4 Things You Need To Understand About Medigap As You Approach Retirement

Posted on: 26 February 2017

If you are getting ready to retire soon and will qualify for Medicare, you need to understand all of the Medigap options that are available to you. Here is a quick rundown of a few simple things you need to understand about what Medigap polices are, how they work and what they cover so you can make an informed health insurance decision.

#1 Medigap Doesn't Work With All Types Of Medicare Coverage

The first thing you need to realize is that Medigap plans do not work with all kinds of Medicare coverage. They are designed to work together with original Medicare. If you choose to get a Medicare Advantage plan, you cannot also get a Medigap plan at the same time. Medigap is designed to be a supplement for original Medicare, also known as Medicare Part B, not Medicare Advantage.

#2 Medigap Covers What Medicare Covers

Medigap is designed ot cover the same things that Medicare covers. However, it fills in the space between what you are responsible for paying for and what Medicare is responsible for paying for. For example, if your Medicare coverage only covers X days in the hospital, your Medigap coverage will pay for all the additional days that you need hospital care. Or if Medicare covers a certain number of days of in-home help, Medigap will provide you with additional days. Think of it as an extension of your Medicare Part B policy.

#3 Medigap Doesn't Cover Drugs

One of the things that trips up many seniors is that Medicare Part B does not cover prescribe drug costs. Since Medicare Part B does not cover prescription drug costs, that also means that Medigap doesn't cover them. If you want assistance with paying for your prescription drugs and don't want to pay full cost for all of them, you need to sign up for a Medicare Part D plan instead.

#4 Medigap Covers Can Be Expensive

There are different levels of Medigap cover, starting with Plan A and going up to plan F. Plan A is the least expensive, but it doesn't cover as much as as the top plan, F. However, Medigap Plan F comes with a very high yearly premium as well as a high-deductible; however, it will ensure that you are really covered.

Understand and navigating Medicare coverage, plans and options can be complicated, so be sure to ask lots of questions and get the assistance that you need to make the right health care coverage choices for your individual health care needs.   

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