Medicare supplement (Medigap) policies are provided as additional coverage levels to Medicare recipients. They help pay for items that the original Medicare doesn’t cover, including copayments and deductibles. To help you further understand the value and purpose of Medicare supplement policies, our team at Good and Associates will offer an in-depth introduction to the topic in this latest post.
You can buy a plan from any company in your state
It’s important to know that you have full control over your Medicare supplement options. You can buy a Medigap policy from any insurance provider in your state as long as the company is licensed to sell Medigap policies.
Policies sold after 2006 don’t include prescription coverage
In the past, Medigap policies were allowed to cover prescriptions and medication costs. But this is no longer the case, and if the policy was agreed upon after 2006, it cannot include prescription drug coverage. You must join Medicare Part D if you wish to achieve comprehensive coverage for your prescriptions.
Medigap policies don’t include every form of medical care
While most Medigap policies will provide you with extensive coverage beyond that provided to you through Medicare, Medigap policies have specific non-coverage areas, including eye care and dental. It’s important to speak with your insurance specialist if you require further coverage for these areas of care.
You can switch your Medigap plan, but beware of penalties
The Medigap plan is flexible for those who wish to change their coverage levels beyond their existing plan. However, if you go more than 63 days in a row without Medicare drug coverage, you may pay a late enrollment fee. There can be many benefits to switching your plan, including joining a Medicare Advantage plan that includes prescription drug coverage. But it’s important that you speak directly with a Medicare supplement insurance expert before making the switch.
Our trusted team at Good and Associates can help you in choosing a Medicare supplement plan that helps protect your health for the years ahead. We have decades of experience in the health insurance industry. To discover more about the options available and the latest changes within the health insurance marketplace, please call us today.