If you are enrolled in Original Medicare coverage, you may have heard about Medigap plans. Medigap plans are supplemental insurance products that can be used to dramatically reduce the out-of-pocket costs associated with using your Medicare benefits. If you’re new to Medicare, you may be wondering how to get started with Medigap. Here’s everything you need to know.
What Is Medigap?
Medigap is formally known as Medicare Supplement Insurance. With Medicare Supplement Insurance, your out-of-pocket Medicare costs are paid by your insurer. Which costs and how much is covered depends on the plan you choose. There are currently ten plans, each with varying benefits. Though, all plans cover a mixture of coinsurance, copayments, deductibles, or excess charges.
When Can You Join Medigap?
You can join a Medigap plan at any time. Although, it makes sense for most people to enroll during the Medigap Open Enrollment Period. This is a special period that begins as soon as you turn 65 and enroll in Medicare. The period lasts for a total of six months.
If you enroll during this time, insurance carriers will not be allowed to deny you a policy for any reason. You can also buy any plan that’s sold in your state at the cheapest price available.
Why Use The Open Enrollment Period?
If you choose to wait to enroll in a Medigap plan, you may be denied coverage in the future. You’ll likely end up paying more for coverage too. Using the Open Enrollment Period to get started often makes the most sense for people who are new to Medicare.
Can You Get Medigap Under 65?
If you are under 65 and interested in a Medigap plan, you may be able to purchase one. Although, it depends on the state, and people under 65 typically pay more for Medigap coverage.
Secure Medigap Coverage
If you want to pay less for health care services, a Medigap plan may be right for you. To compare plans in your area, just give Peritia Advisors a call at 319-200-5050.
