What is a Medigap Policy
A Medigap policy is a type of supplemental or gap insurance that is purchased to over the 20% that Medicare doesn't cover on Part B services. There are different types of supplemental insurance policies and they base the coverage you get on what you pay for.
How do I get a Medigap policy?
Medigap policies are not available to everyone. Some can't start the application process until they are 65 and have both A and B coverage under Medicare. There are options for those under 65 who are disabled but the application process is stringent. For those over 65, you only have 6 months from the time you have both A and B coverage to apply without being subject to the preexisting conditions clause. Basically, Medigap policies are not traditional medical insurance they are there to purchase as a gap only so the insurance companies are allowed to use preexisting conditions against you to either charge you more, make you wait for coverage or deny you any coverage at all. In order to apply you can start the search for an insurance policy at Medicare.Gov. They have a list of all the companies selling insurance and you can start there. If you cannot use a computer a SHIP counselor from the council on aging can help you make the right choice. The use of this service is free of charge.
What is the Process of Getting a Policy?
Step one: Go to Medicare.Gov and get a list of people selling in your areaStep two: Do your research. Look at what is available and figure out how much coverage you can purchase. Remember that the amount of the 20% covered comes down to how much of a premium you can pay.
Step three: File the application with the company of your choosing.
Step four: Wait for a response as to your status for coverage. If you are in the guaranteed period, then this step should not take long. If you are out of the guaranteed period of acceptance, then you may have to wait longer for a decision. If the decision is not to your favor you can always appeal and ask for coverage again.
How is a Supplemental Policy Helpful & What Are the Benefits?
Medigap policies are beneficial because they allow you the freedom from being burdened by unexpected medical bills. If Medicare covers a service, then your supplemental policy pays 5-20% of the bill. The amount varies because there are options for people who cannot afford the top rate Medigap policies which are around $400. Medigap policies offer you the peace of mind to know that if you need to go to the doctor, then you won't have to pay money you may not have available to you.Please consider buying a Medigap policy, it is a positive insurance and in the senior years one needs all the protection they can get from the burden of medical bills. Talk to an insurance rep and start an application for a Medigap policy today.
