When managing your health into retirement, there’s a whole new ballfield of insurance to consider. While some people are automatically enrolled in Medicare, others must enroll on their own. Others opt for Medicare Advantage plans. And some people also opt for supplemental insurance plans that Medigap provides when keeping their Medicare insurance.
There are many choices to consider. It’s enough to make anyone’s head spin who’s new to the world of Medicare. If you’re looking into getting supplemental insurance for your Medicare through Medigap, here’s how to enroll and what you need to know.
What is Medigap?
Medigap plans are supplemental plans offered by private insurance companies to fill in areas where Medicare Part A and Part B do not offer adequate coverage. This coverage will most often help you pay for health care costs associated with medical supplies and services.
What Medigap Does and Does Not Cover
Medigap is available to cover most out-of-pocket expenses not covered by Medicare Part A or Part B. Depending on your Medicare type, there are certain benefits to getting this type of coverage.
- Coverage of coinsurance or copayments for Medicare Part B
- Coverage of Medicare Part A coinsurance costs for 356 days after your Medicare runs out
- Coverage of Part A coinsurance and copayments for hospice care
- Expanded coverage across the United States
- The option to choose a doctor that accepts Medicare patients
- The option to see a specialist without a referral
- Guaranteed coverage for life as long as you pay your premiums
While that list sounds exhaustive, there are certain areas that Medigap does not cover.
- Dental care
- Hearing aids
- Long-term care
- Private nursing care
- Vision care
Enrolling in Medigap
Enrolling in Medigap can be done in three different ways.
- Finding a Medigap policy using the online tool on the Medicare website
- Contacting a local insurance company for assistance
- Calling your State Health Insurance Assistance Program (SHIP)
No matter which option you choose, it’s important that you understand the timeframe for when you can enroll in Medigap. Enrollment for this type of coverage is only open to you for six months after you turn 65 and if you are enrolled in Medicare Part B.
Choosing a Medigap Policy
Medigap policies are not a one size fits all. Getting multiple quotes from various Medigap insurance providers will help you find the right policy for you. We can help you with that at McGrath Insurance Group. Schedule an appointment to get more details about what is available specifically for you regarding Medicare, Medigap, and Medicare Advantage plans.