Updated on November 19, 2018
Top 5 Reasons for Getting a Medigap Plan
Although Medicare Supplement Plans offers a number of benefits, below you’ll find top 5 reasons why you need to consider them once you become eligible for Medicare coverage.
- They’re ideal for covering your medical bills
Let’s assume you constantly need to buy medications that are covered by Medicare but cost you too much. A Part B Medicare policy can cover 80% of your costs, however, the remaining 20% will still be your responsibility. Also, it is required that you reach your annual Part B Medicare deductible before you get your share from Medicare. The deductible am
- They offer assured acceptance
Depending upon your selected Medigap plan, your insurance agency will need to accept you although you may have health concerns, and it won’t be able to charge you a greater amount due to your disorder. However, you need to purchase the Supplemental plan within the Period of Open Enrollment.
If you decide to purchase the plan after this period, most times your health insurance company might refuse you the coverage.
At times, in case you are losing additional Medicare coverage, you can have Medigap guaranteed issue rights for getting the Supplemental coverage plan even if you purchase it after the period of Open Enrollment is over.
- They offer assured renewable policies
Even for people with health issues, all eligible Medigap plans provide guaranteed renewable. This means insurance agencies won’t be able to cancel your coverage if you are paying your premiums without any gaps. Furthermore, your policy is likely to be auto-renewed each year.
- Huge variety of options
All the ten standard Medigap plans provide different coverages so as to help enrollees pay their Traditional Medicare costs. The plans offering maximum coverage obviously have higher premium amounts each month. Thus, you can pick a Medigap policy according to your needs.
- They allow you to pick any doctor or physician who accepts Medicare patients
Majority of the Medigap policies offer coverage as long as you select any Medicare-approved hospital or doctor with the only exception being that of Medicare SELECT plans. With a Medigap SELECT plan, you might be allowed to visit hospitals or providers within its network only.