Top 4 Questions About Medigap

Medicare is a federal health insurance program.  It is generally for people who are of 65 years or older.  There are a few exceptions for younger people if they suffer from certain disabilities or end stage renal disease.   There are 4 different plans for Medicare, namely Plan A, Plan B, Plan C, and Plan D.  Each plan will have different coverage from inpatient and outpatient care, to prescription medicines.  What is common among all plans is the fact they do not cover everything.  This is where Medigap comes in.  The following are the most common questions about Medigap.

1. What is Medigap?

Medigap is a supplemental insurance for your Medicare coverage.  It is an offering made by private insurance companies as opposed to Medicare which is a government initiative.  It is not meant to be a standalone policy, you must have your Medicare coverage to use Medigap.

1. How do I purchase Medigap?

As mentioned above, Medigap is offered by private insurance companies.  You may purchase Medigap from any insurance company that is licensed in your state.  You will pay a monthly premium to the private insurance provider in addition to the monthly payments for your Medicare.  Each policy only covers one person.   

It is important to take note that it is illegal to purchase a Medigap policy if you have a Medicare Medical Savings Account Plan.

1. What is Medigap used for?

Medigap is used to supplement costs that are not covered by your original Medicare plan.  These are usually copayments, coinsurance, and deductibles.  It also covers emergency overseas travel coverage.  Some Medigap plans also include a yearly out-of-pocket limit.

1. What is not covered by Medigap?

Not everything Medicare does not cover is included in Medigap coverage.  Generally, policies do not include vision, hearing, and dental care.  This includes eyeglasses and hearing aids.  It also does not include long-term care and private nurse care.  Prescription drugs is also not part of this coverage.  You will need to get Medicare Plan D for prescription drug coverage.  


Conclusion

It is comforting to know, that even later in your life, you will not need to worry about your medical needs.  Protection and coverage is available, it is just up to you which one will best suit you.  Talking to an insurance specialist will help you know the details for each, and help you decide on what is best for you.

At Jonathan Leonard Insurance, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (302) 887-9025. Get you quote today by CLICKING HERE.