What You Need To Know About Medigap Insurance

8 March 2016
 Categories: Insurance, Blog

If you currently have Medicare, it can be helpful for much of your insurance needs. However, some things are not covered under the Medicare plan and it's always good to have extra coverage for these things. A program called Medigap is designed to help provide people with extra insurance to help pay for some costs like copayments and deductibles. Medigap is provided by private companies. Here's what you need to know about this plan to decide if it's right for you.


In order to qualify for the Medigap program, you must already be enrolled in both Part A and Part B of Medicare. If you've already signed up for Medicare Advantage, you can add Medigap, but you will need to have the Advantage plan already in place before the Medigap plan coverage begins. You will then pay the private insurance company you enroll with a monthly premium directly. This is in addition to the Part B premium you're paying to Medicare. Any insurance company licensed in your state to sell Medigap will be able to provide this supplemental plan to you.

What It Covers

The Medigap plan covers most of the extra expenses for doctor visits and hospital stays. There are different tiers of coverage so it's important that you fully understand what each level provides and then select a plan that fits best with your needs. Higher tiered plans may also cover things like at-home recovery assistance and routine check-ups with your physician. The private insurance company that you select will have a representative go over the various items that each type of plan covers so you will be able to make an informed decision. 


Prices for Medigap can vary based on your state, but there are also other factors that are used to determine how much your premiums will cost. A community-based plan provides the same rate of coverage for everyone regardless of age, and everyone will pay the same rate. An issue-age rated plan is priced based on your own age at the time you sign up for coverage. The other method for pricing Medigap is called the attained-age rating. For this plan, your premiums will increase annually as you get older since your risk increases for health problems as you get older. When deciding on a plan, think about the overall cost versus benefits to help you make a good choice. Medigap can be extremely helpful for those on Medicare who need extra protection and coverage for their healthcare needs. Contact a provider, like Continental Insurance Agency, LLC, for more help.