Should I Sign Up for a Medigap Plan?

Most seniors who become eligible for Medicare at the age of 65 choose Original Medicare for at least their first year of coverage. If you are covered by Original Medicare, you may be wondering if you really need a Medicare Supplement Insurance Policy (also called Medigap) and if it’s worth the cost. We talk to hundreds of kupuna every year who want to know if they should get a Medigap Plan. We hope you will find the information in this article helpful.

Is a Medigap Plan Worth It If I Choose Original Medicare?

Medicare insurance comes as a welcome benefit to the vast majority of seniors but it doesn’t cover all your healthcare expenses or all the services you may need. Seniors on Original Medicare only who end up with long-term hospitalization or other substantial medical treatment often end up struggling to pay their share of the cost.

What is Medigap?

Medigap is a type of supplemental insurance. Medigap plans are designed to pay for some or all of the out-of-pocket costs that Medicare doesn’t cover such as co-insurance and co-pays. Essentially, these plans were created to supplement Medicare coverage and depending on the plan, can work in two ways. 1. Provide more financial coverage for the services that Original Medicare covers. 2. Provide financial coverage for services that Original Medicare does not cover such as vision, dental or long-term care.

Private insurers offer a range of Medigap Plans to meet different needs and budgets, though lettered plans from each company are required to have the same benefits. Contact a Medicare agent near you who can go over all your supplemental insurance options.

What is the purpose of a Medigap Plan?

The purpose of a Medigap Plan is to get money back for the costs you pay for health services out of your own pocket.

What does Medigap cost?