As you approach retirement age and become eligible for Medicare, you may hear the term “Medigap coverage” being used. Medigap, also known as Medicare Supplement Insurance, is a type of insurance policy that is designed to help cover the gaps in Medicare coverage. In this article, we will discuss what Medigap coverage is, how it works, and why it is important.
Who is Eligible for Medicare in 2023?
Medicare is a Federal health insurance program that was established in 1965 to provide affordable health coverage for Americans who are 65 years of age or older, as well as some younger people with certain disabilities and medical conditions. Medicare is funded through payroll taxes, premiums, and government funding, and it covers a wide range of healthcare services, including hospital care, physician services, prescription drugs, and more.
7 Reasons Why Seniors Don’t Like Medicare Advantage Plans
The biggest complaint about Medicare Advantage plans is their high out-of-pocket costs and restrictions.
Two of the most common questions we get are, “Are Medicare Advantage plans bad?”, and “What are the advantages and disadvantages of Medicare Advantage plans?” If you’re trying to figure out if the private health plan option is right for you, read on.
Three Common Misconceptions About Medicare’s Annual Enrollment Period
The Annual Enrollment Period is actually an opportunity – not a burden. This is the only time of year, outside of special exceptions, when you’re permitted to switch your Medicare Advantage or Part D drug plan.
Understanding Medicare Part D – Prescription Drug Plans
Understanding prescription drug coverage can be one of the most challenging parts of Medicare. Each plan offers different levels of coverage and involves varying deductibles, premiums and copayments. Yet, the basic concept behind all Medicare Part D prescription drug plans is the same.
Good Medicare News for 2023: Part B premiums will decrease
The Part B monthly premium will be $164.90 next year, a decline of $5.20 or about 3%, according to the Federal Centers for Medicare and Medicaid Services. Medicare Part B covers numerous items, including doctor visits and outpatient services like lab tests and diagnostic screening.
How Much Can a Medicare Supplement (Medigap) Plan Save Me?
There are many options for supplemental insurance to Medicare. You might be wondering How much can a Medigap plan save me? Indeed, the answer to this question depends on a variety of factors. One of the most important factors is how much you would be spending on out-of-pocket health care costs without a Medigap plan.
Comprehensive Medicare FAQ Guide for 2023
The term “Original Medicare” refers to Medicare Part A and Part B. Part A helps cover the cost of hospital-related care, including inpatient services, lab tests and surgery. Part B is the medical insurance component of Medicare, which helps cover doctor visits, outpatient care and certain preventive services. The federal government administers both Part A and Part B.
Top 5 Medicare FAQs in 2022
If you wish to be covered fully, you will need to enroll in a Medicare Supplement plan to help cover these gaps in coverage left by Original Medicare. By doing so, you will reduce your out-of-pocket spending with Medicare.
Unlawful Medigap Practices
When shopping for a supplemental Medicare plan, you should be aware of illegal Medigap practices. In short, Medigap plans pay for the remaining costs Original Medicare doesn’t cover. These plans are available through private insurance companies and pay your outstanding balance after Medicare.
We want to make sure your money and identity stay safe. Now, let’s take a look at the seven most common ways scammers commit fraud using Medigap policies.
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