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Understanding How Medigap Policies Work
Understanding Healthcare Policies is not always the simplest of tasks. At The Wooten Agency, we are here to help you understand your insurance plans, every step of the way.
Do you know the difference between Medicare and Medigap? Medigap is a supplemental insurance policy to Medicare. To begin, let’s start with how Medicare and Medigap are broken down. Medicare, your main policy, is broken down into four parts. Parts A, B, C and D. Medigap, the supplemental plan to Medicare, is broken down into plans. Plans A, B, C, D, F, G, K, L, M and N.
You may be wondering how your supplemental insurance fits into your Medicare coverage. Medigap pays for part or all of Medicare’s coinsurance, copays and deductibles. Let’s break down some facts:
Facts About Medicare and Medigap Insurance Coverage
- 94% of all Medicare beneficiaries have some source of supplemental insurance
- If you are planning on purchasing a Medigap policy, the best time is during the open enrollment period. This is a 6-month period that starts when you are enrolled in Medicare Part B
- In 2010 9 Million Medicare Beneficiaries decided to include Medigap insurance plans in their coverage
- Any standardized Medigap Policy is guaranteed renewable regardless of health problems
- People without supplemental insurance are more likely to delay necessary medical treatments than others with supplemental coverage
- You can purchase Medigap Policies from any insurance company in your state that is licensed to sell them
- In order to be eligible for a Medigap policy, you must 1) Have Medicare Part A & B and 2) Be a resident of the state
- If you have a spouse, you must both purchase individual policies. You can only cover one person under a medigap policy
- There are 10 standardized medigap plans
- Medigap Plan F is the most popular with 52.8% of the total beneficiaries in 2012
- If you travel often, you should know that most medicare supplement plans will cover 80% of medically necessary emergency care received in a foreign country
Medigap Supplemental plans may be beneficial to you to receive the extra care you need. If you have any questions, please contact the experts at The Wooten Agency and we will be happy to guide you through your decision making process.