How to Know If You Need a Medigap Plan
March 10, 2022 | John Demko
There are some health care costs, such as copayments and deductibles, that are not fully covered by Medicare. One can expect to incur these types of expenses, which is why a Medigap plan may be a good idea. Here’s how to know.
What is Medigap?
Medigap refers to Medicare Supplement Insurance. It is a policy that helps pay for certain expenses that Medicare does not completely pay for. Medigap plans are offered by private health insurance companies that are licensed to sell Medigap plans in your state.
What Are the Different Types of Medigap Plans?
Medigap plans can vary drastically throughout the country. In most states, different Medigap plans are identified by letters (A, B, C, D, F, G, K, L, M and N). The state of Minnesota is somewhat unique when it comes to Medigap policies.
The most common Medigap plans include:
- Basic
- Extended Basic
- High Deductible Plan
- Medicare Supplement with Copayments (Plan N)
(Note: Medigap plans are different from Medicare Advantage Plans, and most Medigap plans do not provide Part D prescription medication coverage.)
How do I Know if I Need a Medigap Plan?
If you anticipate incurring a large amount of health care expenses in the form of copays, coinsurance and deductibles, a Medigap plan may be a good idea. If you’re not sure of which Medicare plan will best meet your needs, contact Twin City Underwriters or sign up for a free seminar.
How do I Know Which Medigap Plan is Right for Me?
There are many options to choose from when selecting a Medicare plan. It is important to consider all variables, including coverage and costs, to ensure that the plan meets your individual needs. Contact one of our licensed agents for assistance.
When Can I Buy a Medigap Plan?
The Medicare open enrollment period begins the month you turn 65 and enroll in Medicare Part B. During that time, you can buy any Medigap policy that is sold in your state. You may also be able to buy Medigap at other times, depending on your situation.
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
This is an updated blog post that was originally published in 2018.
