Retirement Watch | So who needs Medigap plans?

The '100% Overwhelming' Decision: What Do You Do About Medigap?

Snippet of Article: "...So who needs Medigap plans? Anyone with traditional Medicare who wants help with out-of-pocket costs like coinsurance and co-pays — especially since those costs aren’t picked up by Medicare, and there is no cap on them. (Some Medigap plans also cover deductibles, but those are not available for Part B deductibles for those who become eligible for Medicare after Jan. 1, 2020). You can’t get a Medigap plan if you have a Medicare Advantage plan.

As such, Medigap is a good fit for frequent users of healthcare services. This holds true for your needs as you age because you may be locked in to your initial selections even as your health declines. Basically you are choosing predictability in costs..."

Source: www.kiplinger.com

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Find a Medigap policy that works for you

Snippet of Article: "...In Original Medicare, you generally pay some of the costs for approved services. Medicare Supplement Insurance (Medigap) is extra insurance you can buy from a private company to help pay your out-of-pocket costs that Original Medicare doesn’t cover. ..."

Source: www.medicare.gov

Medicare Supplement Insurance (Medigap),Part G,Medigap,

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What is Medigap?

Snippet of Article: "... Medicare Supplement Insurance (Medigap) is extra insurance you can buy from a private health insurance company to help pay your share of out-of-pocket costs in Original Medicare. Get the Medigap Basic Information HERE.

Generally, you must have Original Medicare – Part A (Hospital Insurance) and Part B (Medical Insurance) – to buy a Medigap policy.

You get a 6 month “Medigap Open Enrollment” period, which starts the first month you have Medicare Part B and you’re 65 or older. During this time, you can enroll in any Medigap policy and the insurance company can’t deny you coverage due to pre-existing health problems. After this period, you may not be able to buy a Medigap policy, or it may cost more. Your Medigap Open Enrollment Period is a one-time enrollment. It doesn’t repeat every year, like the Medicare Open Enrollment Period.

Medigap policies are standardized. This means, policies with the same letter offer the same basic benefits no matter where you live or which insurance company you buy the policy from. There are 10 different types of Medigap plans offered in most states, which are named by letters: A-D, F, G, and K-N. Price is the only difference between plans with the same letter that are sold by different insurance companies.

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Source: www.medicare.gov

Medigap

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