Medigap 101: What to Know About Medicare Supplement Policies
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Medigap 101: What to Know About Medicare Supplement Policies

Medicare helps countless individuals receive the health attention that they need, despite age or disability. But while medicare coverage is better than no coverage at all, there are still a number of health concerns that are not covered.

After retirement, a senior's income can drastically reduce, meaning that they often rely on medicare for their healthcare needs simply because they cannot afford a more expensive plan. That's why medicare supplement insurance services can be a saving grace for seniors who need any of these services, or cannot afford the cost of copayments, deductibles, and coinsurance that covered individuals would normally have to pay out of pocket. 

But in order to qualify for a medigap, or supplemental medicare plan, you'll need to meet certain requirements. Here are some things that you absolutely need to know about medicare supplements:

  1. You must be signed up for medicare parts A and B in order to be covered by a medigap policy. Parts A and B cover hospital insurance as well as medical.

  2. Medigap only covers one person, so if you and your spouse want coverage, you will have to purchase separate policies.

  3. You are able to purchase a medigap policy from any insurance agency licensed in your state of residence.

  4. If you're currently covered by a different policy, like the Medicare Advantage Plan, then you can still apply for medigap. However, before your medigap policy begins you should be sure to cancel your other plan. Having both plans will not give you additional coverage.
  5. You will not be denied medigap coverage if you start having health problems, as long as you continue to pay the premium.

  6. Legally, no one can sell you a medigap policy if you have a medical savings account (MSA) plan.
In most cases, medigap does not cover the costs of the six following medical needs: long-term care, at-home nursing services, vision, eyeglasses, dental, or hearing aids. However, with the money that an elderly person saves by enrolling in a medigap policy, these costs will not be such a financial burden.

Of course, when it comes to choosing, you want to make sure that you have the best medicare supplement policy possible. 

Finding the best medicare supplement is much easier than you may think, though. Bankers Fidelity has received an A-rating by A.M. Best for excellence, and our customers agree. If you need supplemental insurance, contact us today to talk through your options.
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