You may have heard of how Medicare Supplement (Medigap) fills the gaps in healthcare coverage left by Original Medicare. But you probably didn’t know a few crucial things about it that may affect your coverage and finances.
Sold by private insurance companies, including Medicare Supplement plan brokers in NV, Medigap is an excellent health plan that helps you meet the remaining parts of medical expenses that Original Medicare doesn’t cover, such as deductibles, copays, and coinsurance. However, before buying it, you should understand its coverage to make the most of it.
Here are a few crucial things you should know about Medigap:
1. To enroll in Medigap, you first must have Medicare Part A and Part B.
2. Medicare Supplement plan and Medicare Advantage Plan are not the same. Medicare Supplement, as the name suggests, only supplements Original Medicare, whereas Medicare Advantage provides additional Medicare benefits.
3. Since Medigap is offered by private companies and Medicare Supplement plan brokers in NV, you are required to give monthly premiums to them. Also, you need to pay the premiums along with your monthly Medicare Part B premiums.
4. Unlike other plans, Medicare Supplement only covers one person. So, if you and your spouse or any other family member wants Medigap coverage, you need to get two separate plans.
5. You can get a Medicare Supplement plan only from a Medicare-approved private insurance company or broker. Do not buy it from a company that is not Medicare-approved.
6. Standardized Medicare Supplement is guaranteed renewable no matter your health needs. This simply means that your Medicare Supplement plan broker in NV cannot cancel your Medigap policy given that you deposit the premiums on time.
7. Many Medigap health plans sold before 2006 provide prescription drug coverage. However, those provided after January 1, 2006, do not cover prescription drugs. If you need prescription drug coverage, Medicare Prescription Drug Plan (Part D) is your best bet.
8. If someone forces you to switch to a new insurance company or health policy, or attempts to sell you a Medicare Supplement plan when you are already enrolled in Medicare Advantage provided you are not thinking to switch back to Original Medicare, they are subject to punishment and should be immediately reported.
Wrapping up
Getting a Medigap plan is an excellent step to enjoy health coverage that Original Medicare doesn’t offer. However, you should choose a reliable Medicare Supplement plan broker in NV to get the best benefits.
If you are planning to enroll in Medigap, we are the leading insurance provider with a team of highly skilled and experienced Medicare Supplement plan brokers in NV committed to helping meet your health needs.
