Do You Really Need a Medigap Plan?


It’s surprising the number of seniors that are very hesitant about discussing medigap plans. After all, they were able to navigate through the Medicare nightmare and are not in the mood to research the different supplemental plans that are on the market. Often, they wonder if they really need one of those supplemental plans. What risks do they face, if they do not select a plan? What about their health? Perhaps, they are in good health and do not see any need to select this type of plan. Let’s take a further look. 

What Is Medigap

People over the age of 65 receive Medicare. Medicare is a federal health plan. However, Medicare does not cover the co-payments and deductibles. This leaves an enormous gap in the coverage for the average senior. This simply means that they will have to pay out of pocket for the co-payments and deductibles involved with their healthcare. The cost could get very high if they have medical problems that require regular treatment or visits to the doctor. A Medigap supplement is a health insurance plan that the senior purchases from a private company to cover the cost of deductibles and co-payments. 

What Medigap Does Not Cover

Of course, it is also important to note that supplemental plans do not cover a wide range of things. For example, they do not cover long-term care, vision care, dental care, hearing care, private duty nursing care, or prescription drugs. It is also important to realize that the supplemental plan is not available to people that do not have Medicare Part A or Medicare Part B. Medicare Part A is hospital coverage. Medicare Part B covers other important preventive services provided by doctors. It should also be noted that those with a Medicare Advantage plan are not qualified to receive the Medigap supplement.

Selecting A Plan

If you find that Medigap is a necessity, there is something else to consider. It’s time to select the plan that is right for your situation. The fact is that there are several Medigap programs to consider. Certainly, this might seem very confusing and overwhelming for the average person. The plans are labeled A to N. The plans offer different amounts of coverage. Another thing to remember is that private insurance companies supply the plans and they offer the same amount of coverage. However, the price of the insurance varies widely and you should take the time to find a plan that matches your budget. 


Would you like to know if you are eligible for the supplemental plans? It is important to realize that the private insurance companies have their own rules concerning eligibility for their plans. Therefore, it is advisable to compare the plans that are available in your area. Thoroughly research the private insurance providers that cover the things that are not covered by Medicare Part A and Medicare Part B. Generally, this is the co-payments and the deductibles. 

Do you really require the supplemental insurance? In the long run, it might save you a lot of money.


Author Since: Aug 09, 2018