Medigap was created to help those who qualify for Medicare who also face financial struggles related to the additional costs that Medicare often does not pay. The policies to cover these additional costs are referred to as Medicare Supplemental Insurance. However, they are more commonly known as Medigap plans because they work to cover any “gap” in the Medicare coverage provided.
What is the Purpose of Medigap?
Medicare covers many health-related services for seniors. However, there are limitations. This is where Medigap comes in. It is designed to cover the additional out-of-pocket expenses that Medicare doesn’t cover. Some of these costs include deductibles for both Medicare Part A and B, as well as co-insurance costs and other types of co-payments an individual may incur. Even though the purpose of Medigap is to help with these additional costs, the coverage also comes with a monthly premium that has to be paid.
Who is Eligible for Medigap Coverage?
While Medicare is an insurance that is designed specifically for senior citizens who are age 65 or older, there are others who may qualify for coverage, too. These people include those suffering from Lou Gehrig’s disease and who suffer from End Stage Renal Disease. There are also a few groups of people who are not eligible for Medigap coverage. These individuals include those who have Medicare Part C, those with an original Medicare and employer group plan and those with a Medicare SELECT plan.
When Can Medigap Coverage be Purchased?
It is possible for individuals to purchase Medigap insurance during their specified open enrollment period. This is the initial six months after the person turns 65 years old. Also, those who are over 65 and want to apply for Medigap have to be enrolled in the Medicare Part B plan to qualify.
While there are parts of Medicare that can be quite confusing and difficult to understand, this insurance is designed to help those who need health coverage in their golden years. Being informed is the best way for a person to know what type of coverage they qualify for. Don’t underestimate the benefits offered by Medigap and to learn more, ask someone in the industry.