Major Factors To Consider When Choosing A Medigap Policy

Many people who live in Texas, look for options to figure out the most advantageous health insurance plans they can find to gain suitable health care coverage. After retirement, those who are 65 years or older qualify for Original Medicare, allowing them to manage medical expenses and hospitalization costs easily.

Medicare Supplement Insurance or Medigap are sold by private insurers and help to cover the gaps of Original Medicare. While traditional Medicare insurance covers quite a bit of your health care needs it does not cover everything. This is where Medigap comes in. This policy is useful to help cover the remaining medical costs including:

1. Deductibles
2. Coinsurance
3. Copayments

Key Factors of Medigap Policies That You Should Know

Purchasing a Medigap policy in Texas can be complex but using a list of important points to remember and seeking help when needed will allow you to remain on top of things and streamlines the process considerably.

To claim it you would need to previously have purchased Part A and Part B of Medicare.

Medigap is not the same as a Medicare Advantage Plan. While Medicare Advantage offers you healthcare benefits, Medigap merely serves as an add-on to your traditional Medicare plan.

Opting for a Medigap policy means that you have to make payments to private insurers in terms of monthly premiums. This premium is paid on top of the Medicare Part B premium that you pay monthly as well.  So, once you know the regulations, buying Medicare insurance plans is simple.

Medigap plans are meant for a single individual. Each spouse would have to buy a separate Medigap plan in order to be covered.

Medigap policies can only be purchased from insurance companies who have a state license to sell them.

For a typical Medigap insurance, insurers are guaranteed to continue coverage whether or not you have medical issues. Accordingly, they cannot arbitrarily cancel your policy as long as premiums are being paid.

Previously, some Medigap policies that were sold included prescription medicine coverage. But, since January 1, 2006, Medigap policies do not cover prescription medicine. To avail this coverage, you would have to purchase Part D of Medicare best known as a Prescription Drug Plan. If you purchase your Medicare insurance Part D plan and Medigap from one insurer, you will have to pay two different premium amounts. To learn how to make your premium payment, contact your health insurance company.

Those who have purchased a Medicare Advantage Plan cannot avail of a Medigap policy as it is against the law to do so. You can only purchase Medigap if you go back to Original Medicare.

Many people find it a tedious process to purchase Medigap and Medicare insurance plans. Once you have explored your options, you can work with an insurance agent in Texas for a smooth and simplified process.