Medicare 101: Medigap Policies
Welcome to Part 5 of our Medicare Series. In Part 1 we covered the parts of Medicare, when you qualify for it, and how you enroll. In Part 2, we covered the importance of reviewing your plan each year. In Part 3 we looked at the differences between original Medicare and Medicare Advantage. In Part 4, we covered Medicare Part D — Medicare Drug Coverage. In this installment we will look at Medigap policies.
What is a Medigap policy, and why might I need one?
A Medigap policy is health insurance sold by private insurance companies designed to fill the ‘gaps’ in Original Medicare plan coverage. Medigap policies help pay some of your share of health care costs that are not covered by Original Medicare. You must have Medicare Parts A and B in order to purchase a Medigap policy. Medigap does not apply to Medicare Advantage plans.
What does a Medigap policy cost?
You will have to pay a monthly premium for a Medigap policy, in addition to your Part B plan. Prices of plans vary, so it is important to compare. As you do with your other Medicare coverage, you will pay a monthly premium. As long as you pay your premium, your policy will automatically renew each year.
Will my Medigap policy cover my spouse?
No – your Medigap policy only covers you. Your spouse will need to get a separate plan.
How do claims work?
Your Medigap insurance company will usually get your Part B claim information directly from Medicare. If your doctor participates in Medicare, your Medigap insurance company will pay your doctor directly if you ask them to.
Where can I get more information about Medigap policies?
For more information on Medigap policies, you may call 1-800-633-4227 and ask for a free copy of the publication “Choosing a Medigap Policy: A Guide to Health Insurance for People With Medicare.”
You may also contact the New York State Health Insurance Information, Counseling and Assistance program for help by calling 1-800-701-0501, or visiting their website or Facebook page.
Reminder – You have less than a month left of open enrollment (12/7) so don’t delay in reexamining your options!
Stay tuned as we cover more Medicare topics in upcoming issues of this blog!
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The information provided herein does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available here are for general informational purposes only.
