Medigap is a supplemental health plan for individuals above 65 years of age, which can be bought from any private health insurance company. It is an effective way to account for expenses that are not covered by the regular Medicare plan. These expenses may include co-payments, deductibles, as well as coverage for those traveling outside the U.S. However, it is important to note that Medigap policies don’t cover long term treatment costs like dental or vision care, stay at a medical facility, or private nursing. For the uninitiated, standard Medigap plans are labeled A through N, and they provide different health care benefits. This article talks about what to expect from the Medigap Part B plan.
A person applying for a Medigap plan should have both Medicare Part A and B. By the way, the cut off age for Medicare eligibility is below 65. You would also need to know that if you are subscribed to the Medicare Benefit Plan, you have to exit that plan before your Medigap policy starts. Additionally, Medigap Part B would cover only one person, so if both your spouse and you are interested in getting Medigap coverage, you need to buy individual policies.
The monthly premiums for Medigap Part B will differ from company to company. The key factors determining the actual price of a premium would be the applicant’s age, gender, health condition and even location.
When to apply for Medigap Part B?
As noted earlier, only those above 65 years of age are eligible for Medigap plans. Hence, the best time to enroll in the supplemental Plan B is during your six-month Medigap Open Enrollment Period. This period starts on the first day of the month you turn 65, and during this period you have the right to enroll in any Medigap policy of your choice, irrespective of any existing medical condition, provided you are enrolled in Medicare Part A and Part B.
Do note that benefits from Medigap policies differ by plan along with the premium. So you need to do your research and read the fine print before enrolling in any of the plans. Also feel free to reach out to the healthcare policy providers with questions before you make up your mind about the Medigap plan you would like to subscribe to.