Medigap, also known as Medicare Supplement Insurance, is designed to cover the "gaps" that are not covered by Original Medicare, such as copayments, coinsurance, and deductibles. Here are some essential points to consider about Medigap plans:
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Eligibility and Requirements: To purchase a Medigap policy, you must be enrolled in Medicare Parts A and B. Medigap supplements your Original Medicare benefits, rather than replacing them.
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Benefits: Medigap policies can cover additional costs like medical care during foreign travel, which Original Medicare does not typically cover. However, they do not include prescription drug coverage. For drug coverage, you would need to join a Medicare Prescription Drug Plan (Part D).
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Policy Choices: Medigap plans are standardized, meaning that each plan of the same letter offers the same basic benefits, no matter which insurance company sells it. However, costs can vary by location and provider.
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Premiums: You pay a monthly premium for your Medigap policy to a private insurance company, in addition to your Medicare Part B premium.
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Renewability: Medigap policies are guaranteed renewable, even if you develop health problems, provided you continue paying your premiums.
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Enrollment and Timing: The best time to buy a Medigap policy is during your 6-month Medigap open enrollment period, which starts the first month you are 65 or older and enrolled in Part B. During this period, you have a guaranteed right to buy any Medigap policy sold in your state, regardless of your health status.
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Plans No Longer Available: Plans C and F are not available to anyone who became eligible for Medicare on or after January 1, 2020. If you were already covered by one of these plans before that date, you could keep your plan.
Medigap plans do not cover long-term care, dental or vision care, hearing aids, eyeglasses, or private-duty nursing.
For a comprehensive guide on what each Medigap plan covers and to compare plans available in your area, visit the Medicare website. This resource provides detailed information and tools to help you understand and choose the right Medigap plan based on your healthcare needs and financial situation.
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