Medigap Plans: How do they make sense?
If you are on Medicare and are considering enrolling in a Medicare Supplement plan (Medigap) you might feel a bit overwhelmed when it comes to selecting the right coverage.
What exactly do Medigap plans cover, and are supplemental insurance something you will need? How do you choose the best plan for your situation. Let’s take a closer look the specifics of Medigap plans and discuss when it might make sense to spend the money on policies.
What are Medigap plans?
Medicare will pay for many of health-related expenses, however; they will not pay for all of them. That is where Medicare Supplement plans, also know as Medigap plans, come into play. Unlike Medicare, which is run by the government, Medigap plans will be serviced and offered by private insurance companies, to whom enrollees will pay monthly premiums above and beyond what he or she pay for Medicare Part B.
In order to be eligible for Medigap plans, enrollees must be enrolled in Medicare parts A and B. Additionally, Medigap plans will only cover one person. So if a person and their spouse both want coverage, they will need to buy separate policies.
Finally, a Medigap plan will not cover things like dental or vision care, hearing aids, or long-term care such as what you would receive in nursing homes, or private-duty nursing. So if you are interested in obtaining coverage for the above services, you will need to explore additional insurance options.