Medigap insurance is a type of private health insurance that can help pay for some out-of-pocket costs associated with Original Medicare. This includes things like copayments, coinsurance, and deductibles. Medigap insurance can also help cover some services that Original Medicare doesn’t cover, such as foreign travel emergency care.
Ten standardized Medigap plans are available, each with its own set of benefits. Plans A through G offer the most comprehensive coverage, while Plans K and L offer a more limited range but lower premiums. Plan N is a newer plan that offers 100% coverage of Part B services, except for copayments for some office visits and some emergency room visits.
The benefits of Medigap insurance can be significant. For example, if you have a Medigap plan that covers coinsurance, you could save hundreds or even thousands of dollars on your healthcare costs each year. Medigap insurance can also help you avoid financial hardship if you need expensive medical care.
If patients are considering Medigap insurance, you should keep a few things in mind. First, they must have Part A and Part B of Original Medicare to be eligible for Medigap insurance. Second, they can only buy Medigap insurance during the Medigap open enrollment period. This period begins when you first enroll in Part B of Original Medicare and lasts six months.
If they are outside the Medigap open enrollment period, they may still be able to buy Medigap insurance but may have to pay higher premiums. You should also be aware that some Medigap plans have pre-existing condition exclusions. If they have a pre-existing condition, they may have to wait a certain amount before your Medigap plan will start paying for treatment.
Overall, Medigap insurance can be a valuable way to protect patients from the high cost of health care. If a patient is considering buying Medigap insurance, research and compare different plans to find the one that best meets their needs.
Here are some of the specific benefits of Medigap insurance:
- Can help cover out-of-pocket costs associated with Original Medicare: This includes things like copayments, coinsurance, and deductibles.
- It can help cover some services that Original Medicare doesn’t cover at all: This includes things like foreign travel emergency care.
- Can help you avoid financial hardship if you need expensive medical care: Medigap insurance can help you pay for your out-of-pocket costs, which can be very high.
- Can give you peace of mind knowing that you have coverage for your health care costs: This can be especially important as you age and your health needs change.
Overall, Medigap insurance can be a valuable way to protect patients from the high cost of health care. The pharma industry and HCPs should remind patients about Medigap insurance as the cost of healthcare is not about to come down anytime soon.