Irving Texas Medigap

Medigap Insurance: What You Need to Know

Medigap insurance is a type of private health insurance that helps pay for some of the costs of Original Medicare, such as deductibles, copayments, and coinsurance. It is also known as Medicare Supplement Insurance.

Medigap policies are standardized by the federal government, so you can be sure that you are getting the same benefits no matter which company you choose. There are 10 different Medigap plans available, labeled A through N. Each plan has different benefits, so it is important to choose the one that best meets your needs.

You can buy a Medigap policy at any time, but you may have more choices and pay lower premiums if you buy one during your Initial Enrollment Period (IEP). The IEP begins three months before you turn 65 and ends three months after you turn 65.

If you miss your IEP, you may still be able to buy a Medigap policy, but you may have fewer choices and may have to pay higher premiums. You may also have to wait a period of time before your coverage starts, known as a pre-existing condition waiting period.

Medigap policies can be a valuable way to help you pay for the costs of Original Medicare. If you are considering buying a Medigap policy, be sure to compare plans and choose the one that best meets your needs.

Here are some things to keep in mind when choosing a Medigap policy:

• The cost of premiums: Medigap premiums vary depending on the plan you choose and your age, smoking status, and other factors. Be sure to compare premiums from different companies before you make a decision.
• The benefits of each plan: Each Medigap plan has different benefits. Be sure to choose a plan that covers the costs that you are most concerned about.
• Your health: If you have any pre-existing conditions, be sure to choose a plan that does not have a pre-existing condition waiting period.
• Your coverage area: Some Medigap plans only cover you in certain areas. Be sure to choose a plan that covers you in the area where you live and where you plan to receive medical care.

If you have any questions about Medigap insurance, be sure to talk to an Ashford Insurance licensed insurance agent. They can help you understand your options and choose the right plan for you.