If you’re looking for extra coverage while enrolled in Medicare, it’s important to know what your options are. One option is a Medicare Supplement plan.
Medicare Supplements, also known as Medigap, exist to reduce the amount of costs that are left behind from Original Medicare. Understanding Medicare Supplements is important if you’re looking to reduce the amount you owe when it comes to medical costs. Purchasing one of these plans is a decision that can be made for a variety of reasons. Whenever you’re making insurance choices, it’s important to research and learn everything you can about each option that you have.
Medigap is supplemental insurance for those enrolled in Original Medicare. Individuals that are enrolled in Medicare Advantage are not eligible for Medigap, because this form of supplemental insurance is specifically intended for those with Original Medicare.
Once you are enrolled in Original Medicare and are 65 years of age, you can start enrolling in a Medigap plan. An enrollment period will start, known as the Medicare Supplement Open Enrollment Period. During this period, you will have a total of six months to enroll in a Medigap plan without having to worry about being denied coverage because you will have what is known as a “guaranteed issue right.”
If you decide to enroll in a plan outside this period, there is a chance you could go through medical underwriting to determine your eligibility.
Who is Medigap For?
Those that are enrolled or looking to enroll in Original Medicare should consider Medigap. If you’re someone that’s looking to reduce the amount you owe through purchasing another insurance policy, then Medigap might be the right choice for you.
There are ten different Medigap policies, so which policy an individual chooses will depend on their overall goal. How much medical care they’re anticipating using can determine which Medigap policy they’ll choose and how much money they’ll save because of it.
Need More Information?
At Carolina Insurance Partners, we are dedicated to finding you the coverage you need. Whether it be through a Medigap plan or other Medicare coverage, we will help in any way we can. All you have to do is give us a call today and we’ll help you start the enrollment process!