Medigap policies are only available to those people who already have the Medicare Part A and Medicare Part B, which usually cover the charges of doctors.
One important thing to note here is that those with the Medicare Advantage plan can’t get any Medigap plan.
Steps necessary to consider to find out the right plan:
- Step I: Decide on Medigap or Medicare Advantage
Medicare alone does not cover all the health care costs. Usually, Original Medicare pays about 80% of the cost and the remaining 20% is covered by Medicare Part A and Part B.
Moreover, Original Medicare does not pay for some prescription drugs, and dental and health care services. As a result, one can cover some expenses through Medigap or the Medicare Advantage plan. Those who really want to avoid restrictions from the provider must go for Medigap.
- Step II: Study the available Medigap plans properly
Those who really want to go for a Medigap plan must research on them well. Medigap plans are designed uniformly and point-wise for the convenience of all.
They are ordered in an A to N design where Plan A offers the basic coverage, Plan B covers the coinsurance costs and Plan F is the only plan which covers everything.
- Step III:Identify Your Priorities
People with Medicare must be very thoughtful while dealing with such policies. One must analyze the costs for both now and the future.
Before taking any decision, the following factors must be kept in mind:
- Personal Preference
- Pay standards
- Risk management
- Step IV: Enroll Early
Medigap plans are renewable as long as their premium payments are made on time. It is also necessary to remember that Medigap policies can be purchased any time.