Medigap Guide

2014 Medicare and Medigap Updates

Medigap Guide

Given the importance of health and medical care today, it is only proper that those eyeing a supplemental medical insurance should get a Medigap guide to help answer whatever questions they may have. In most cases, these Medigap guides are available online via the website of the government agency that also manages Medicare or with local health offices in your state. However, if you do not have this information, you can also refer to the short summary below to help answer your questions on getting a Medigap policy.

What is Medigap? In a nutshell, a Medigap policy is a supplemental insurance policy used to augment basic Medicare. This means that anyone looking to buy a Medigap policy must first already have basic Medicare coverage. Medigap will only pay for medical expenses that are beyond the scope of Medicare; hence the reason why it is only a supplemental insurance policy.

Where do I get Medigap? There are many companies that offer Medigap plans as regulated by the federal government. If you have a preferred health-provider that you have worked with on other policies before, and they are currently eligible to offer Medigap plans, there is no reason why you should not get your policy covered by them. However, if you have no previous knowledge of any provider, you can always consult your local Medicare office for a listing of companies that offer Medigap.

How much should I expect to pay for a Medigap policy? It depends. Medigap offers various plans varying in scope and the extent of the coverage determines the fee rates. As a rough Medigap guide, the most basic plans should cost you around $1,100 per year while the most extensive may cost up to $2,500 depending on the state that live in.

How do I make sure I get the most competitive offers for Medigap? There are many internet websites that offer Medigap cost to help policy holders compare the offers by different providers. It also helps to know that providers may use different pricing schemes for their offers. Some may offer lower-priced plans at the beginning but they can progressively go up over time, while others may offer plans that do not increase in price over time. It is important to consult with a Medicare professional or a Medigap guide that can help you iron out the details of the various Medigap price offers.

Which Medigap plan should I get? This highly depends on the needs of the policy holder. It is important to match one’s needs to the plan in order to get the most out of that Medigap policy. There is no value in paying a good amount of money for a service that will not be availed of; conversely, underpaying for your Medigap policy can severely compromise your position and limit your medical coverage even when you have already paid for a policy.

For more detailed help on supplemental insurance policies, get in touch with a qualified professional from the state’s health agencies that can help answer your specific questions on getting a policy. Likewise, always ask for the annual version of the Medigap guide so you can have a ready reference at home in case you have questions. Remember to never take your medical policy for granted; between the cost savings, the convenience, and the security that it offers, there is plenty to gain and little to lose by getting a supplemental medical insurance policy.