Medigap insurance is another name for Medicare supplement insurance.
Medicare only covers about 80% of approved claims. You are responsible for the balance. That means copay's deductibles and coinsurance is your liability unless you have a Medigap policy.
Your responsibility under Medicare is unlimited unless you have a Medicare supplement policy.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Medigap insurance are health plans that cover all or a portion of the gaps in your Original Medicare (Medicare Parts A & B) coverage. Original Medicare only covers approximately 80% of your healthcare expenses. While 20% may not seem like a lot, it can add up to substantial medical bills very quickly.
The big advantage of Medigap plans are that they can help you create a very predictable healthcare expense structure which is extremely beneficial for those on a fixed income.
There are 10 different plans to choose from and each Medigap plan features a different combination of benefits, however, they are all standardized (meaning the benefits are the exact same under a given Medigap plan regardless of which company you buy it from).
Determining which Medigap plan is right from you and which carrier to apply for the plan through can be a bit more involved than some may realize. It's not all about price as some may believe. You need to look at the carriers' premium rating methods (community, attained, or issue age rated), their rates, their rate increase history, their service history, and other factors. It's best to consult with an experienced Medigap broker who can help you determine which plan and carrier will be most suitable to your desires, needs, and budget.
I hope the information is helpful - please feel free to contact me for help and if you have any other questions. Thanks very much.
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Medicare only covers about 80% of approved claims. You are responsible for the balance. That means copay's deductibles and coinsurance is your liability unless you have a Medigap policy.
Your responsibility under Medicare is unlimited unless you have a Medicare supplement policy.
The big advantage of Medigap plans are that they can help you create a very predictable healthcare expense structure which is extremely beneficial for those on a fixed income.
There are 10 different plans to choose from and each Medigap plan features a different combination of benefits, however, they are all standardized (meaning the benefits are the exact same under a given Medigap plan regardless of which company you buy it from).
Determining which Medigap plan is right from you and which carrier to apply for the plan through can be a bit more involved than some may realize. It's not all about price as some may believe. You need to look at the carriers' premium rating methods (community, attained, or issue age rated), their rates, their rate increase history, their service history, and other factors. It's best to consult with an experienced Medigap broker who can help you determine which plan and carrier will be most suitable to your desires, needs, and budget.
I hope the information is helpful - please feel free to contact me for help and if you have any other questions. Thanks very much.