Are you confused about Medicare and Medigap insurance? Our post provides detailed descriptions and information about Medicare coverage. While Medicare is a federal health insurance program primarily for individuals aged 65 and older, younger people with disabilities may also be eligible
Regular Medicare is divided into different parts, each covering specific services:
- Medicare Part A (Hospital Insurance): This covers
- Inpatient hospital stays
- Care in a skilled nursing facility
- Hospice care
- Some home healthcare
- Medicare Part B (Medical Insurance) This covers
- Certain doctor services
- Outpatient care
- Medical supplies
- Preventive services
- Medicare Part C (Medicare Advantage) This is an alternative to Original Medicare (Part A and Part B) offered by private insurance companies approved by Medicare. These plans often include Part D coverage and may offer extra benefits.
- Medicare Part D (Prescription Drug Coverage): This adds prescription drug coverage to
- Original Medicare
- Some Medicare Cost Plans
- Some Medicare Private-Fee-for-Service Plans
- Medicare Medical Savings Account Plans
Medicare Supplemental Insurance (Medigap): Medigap refers to private health insurance plans that supplement Original Medicare by covering some of the out-of-pocket costs not covered by Medicare Parts A and B, such as copayments, coinsurance, and deductibles. There are 10 standardized Medigap plans, labeled A through N, each offering different benefits.
Key Features of Medigap Policies
- Standardization: Medigap policies are standardized in most states, meaning the benefits of each plan (e.g., Plan A, Plan B) are the same, regardless of the insurance company.
- Guaranteed Renewable: Your Medigap policy is guaranteed renewable as long as you pay the premium, even if you have health problems.
- No Networks: Medigap plans generally allow you to see any doctor or specialist who accepts Medicare.
- Foreign Travel: Some Medigap plans provide coverage for emergency care outside the United States.
- Prescription Drug Coverage: Many Medigap plans include prescription drug coverage.
Choosing a Medigap Policy
There are many factors to consider when selecting a Medigap policy.
- Your Medical Needs: Not all Medigap plans are the same. You must evaluate which benefits you need and compare the different plans.
- Your Costs: You must compare both premiums and out-of-pocket costs among insurance companies for the same plan type.
- Enrollment Timing: The best time to buy a Medigap policy is during your Medigap Open Enrollment Period, which lasts for six months beginning the first month you are 65 and enrolled in Medicare Part B. During this period, you can buy any Medigap policy sold in your state without medical underwriting.
Conclusion
The agents at Diamond Insurance Solutions know that understanding Medicare and Medigap can be complex. Our agents will take the time to review the specifics of each part of Medicare and compare Medigap policies, which can help you make informed decisions about your healthcare coverage.