Medigap is a relatively new form of medical insurance that fills in the coverage gaps created by using Medicare. It is not for everybody, neither is everyone able to use it. In fact, you have to meet some pretty specific requirements to be eligible for this supplemental insurance coverage.
First off, you have to already be enrolled in Medicare Part A and B as part of your medical insurance coverage. You cannot legally buy Medigap if you already have a Medicare Medical Savings Account Plan. Essentially, you would be considered to have too much medical coverage to qualify for Medigap at that point.
If you have a Medicare Advantage Plan, you can still apply for the Medigap, but you are advised to drop the Medicare Advantage Plan before the Medigap begins.
The open enrollment period for Medigap begins when you turn 65 and lasts for 6 months. This is the best time to apply for this supplemental insurance plan because during this period you cannot be charged additional rates or fees by the distributing company based on your age or preexisting medical conditions.
You should know that you can change your insurance at any time, even if you are already on Medigap, but you won’t be guaranteed acceptance by insurance companies. You may also be subject to increased rates based on your preexisting conditions.
For those who are approaching 65, you should be looking into your insurance options now. The rates will usually stay the same even over a period of months or years. If nothing else, you should at least look at the coverage offered by various plans to see which one works best for you.
As change comes, speculations and rumors fly among everyone affected. The only problem these days is when it comes to political intervention into things like health care, rumors and speculation are a must as no one seems to want to deliver the facts. This includes both parties at the highest level. To Quote Nancy Pelosi, “We have to pass the bill to understand what’s in it.”
In the case of Obamacare it is no different. And because seniors are the largest demographic in this country and rising because of the baby boomers, they have every right to be worried and confused. They also however, have a right to know exactly how this will affect them. Congress and their families are well taken care of with their “golden” health care plan which somehow magically will not be affected by Obamacare regardless of their age. These people are not your friends and are not looking out for you. They are looking to get re-elected so they don’t lose their precious dream jobs with all the perks and benefits that come with them.
With all that being said, it’s important to look at least at what Obamacare will affect boomers and at what level, particularly the level of their wallets.
- Obamacare will help eliminate the donut hole for prescription drug coverage. This is a huge plus as many people now who reach this amount are asking “Food, or medicine this month?” These people are having to pay 50 percent of the full retail cost of their medications should they reach a certain level, and many do. If you want to solve this problem, I say go after the legalized drug pushers which are the pharmaceutical companies, as well as the Doctors who prescribe them like candy. When is the last time a doctor asked specifically about your diet, your lifestyle, your stress levels? Nope. Writing a prescription to mask the symptoms rather than treat the problem is far easier. Overpaid drug dealers is what most are.
- Obamacare is limiting payments to Medicare Advantage plans. This is a good thing. Those plans need to be cut back as the tax payers have paid too much for them while the beneficiaries of these plans have come out with numerous complaints regarding them.
Medigap insurance will not be changed at the time of this writing. This is also a good thing. These plans are outstanding and cover the gaps that traditional Medicare does not pay. The cost for these plans varies. Click here to get quotes for Medicare Supplement Plans.
Whether you are under the age of 65 or a baby boomer we’ll all be affected by good ole’ Obamacare. It’s highly debatable as to whether or not people in charge are even capable of running a lemonade stand let alone a national health care system. But where there is money, they will be.
With nearly 9000 people per day turning age sixty-five in this country, it’s an understatement to say that the financial and insurance industries are making great strides in accommodating the huge expansion in the senior market.
Employers are also changing policies around the country with many of them not continuing to offer medical benefits for those who do not retire at the age of sixty-five, primarily due to the fact that they are then eligible for Medicare. These people will need to make some important decisions in regards to their health care benefits, and many factors need to be considered prior to choosing health coverage.
Medicare Advantage Plan – The Network Continues
One option available for seniors is a Medicare Advantage plan. These plans have a few varieties but are offered as an HMO, a PPO, or a private-fee-for-service. Despite the different names they all work in a similar fashion where you have a primary doctor who participates in the plan’s network. You also must stay in this network to receive any medical coverage from your insurance company, for instance if you were to see a specialist.
With an advantage plan you actually opt-out of Medicare Part A and Part B yet you still must pay the monthly Part B premium. Advantage plans are only required by law to provide as good of coverage as Part A and Part B only, therefore anything above and beyond that will have to be approved by the claims department. For this reason alone (along with not being able to choose any doctor you wish) many people opt to stay with Medicare Part A and Part B. This isn’t a bad choice but still does leave expenses that must be paid by with the beneficiary, or a Medigap Plan.
Medigap Insurance – Great Coverage and Little Hassle
For those wishing to stay with Original Medicare, a Medigap policy fits in nicely in reducing or eliminating any out-of-pocket expenses that you would normally have to pay. There are ten different plans to choose from, each with slightly different benefits. There are plans such as a Medicare Supplement Plan F which pays 100 percent of any copayments, deductibles, and coinsurance without having to stay within a network. This is by far one of the most popular plans as for a relatively low monthly premium you can walk away without having to pay any of your medical bills on all Medicare approved expenses.
Regardless of which option you pick, be sure to do your research and check the rates from all of the top companies in your area. Then choose a plan, relax, stay healthy, and enjoy your retirement!
With the number of people on Medicare Supplement insurance now topping 10 million, more and more people are wondering where to turn when it comes to breaking down the details of the various Medigap plans. Well all know how great the coverage is, with Part A and Part B Medicare covering most of the basics and supplement plan making up the difference, however the choices are many and leave most of our readers very confused.
Seniors in this year’s enrollment period should shop all the Medicare supplement plans 2014 to make sure they get the lowest premiums. These plans have no network. This means you simply visit any doctor or specialist that accepts Medicare and all approved bills are paid 100 percent. For those who do not want to ever see a medical bill this is obviously the best choice.
Medigap Plans come in many forms, identified with letters A – N. Regardless of their being 10 choices there really are just a few plans that make the most sense. Choosing a plan still isn’t as easy as you might think, as you need to factor in your current health situation as well as how many of out-of-pocket expenses you’re comfortable with.
The key to finding the lowest premium and saving the most money is to make sure that you shop all the different companies providing these supplement plans in your state. Because these plans are “standardized”, meaning a Plan F is the same coverage and benefits no matter which company offers it, it’s best to check prices as they can differ greatly from company to company.