Enrolling in a Medigap Policy

Medigap policies, sold by various private insurance companies, are intended to supplement your Original Medicare Plan and help pay for a number of services not otherwise covered. Although they don’t cover all gaps, they can ultimately save you a number of out-of-pocket expenses, such as copayments, coinsurance, deductibles, and, in some cases, extra benefits (for an additional cost).

Depending on the policy you chose, and sometimes, your age as well, the price of a Medigap policy can vary. . All Medigap policies do follow state and federal laws, and all companies must sell specific standardized policies, but companies will charge different amounts and some will charge more as you get older. Also, some States sell Medigap Select policies which require you to use specific doctors and/or hospitals in order to get full benefits.

In order to enroll in a Medigap policy, you need to be enrolled in the Original Medicare plan, and you usually need to have Medicare Parts A and B. Your Medigap policy will only cover your own Medicare (spouses cannot be included), and you will also need to pay a Medigap premium. Like most Medicare plans, you should enroll in your Medigap policy during your open enrollment period. This period begins when you are enrolled in Part B and it is six months before to six months after the month you turn 65.

Medicare policies can be highly advantageous when facing medical expenses. However, to ensure you get the coverage you need at the price you can afford, spend some time researching policy providers and weighing your options.

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