If you have the traditional Medicare plan, Original Medicare, you may be looking for a way to cut down out-of-pocket costs. Medicare Supplement Insurance (Medigap) is one effective tool that you can use to significantly lower your out-of-pocket health care expenses. These plans exist to fill in the “gap” of costs left behind after Medicare pays their portion of the costs for approved health care services.
When shopping for Medigap coverage, you may notice that there are many companies that offer these plans. This is what you should know about Medicare Supplement Insurance companies before choosing one to provide your benefits.
What Are Medigap Plans
Medigap plans are a supplement policy that is sold by private companies. You must be enrolled in both Part A and Part B of Medicare to enroll in a Medigap plan and they pay for much, but not all, of the costs left over for covered health care services and supplies. The types of costs covered by Medigap include copayments, coinsurance, and deductibles. Some Medigap plans also provide benefits that are not offered through Original Medicare, such as coverage for medical care administered while outside of the U.S.
Finding A Medigap Company
Because Medigap policies are administered by private companies, you should review the quality of each organization before making your final decision. The type of company you choose to work with will dictate many aspects of your experience with Medigap, including your policy management process and the upkeep of your plan.
For instance, if you work with a company that eventually goes under, you will have to go through the hassle of finding a new policy provider. Therefore, it makes sense to shop around and find a Medigap provider that is likely to provide a high level of quality with their service. Beyond that, you won’t find much difference between Medigap providers, as all Medigap policies are standardized. Though, some providers may not carry the policy you are looking for.