Considering the Need for Medigap Premiums and Policies

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Medigap Insurance and other Medicare topics.

Considering the Need for Medigap Premiums and Policies

Seniors evaluating health insurance coverage options should be sure to consider the addition of Medigap premium costs and coverage policies to their health coverage mix. Medigap policies are sold by private companies and provide coverage to fill the gaps found in traditional Medicare coverage. Medicare policies do not necessarily cover all of one's health care costs, so many seniors opt to pay Medigap premiums to enhance their coverage and reduce unexpected out-of-pocket expenses.

While Medigap policies are sold by private companies, they are standardized with specific benefits, so they should be easy to compare between companies. There are 12 different Medigap coverage policies, named Medigap Plans A through L, which provide slightly different levels of coverage from plan to plan. The Medigap premium for each plan will differ from company to company, so it is important to consider and compare multiple companies to ensure the plan you choose is the best possible fit for your needs.

While a Medigap policy is not required coverage, many seniors feel the cost of a Medigap premium is a minor expense that is worth having in place. Navigating the path of Medicare plans and coverage can be confusing, and there are numerous costs and procedures that are not covered by a basic Medicare plan. This is where the health insurance coverage provided by a Medigap policy can provide both a helpful financial safety net and significant peace of mind.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Medicare Tip Site? Request a Tip Now!


Guru Spotlight
Lynda Moultry