If you have Medicare eligibility, you should consider getting one of the insurance plans that are available to you. Very few people become eligible for insurance and decide that Parts A and B are enough coverage. There are just too many holes in Medicare not to consider purchasing a Medigap policy or joining an Advantage plan.
The Benefits of Medigap
A Medigap policy is the traditional type of plan that has been around since 1965. It’s called Medigap because it fill the gaps left by Medicare. Part A requires you to pay a hospital deductible and co-pays for extended stays and Part B requires that you pay 20% of all covered outpatient charges. A Medigap policy will, to varying degrees, fill these gaps.
Medigap insurance is available as one of several standardized plans. Plans will be the same from one company to the next. When you first become eligible for insurance, you have an open enrollment period that lasts six months from the first day of the month that you become eligible. During this time an insurance company cannot refuse you the opportunity to purchase any policy that they sell, no matter what pre-existing medical conditions you may have.
If the Medigap policy is affordable, this is the best time to purchase. Compare rates with several companies, knowing that coverage will be the same no matter which company you look at. Standardization makes comparing Medigap insurance policies easy.
If you choose a Medigap policy you will also need to purchase a standalone Part D drug plan, because it is not included. Get your health insurance Florida right now.
The Benefits of Medicare Advantage
Advantage plans are not supplements. Advantage plans do not fill the gaps, but rather give you set co-pays, co-insurance and deductibles that may control costs and limit your out-of-pocket expenses. Advantage plans also often include Part D drug coverage, as well as many additional benefits, such as dental, vision and hearing. Many people choose an Advantage plan because it will often have lower monthly premiums or no premiums at all. Advantage plans also have an open enrollment period when you become eligible.