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Medigap supplement plans are provided by private insurance companies and help pay health care expenses not covered by traditional Medicare. These costs include expenses such as coinsurance, deductibles and copayments. There are several Medigap plans, labeled Medigap Plans A through N, which one can choose from while setting up Medicare coverage. Each plan is standardized and regulated in the benefits it provides, though the prices will vary between plans and companies. When considering a Medigap plan, evaluate the coverage provided in each plan and how it will best reduce your potential medical expenses.
You can enroll in Medigap supplement plans via the Medicare forms used during your initial enrollment. If you choose not to add a Medigap plan upon your initial Medicare enrollment, you may be able to add it later though you may find limitations in place. It is also important to consider that certain types of care are not covered in a Medigap policy, such as vision and dental care, private-duty nursing and long-term care such as nursing home costs.
If you choose to add a Medigap policy to your health coverage, you pay a separate premium in addition to your Medicare premium. As long as you pay the premium, the company is required to continue your policy regardless of any new health problems. While Medigap supplement plans are not required with a Medicare plan, many seniors find the plans provide helpful coverage that reduce unexpected out-of-pocket costs. The best time to enroll in Medigap supplement plans is during your initial Medicare enrollment period, and you can enroll while filling out your other Medicare forms.