can help you choose the Medigap policy that’s right for you.
The best time to apply for a Medigap policy is during your open enrollment period. During this time, insurance companies are prohibited from using what is called medical underwriting, which means they cannot turn you away from any of the plans they offer. While you may still be able to sign up for a Medicare supplement outside of your open enrollment period, doing so may significantly limit the selection of options available to you.
To figure out what you want from a Medigap policy, it’s important to first look closely at what’s covered by your current Medicare plan. Your Medigap policy should be the bridge between what you have and what you don’t. If you already receive coverage on emergency stays, for instance, you won’t need to look for a Medigap policy with emergency coverage.
As with any health insurance policy, you’ll be required to pay a monthly premium for your Medigap plan. It may seem best to shop around for a policy with a low monthly premium, but there are other things to consider as well. In many cases, paying a higher monthly premium can actually save you money. If you make frequent trips to the doctor, for example, having these visits covered by your Medigap policy means you won’t have to spend more money in the long run.
With the right Medigap plan, you can be ensured that you’ll have the coverage you need when you need it most. To learn more about choosing the Medigap policy that’s right for you, visit www.MedicareSupplementsForYou.com.
