Things to Know about Medigap

Doctor discussing medigap with patientMedicare Supplement Insurance or Medigap is a very reliable Medicare plan option since it supplements Original Medicare benefits. While Original Medicare can pay up for your health care needs, some are covered by Medigap.

Before you consult an insurance agent like My Bridge to Medicare and sign up for Medicare, here are some relevant facts about Medigap.

1. A Medigap policy is purchased from private insurance companies. They are utilized to pay for health services costs that Original Medicare does not cover. They include copayments, coinsurance, and deductibles.

2. If you buy a Medigap policy on top of your Original Medicare, the process of coverage goes like this: Medicare pays its share of the approved health care costs, and then Medigap pays its part.

3. To avail of Medigap, you must have both Medicare Part A and Medicare Part B.

4. When having both Original Medicare and Medigap, you pay for the monthly Part B premium to Medicare and another monthly premium to the private insurance company where you bought your Medigap.

5. A Medigap policy only covers a single person.

6. A standardized policy in Medigap is outright renewable. Your insurance company does not have the right to cancel your policy as long as the premium is paid.

7. Medigap policies sold after the 1st of January 2006 no longer include prescription drug coverage. This is already covered by Medicare Part D.

8. If you already have a Medicare Advantage policy, no one is allowed to sell you a Medigap policy. This is unless if you are reverting to Original Medicare.

While a Medigap plan is a perfect add-on to your Original Medicare, Medigap is limited to health care coverage that Original Medicare cannot cover. It does not include long-term care, private nursing care, dental care, and vision and hearing needs.