If you already have Medicare, you know not all medical expenses are paid for. You still have copayments, deductibles and other costs you will still have to pay. A policy called Medigap 2020 will help with these additional expenses.
Medigap is a supplement health insurance plan that works in addition to Medicare. It is sold by individual insurance companies and is obtainable for seniors who have Medicare. Medicare will only pay for 80% of your medical expenses and Medigap is devised to cover the remaining 20% of medical costs that you would otherwise be responsible for.
What Does It Cover?
Medigap can cover a great deal. Many of the plans will take care of the cost of annual deductibles for Medicare Part A and the copayments associated with Part A outpatient care. These expenses can be for hospital admissions and services while there.
If blood is needed while in a hospital, it will pay beyond the 3 pints of blood yearly that Original Medicare covers and also cover any hospice coinsurance expense.
The Medicare Part B expenses for outpatient care will also be taken care of by a Medigap supplement plan. These expenses can be any excess charges, copayments and deductibles. Your short term care and regular physician visits will also be covered.
If a nursing facility is needed or home nursing care, several Medigap plans will take care of this expense. Those who travel may worry about having any medical issue paid for and there are plans that cover your travel in other countries. If you have a medical issue, you will have 80% of the expense for each event covered and during your lifespan $50,000.
Your particular Medigap plan may not take in all these incidents, but you will be able to find a great plan to cover your particular medical problems. The plan you choose will cover what you are concerned with and not have you paying for things that are not appropriate for your health situation. Many of the Medigap plans have certain medical expenses covered for various people and all plans are sold by private insurance companies in your area. The insurance company determines the monthly rates for each plan and all the plans are the same across the country. If you aren’t able to find a satisfactory plan from one insurance company, you need to look at other companies to see what they offer. You can go to our website and see several insurance companies in your area, after you put in your zip code. This will help you see what is available and help to make your decision easier. You also can call us to help answer any questions you may have. There is no cost to you and we will be happy to help you.
The Cost of Medigap 2020
This year’s prices for a Medigap supplement plan will be higher than last year’s. This happens due to inflation and our website will help you keep abreast of any changes happening throughout the year. Our list of insurance carriers and their prices will be easy to see on our site and you will be able to see what policies are more expensive than others. As said before, the plans are the same wherever you live, but it’s the rates that will be different. Medicare decides what these plans cover and there may be around eight plans depending on where you reside. What is covered in each plan cannot be altered by the insurance company.
These Medigap plans will cost approximately from $50 a year to $500 a year. The cost of these plans will be controlled by the insurance company and will change from state to state. Your friend in another state may be paying less for the same plan you have. You will probably have the same monthly premium from year to year by keeping the same plan. When you keep the same plan, it is found that the rate increases are less than changing plans each year. This can be an incentive to staying with the insurer you first choose when enrolling in a Medigap supplement plan. You may find you will have to pay for additional medical expenses, such as for the foreign travel expenses that are not covered.
Best Medicare Advantage Plans
Will The Plans Change for 2020?
Many people are wondering if these Medigap plans will be the same from year to year. The plans are not likely to change yearly, but the rates designated by the insurance companies could be different and what plans they decide to offer seniors could also change. It is wise to check back on our website to see if your plan has any differences from when you signed up for them. Medicare is in charge of what plans are offered each year.
Lately, Medigap Plan F and Plan C from the supplement plans have been withdrawn. The seniors who still have these plans are able to continue renewing them each year. These plans had very high coverage, but were seen to not be as viable for seniors and Medicare decided to discontinue issuing them.
Around the same period, Medigap Plan G was introduced which has the same coverage, but a higher deductible and lower premiums to help seniors to put out less money each month. Most insurance companies sell these plans to seniors, to meet their health needs.
Are You Eligible for Medigap?
Many people wonder if they are able to get a Medigap plan. Only people who have reached the age of 65 can acquire a Medigap plan. They will also have joined Medicare, in order to apply for this kind of plan. Medigap plans are known as supplemental plans. This is because they take care of the costs Medicare does not pay. Medicare will pay 80% of medical expenses you may have and the remaining 20% will be out of your pocket if you do not have a Medigap plan.
You can only have one Medigap plan when you sign up, because they cover the same medical expenses. If you currently are still working, your employer may have health insurance as a benefit for you and you will need to check to see if their plan differs with a Medigap plan. If you find the coverage your employer offers you is not sufficient, you can drop that plan and get a Medigap plan to fit your needs.
The appropriate time to sign for a Medigap plan is when you turn 65 and get Medicare as well. If you wait beyond the enrollment time, you may find it will be more costly. Also, any pre-existing medical conditions you may have, may not be covered, so it is best to sign up on time.
Look carefully at all the Medigap plans available and feel free to call us with any questions. We are here to help with your decisions to get a Medigap plan with the right coverage for you.