If you already have a health insurance plan under Medicare, you are probably wondering if there is still a need for you to have a Medicare Supplemental Insurance Policy. Better known as Medigap, you can probably find hundreds of pages of Medicare’s website as to what it is. However, most of these texts are quite hard to understand without the help of a consultant. For better understanding, here are some of the frequently asked questions customers have before they decide to purchase Medigap.
What is Medigap?
Medigap is simply a supplemental policy to whatever Medicare coverage you have. It is designed to cover all the expenses that your original Medicare insurance coverage does include. It may consist of costs for dental, vision, and long-term care coverage. The primary function of getting a Medigap is to make sure that you can still be reimbursed for any health costs that you paid by yourself. Medigap mostly follows most rates, meaning you will have to pay more for higher coverage.
Most Medicare customers have supplemental coverage aside from Medigap. If you decide that the Medigap coverage is not enough for your needs, you can also check out plans offered by other insurance providers.
Why Do I Need More Insurance Coverage?
As stated at first, Medicare is not a blanket policy that will cater to your specific needs. Although the government makes sure that you have coverage for plans like parts A, B, and D, this may not be enough for particular situations. If you become injured or seriously ill, your Medicare plan may not be able to handle it due to coverage issues. There are also some routine services and therapies that need deductibles and copayments. Medigap can protect you from such cases because of their comprehensive coverage.
How Does it Work?
If you have Medicare insurance in effect, you are probably already familiar that Part A and B will give you basic coverage. At the same time, Part D is an optional prescription drug plan. Medicare Part C, or better known as Medicare Advantage, will replace the primary coverage with a plan from a private insurance provider. With Medigap, you can choose between Plan F and G, depending on your eligibility.
With Plan F, a 65-year-old woman can have a yearly coverage of around $1,800. Unfortunately, Plan F will not be available for new applicants starting 2020. Replacing Plan F is Plan G, which has virtually the same coverage as its predecessor. The annual rate for Plan G will depend on your tobacco use, age, zip code, and gender.
Although Medicare already gives you the necessary coverage, it will not be enough on certain conditions. Protect yourself better by getting a hundr ed percent coverage on everything through Medicare Supplemental Insurance Policy.
At Alliance Health Group, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (813) 501-4006 or Click Here to request a free quote.