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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.
Medicare Supplement Insurance, also known as Medigap, is a type of health insurance policy that helps cover the out-of-pocket costs that Medicare doesn’t cover. These policies are sold by private insurance companies and are designed to work alongside Original Medicare to help pay for things like copayments, coinsurance, and deductibles.
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.
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.
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.
Whether you retire at 65 or keep working, you’ll be eligible for Medicare. Which means, you’ll have new choices in health plans — maybe more options than ever. There’s a lot to think about. So, it’s smart to start planning by asking these important questions.
Medicare supplement plans don’t work like most health insurance plans. They don’t actually cover any health benefits. Instead, these plans cover the costs you’re responsible for with Original Medicare.
If you’ve recently enrolled in Original Medicare, congratulations! Now is a good time to learn about the different parts of Medicare, so you can understand what your benefits include and decide if you want to sign up for additional coverage.
Getting ready to enroll in Medicare and a Medicare Supplemental Plan? Be sure you know this important tip as you’re getting started!
Now that you’re turning 65 how do you know if it’s the right time to sign up for Medicare? Find the answers here!
