What You Should Understand About A Medigap Policy
Some of the information cannot be stated enough, so be aware that some things may repeat.
- You need to be enrolled in both Medicare Part A and Part B.
- Medigap policies are not the same as a Medicare Advantage Plan. Medigap policies are just a supplemental policy to the benefits you get from Original Medicare.
- There is a monthly premium you must pay the private insurance company for the Medigap insurance. This is on top of the premium you pay for Medicare Part B.
- The Medigap policy is designed for a single person. If your spouse wants a Medigap policy, he/she must purchase their own.
- You can only buy a Medigap policy offered in your area.
- Guaranteed renewal of a standard Medigap policy will occur even if you suffer from health problems. So long as the premium is paid, the policy will not be canceled.
- There was a time when Medigap policies offered prescription drug coverage, but after 2006, this was no longer possible. If you want prescription drug coverage, you need to sign up for Medicare Prescription Drug Plan Part D. If buying both from the same company, there will be two premiums you have to pay.
- You cannot buy a Medigap policy if you have Medicare Advantage unless you will be going back to the Original Medicare.