A lot of the medical expenses that you currently pay for yourself could be covered by the right medical insurance plan. We are going to look at Medigap insurance for 2019 and show you what it can cover for you. It may be able to seriously cut down on your expenses for you, making healthcare far more affordable.
Are You Eligible for Medigap?
It’s not just anyone who can sign up for Medigap. As great as its coverage and benefits are, it isn’t designed to be used by everyone. Medigap is intrinsically related to Medicare, and if you are eligible for Medicare’s coverage, then you are also eligible for Medigap. You have to have a basic Medicare plan in order to sign up for a Medigap plan, and you need to know about that before you start looking at these coverage plans too much.
There are ten Medigap plans, known as Medicare Supplement plans, and they are designed to work together with Medicare to provide complementary coverage. What Medicare’s basic plan does not cover in medical expenses, these supplementary plans pretty much take care of.
You can sign up for them once you have a Medicare basic plan and are 65. If you have a disability or certain serious medical conditions, then you may be able to sign up even earlier. Be sure to talk to a Medicare agent or Medigap agent to find out if you might qualify for earlier Medigap coverage.
The Cost of Medigap
You will need to pay a monthly fee for Medigap coverage. This fee changes depending on which plan you chose and where you bought the plan from. Some insurance companies charge more for Medigap plans than others will. You can get some great deals on these, but you will need to be careful about where you buy your plan from and take some time to compare prices. That way, you will get the best rate on the plan you want.
It’s okay to look for the best rate, since that isn’t going to affect coverage in any way. You can get the best rate possible and still get the same guaranteed coverage on every one of the Medigap plans out there. It doesn’t matter which insurance companies you buy these plans from- the coverage always stays the same.
You may still have to pay the deductible and copayments on your basic Medicare plan as well. Only some of the Medigap plans will cover those expenses for you, and some of them only cover a few of those expenses.
You can get a lot of your medical expenses covered by choosing certain Medigap plans, but then you also have to pay for that coverage, so you need to weigh the advantages of choosing a high coverage plan with a high price tag to a lower coverage plan with a lower price tag.
How Medigap Covers Your Medical Costs
Those who are subscribed to Medicare already know that they have some medical expenses left to pay. They pay for expenses from Medicare monthly and annually, as well as for expenses they have to pay for out of pocket because Medicare simply doesn’t cover them. Medicare provides coverage up to a point, and then after that, the senior is left to pay expenses on their own. Medigap plans fill those gaps in coverage and do so in a way that makes them a perfect fit for Medicare.
Let’s look now at some the things that Medigap plans could cover for you. It’s an extensive list, and each plan takes and chooses coverage in different ways. Only one of them includes all the items on this list, while others will include several or just a few.
One of the big expenses that Medigap plans can cover is for the Medicare Part A deductible. This is something you would have to pay every year, and it is covered by most of the Medigap Plans.
They can also cover the Part B deducible, but only a few of them do that. This is a much smaller expense, though.
The Medicare Part A copayment can be covered as well by Medigap plans, as can the Part B copayments. These are times that would have to be paid for each visit to the hospital or the doctor’s office, and most of the supplementary Medigap plans include them.
Medigap Insurance in 2019 can also cover you for blood you have used all year long. The basic Medicare plan will cover you for a few pints, but then its coverage runs out. Medigap plans can cover you for up to three more pints each year.
You could also be covered for coinsurance on your skilled nursing care services and hospice care that you receive. These are covered by the majority of Medicare Supplement plans (Medigap).
In addition to all this, some of the Medigap plans can cover you for Medicare part B’s excess charges. These are not something you would have to pay very often, in most cases, but they can be expensive items, and it can help to have that kind of coverage for some people. This is fairly uncommon for people to have to pay, so only a couple of the plans bother to provide coverage for it.
The final bit of insurance coverage possible from Medigap plans is for the travel cost of being transported to a foreign medical facility. This only covers emergency transport, and it will only cover that in certain situations. Not every medical transport outside the US will be included, and the plans only cover this expense up to 80%.
When you add all these things together, you get a powerful set of coverage, and only Medigap Pan F covers all of this. Other plans cover some or most of it, and you have to choose the one that is right for you.
How to Choose the Right Medigap Plan
You don’t just want to pick the plan that is the most popular or the one that more people are using than others. Instead, you need to choose a plan that works well for you. In order to do that successfully, you will need to assess what your needs are. Look at how much you are paying for medical care and how much the Medigap pans cost. If one of them is more than the other, then you should choose the cheaper option.
Of course, you can’t predict what kind of medical expenses you will have have the course of the year, but you can make an informed guess based on what you have been paying. You can also talk to your doctor about your medical issues and what kind of procedures and expenses that you might be dealing with over the course of the year.
Then, just find the plan that seems to fit your needs best. You may have some trouble doing that, since there are ten of them to pick from. Not everyone will be a good choice, and you need to narrow down the list to just a few picks. You can do that by focusing on high coverage plans or low coverage plans. You should have a good idea, once you assess your own needs, as to which level of coverage would be right for you.
You should compare the plans to one another, particularly the ones that are very similar, once you have a good idea as to what kind of plan would be right for you. For instance, if you like the full coverage Plan F, but you think it might be too expense for you, then you should compare it to Plan G and Plan N. These are three similar plans that have very different rates. Plan G and Plan N tend to be far less expensive than Plan F, making them better choices for most people, even if they don’t cover quite as much.
Plan F covers all the items we listed above, but Medigap Plan G covers all but one. They are very close in coverage, but sometimes the price doesn’t reflect their similarity, and Plan F is often much more expensive. You will need to compare what they offer to what you need and then compare how they differ to decide if it is worth it to go with one over the other.
You should be very careful about your choice of plans, as you will likely be stuck with it for the following year. You can change it later, but you typically have to keep the same plan for an entire year.
Medigap Insurance in 2019 could be the right choice for you, but you’ll have to put in some effort to find a suitable plan from all that’s available. Then you need to compare the plans to find a decent tone at a decent price. Doing that can save you hundreds of dollars or more on healthcare every year.