Original Medicare doesn’t pay for all the cost for covered health care services and supplies. Medicare Supplement Insurance (Medigap) policies sold by private insurance companies can help pay some of the remaining health care costs for covered services and supplies, like copayments, coinsurance, and deductibles. Some Medigap policies also offer coverage for services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. Generally, Medigap doesn’t cover long-term care (like care in a nursing home), vision or dental services, hearing aids, eyeglasses, or private-duty nursing.
Before you can buy Medicare Supplement Insurance (Medigap), you must generally have Part A and Part B. With Medigap, you pay a monthly premium to a private insurance company in addition to the monthly Part B premium you pay to Medicare. If you're thinking about buying Medigap, be sure to compare plans. The costs can vary between plans offered by different companies for the same coverage and may go up as you get older. Some states limit Medigap premium costs. A Medigap policy only covers one person. Spouses must buy separate coverage.
• The best time to buy a Medigap policy is during your Medigap Open Enrollment Period. This 6-month period begins the first month you have Medicare Part B (Medical Insurance), and you’re 65 or older.(Some states have additional Open Enrollment Periods.) After this enrollment period, you may not be able to buy a Medigap policy or it may cost more. In certain situations, you may have the right to buy a Medigap policy (guaranteed issue rights) outside of your Medigap Open Enrollment Period.
• If you delay signing up for Part B because you have group health coverage based on your (or your spouse’s) current employment, your Medigap Open Enrollment Period won’t start until you sign up for Part B.
• Federal law generally doesn’t require insurance companies to sell Medigap to people under 65. If you’re under 65, you might not be able to buy the policy you want, or any policy, until you turn 65. However, some states require Medigap insurance companies to sell Medigap policies to people under 65. If you’re able to buy one, it may cost more.
Still have questions about Medigap coverage? Reach out to Your Friends In The Insurance Business at Ieuter Insurance Group for all your health insurance coverage questions.
For all your insurance needs, visit us at https://www.ieuter.com
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