Medigap Plans

Once a senior insuree is in the Medicare Part A and Part B coverage boat but suddenly realizes they need an additional plan for items not covered by Part A and B, they begin to look at options. About that time the direction arrow points toward a Medicare supplement or medigap policy to fill the needed “gap.” But this move, like Plan B noted above, isn’t free; there’ll be premiums to pay. Ergo, shopping around the Internet for rates and quotes is required.

Why shop around you may ask? Well per Medicare instructions all medigap benefits are regulated by the government; however such is not the case in medigap or supplement pricing. That caveat alone is worth your time to locate the best insurance company offering the best deal because the cost of medigap coverage might very well change your monthly budget. However most seniors seem to feel that getting the “gap” coverage they want is worth the added benefit of getting what they need when they need it.

When you received your Medicare & You Handbook, you may have set it aside as something you’ll read later. One important fact you missed on how you can lower your medigap insurance cost is purchasing your particular plan during Open Enrollment. See, you’ve already learned something; but wait, there’s more. Open enrollment is a six month “parachute” starting from the date you initially enrolled in Medicare Parts A and B during which time you can purchase any medigap plan that your chosen insurance company offers without having to apply through any medical company underwriting. Breaking that down into plain English, it means your “gap” insurer cannot consider your past medical history, or require you to take a physical exam, nor can they charge you a higher policy rate for any pre-existing health condition. You can enroll in Medigap Plan F, which covers almost all of the “gaps”, as a lifelong smoker, and pay the same premiums as someone who has never smoked a cigarette in their life. On the other hand if you choose to eschew this medigap “gift” you probably won’t be guaranteed the medigap policy you desire at the lowest price. Another thing about medigap policies is they determine cost via issue-age, attain-age, plus the zip code where you live.