5 Things To Know About Medigap Insurance

Are you planning to update your current Medicare or Medigap insurance policy? Here are some of the most important things you need to know about this particular policy as soon as possible. You may be able to maximize the use of the policy if you know a few of these pointers.

1. The Definition
   First, you have to know the definition of Medigap or Medicare Supplement Insurance. This refers to the newest policy created to supplement the original Medicare program. It is designed to fill in the gaps of the Original Medicare. 
   
   Medigap plans sold to new members of Medicare may not cover the part B deductible. Because of recent changes to Medicare, some Medigap policies may no longer be available to new enrollees starting January 1, 2020.
   
   
2. It Is Designed To Extend Coverage 
   Additionally, Medigap policies help extend coverage for Medicare. This means that what Medicare can't cover, Medigap might. These are as follows:
   
   Originally, Medicare does not cover health care outside the U.S. when you travel. However, with Medigap, this may be covered entirely.
   
   Also, Medicare and Medigap may cover healthcare costs equally, so you don't have to worry about not being able to afford healthcare wherever you may be. As long as you have Medigap, you can be protected.
   
   
3. Medigap is an Entirely Different Policy
   Third, you must have Medicare Part A and Part B to qualify for Medigap. It is also different from a Medicare Advantage Plan. Applying for Medicare Advantage is one way of getting and being registered for the program. Medigap is designed to supplement the existing Medicare policy that you already have.
   
   
4. You Have To Pay Medigap Premiums On Top Of Medicare Ones
   Fourth, you may have to pay the private insurance company monthly premiums for the Medigap policy. This means that you might pay the Medigap premium apart from the Part B premium you need to cover for Medicare.
   
   
5. Medigap Only Applies to One Person
   Lastly, Medigap can only cover one person. Get it separately if you have a partner and want Medigap Insurance.

Conclusion
Hopefully, these pointers helped you understand the main benefits of using Medigap Insurance, especially during health crises. It is a good policy to have. However, you would need to learn everything about it to take full advantage of the program.

At the Medicare Supplement Store, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (732) 252-8828 or Click Here to request a free quote. Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!