mercredi 19 octobre 2016

Learn What Medigap Insurance Will Cover

By Larry Price

People who are close to retirement age should take the time to find out how they apply for Medicare benefits as well as gap coverage. The first thing to do is learn what gap coverage will do. Gap plans are purchased from a private company to supplement your Medicare coverage. The Medigap insurance coverage picks up the costs that the original Medicare does not cover. These costs include co pays, deductibles, and cost for care outside the US.

The gap plans do not cover hearing aids, glasses, vision care, or dental work. Additionally, private duty nursing and long term care is not covered by gap plans. Prescription medications are covered by choosing a separate policy under Part D. Gap coverage has its own monthly premium which is separate from Part D, prescription coverage, and Medicare B which covers doctor charges.

If you already have Medicare A and B, you will be eligible to apply for a gap policy. Hospital costs are covered by Medicare part A while part B covers doctor costs. If you have an Advantage plan you are not eligible to purchase a gap plan. You will also need to find out which of the gap plans are offered in the area where you reside. This information can be found online on the State Department of Insurance website.

Gap plans A through N are the standard plans offering a variety of coverage levels. Do a side by side comparison of the plans that are available. This is the best way to see which plan has the coverage you will need. Keep in mind that if you are a new subscriber you can not get plan E, H, I, and J.

The monthly cost for the gap coverage varies across the companies that offer the plans. However, benefits of the standard plans are the same. For example, gap plan C offers the same group of benefits no matter which company offers it. There are some states that have different standard gap policies.

Folks can only buy their gap coverage during the open enrollment period. This period of time covers the 6 months before the first day of the month you turn sixty five. You must already be signed up to receive Medicare part B or it must be within six months of the date you signed up for it to be eligible to purchase. In addition, you can buy gap plans for the same premium amount of a healthy person.

If you attempt to buy gap coverage once the opportunity has passed, there is no guarantee that you will get coverage. If you do get a gap policy, there is some risk that you will pay a higher premium. You should understand that you will be paying a premium for part B Medicare, and a premium for gap insurance to a private company.

The amount of the premium will be determined by your age, where you live, the company you purchase from, and the plan that you select. Once you have purchased your standardized plan, it is guaranteed renewable provided you pay your premiums on time. This guarantee extends even to those with pre existing health conditions.

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