Medicare Supplement Insurance, also known as Medigap, is a supplemental insurance policy that you can purchase to add to your existing Medicare plan. Medigap is purchased through a private insurance company and covers costs that your Medicare doesn’t. Medigap is separate from Medicare Advantage, and you cannot have both at the same time.
Deciding to purchase a Medigap policy is an important decision that will affect the quality of your health care going forward, so it’s important to be informed of the pros and cons.
Pros of Medigap Plans
- Coverage: The obvious benefit of a Medigap policy is that it takes away unwanted out-of-pocket costs. Depending on your chosen policy, Medigap can cover deductibles, copayments, and other costs Medicare Part A and B don’t.
- Trial Period: Referred to as a “free look,” Medigap allows you thirty days to try out your new policy before you make your final purchase.
- Nationwide Network: Unlike with Medicare Advantage, you have more freedom in choosing your healthcare providers, and the coverage is the same almost unilaterally across the United States.
- Travel Insurance: Depending on your policy, Medigap will pay for medical care received while in a foreign country.
- Options: There are ten Medigap policies available for you to review, making it easier to tailor your overall insurance plan to your specific needs.
Cons of Medigap Plans
- Price: All Medigap policies require you to pay a premium, which may cost more than you’re willing to spend. It’s up to you to decide whether or not the price of the Medigap premium is worth it for the peace of mind that, should something drastic happen, your health care needs are paid for.
- No Dental or Vision: Unlike with Medicare Advantage, Medigap does not provide dental or vision insurance. These would need to be purchased elsewhere.
- No Prescription Drug Coverage: While Medicare Advantage has the option of choosing a plan with prescription drug coverage, Medigap does not. If you want prescription drug coverage while using Medigap, you will need to enroll in Medicare Plan D.
- Changing Plans: It’s possible to change your Medigap policy once you’ve purchased it, but it’s not always simple. In certain circumstances, you may also be subject to underwriting, meaning the insurance company can deny you coverage or charge you more in premiums for pre-existing conditions.
- Options: Yes, this can be a con as well as a pro! Insurance, even Medicare, can be hard to make sense of, and having so many different policies to choose from can be overwhelming. While it’s good to have choices, it can cause a lot of stress, too.
Ultimately, the choice is yours; no one else is going to know your health care needs better. Remember to consider all your options so you can get the insurance coverage that’s right for you.
Get Your Medigap Plan Today With Cornerstone Senior Advisors!
Medigap has many pros and cons, but it is essential for many seniors who need extra Medicare coverage. If you are in the market for Medicare, Medicare Advantage, Medigap, Medicare Part D, or any other health insurance option, it’s best to get the help of an expert. Call us and review your options today!