If you are turning 65 years of age and above or you are about to, it is time that you consider Medigap. You can enroll for Medigap only when you are 65 years of age and above and after having your original medicare policy. Even if you have Medicare part A for all hospital costs and part B for outpatient and doctor’s visits, you should know that the two can only cover up to 80% of the total cost. The remaining amount is your responsibility.
To make it easy for you, enroll for Medigap during the open enrollment period. The only daunting part of enrolling is that there are different types of Medigap policies to choose from. As of now, Medigap has ten different plans to choose from. All the plans are regulated by the government and offer to bridge gaps left by original medicare. Because of the many options, making a choice is not that easy. The Medigap option that you choose will always depend on several factors. Some of them include your health status, your budget, tolerance to risks among other things.
How to choose the right Medigap
To help determine the right Medigap plan for your needs, it is very important to start by considering the number of times that you have visited doctors. You should also keep a count of the number of times that you have visited other healthcare professionals. There is Medigap coverage with wide coverage and those with narrow coverage. The premium will always depend on the number of things you are covered from and the insurance company that you settle for.
Apart from your health status, you should also consider your budget. With Medigap, you will be paying a certain amount of money as premiums every month. Before you start choosing the right Medigap for you, first of all, come up with a budget. Your budget should be an amount of money that you can afford to spend. Although budget should never be a major determinant when you are looking for Medigap plans, it is still one of the most important factors to be considered when choosing Medigap.
Prescription drugs can also help you determine the best Medigap to choose. If your coverage does not include prescription drugs, it will be wise for you to settle for a Medigap such a Medigap plan D separately. This is so because part D is what covers prescription drugs.
It is also very important to know that, you cannot purchase Medicare supplements if you decide to settle for medicare part C. Therefore, you should be very careful with your choices.
Although medicare supplement plans bridge the gap left by the original Medicare, it is very important not to choose blindly. Take your time to assess your needs and your health condition to help you settle for the best coverage. If you will be traveling abroad or you are at great health risks, you should also put that into consideration.