The “gaps” in Medicare coverage refer to these uninsured expenses. Medigap acts as a supplement to Original Medicare and fills up the coverage gaps that Traditional Medicare leaves.
What is Medigap and how does it work?
Private insurance firms offer a supplement to Medicare called Medigap, which works in tandem with Original Medicare (Parts A and B) to fill in the coverage gaps left by Original Medicare. It can assist with expenses including deductibles, copays, and co-insurance.
Medigap plans can be purchased to supplement Original Medicare by paying for services that aren’t included in their base plan’s coverage. A trip to the doctor or hospital in a foreign nation is a good illustration of this. The gap between the entire cost of care and the Medicare-approved amount is often covered by Medigap coverage.
To qualify for a Medigap policy, you must first have both Parts A and B of Original Medicare. Medigap policies are sold by any insurance company approved to do business in your state.
What is Medigap vs. Medicare Advantage?
If you’re familiar with Medicare Advantage (Part C) plans, you could be confused as to whether or not Medigap policies are the same thing. To put it simply, no. Once you’re eligible for Medicare, Medicare Advantage plans to offer another method of receiving your benefits. A Medigap policy, on the other hand, is meant to fill up the gaps left by your Original Medicare coverage. It is meant solely as a supplementary plan.
What do Medigap plans cost?
Medigap coverage is not required. If you decide to purchase one, the private insurance company will charge you a monthly premium. You will have to pay this sum in addition to your standard Medicare Part B premium per month.
What is Medigap coverage used for?
Medicare Supplement Insurance, or Medigap, is a type of health insurance that helps pay for medical care that Original Medicare doesn’t cover. Medigap policies, for instance, do not pay for normal dental and vision care since Original Medicare (Parts A and B) does not.
Have questions about your Medicare coverage?
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