Majority of the beneficiaries enrolled in the Medigap plans or Medical Advantage plans for the additional medical coverage because Original Medicare does not cover a lot of things. That`s why most of the people in Texas have purchased Medigap Plans in Texas along with Original Medicare.
Medicare supplement insurance policy or Medigap is the extra health insurance that you purchase from a private insurance company. It includes healthcare costs that Original Medicare does not include. Co-payment, Coinsurance, and Deductibles are the additional coverage that your Medigap plans provide. However, long-term care, hearing aids, dental care, vision care, and private nursing are not covered in the policy.
Medigap plans offer numerous benefits. But before you make a final decision of purchase here are the five things you need to know about Medigap plans:
1. You cannot purchase the Medigap policy without enrolling for the original Medicare. Medigap plan is a supplement plan that fills the gap in Original Medicare coverage. A Medicare supplement insurance policy allows you to visit any doctor all over the U.S. who accepts Medicare patients. Hence, when you travel, you do not have to worry about the limited network of doctors in Original Medicare.
2. If you have enrolled in Medigap policy, you cannot enroll for the Medicare Advantage plans. No private insurance company can sell you Medicare Advantage plans; it is illegal. However, if you want Medicare Advantages plans, then you have to drop your Medigap policy, but it is of no avail.
3. Medigap plans are of 10 different types and categorized using letters A to N. Medigap plan E, H, I and J are no longer available. Each plan offers different medical coverage and medical benefits. However, the benefits of each standard Medigap plan are same throughout the U.S. within the category.
4. No matter from which company you have purchased the plan, you will get the same benefits of the plan as per the category. However, the premium for the same plan varies from company to company. So, choose your Medigap plans in Texas carefully because policy for a selected plan will not change with the company.
5. You have to pay a monthly premium for your Medicare supplement insurance policy in addition to your Medicare Part B premium. The amount of monthly premium depends on the type of plan, company, location, and age. Part D medical benefits are not included into Medigap plan.
You can enroll for the Medigap plan during your six month of open enrollment period which starts from the first day when you become 65 years old or within the six months of signing up for part B premium. However, if you buy the Medigap plan outside this window, your acceptance is not guaranteed and you premium charges might be higher.
So these are the five things you need to know about Medigap plans.
When you enroll for Original Medicare, you should buy Medigap plans in Texas to fill the gaps of Original Medicare coverage.
The Harrin Group, LLC is one of the leading insurance agents in San Antonio, Texas offering health insurance, business insurance, retirement solutions, annuities, Medicare Advantage plans, Medigap plans, individual & group life insurance, and more. To know more, visit https://www.harringroup.com/.