Why choose Medigap?
If you have Medicare, you may be wondering why you would enroll in more coverage. One of the most important things to note about Medigap is that it will not give you any additional benefits. This means that while it can reduce the amount you owe on medical bills, it will not provide for any additional services. You’ll still have the same coverage that’s provided by your Medicare policy, but won’t need to pay all the same costs.
Medigap covers a percentage (or all) of some of the costs Medicare expects beneficiaries to pay out-of-pocket. It’s important to note that Medicare and Medigap are separate and they require two different policies. If you enroll in Medicare, you won’t be automatically enrolled in Medigap.
Deductibles, coinsurance and copayments are all out-of-pocket costs that Medicare beneficiaries will need to pay for. While Medicare covers about 80% of your hospital and medical bills, supplemental insurance can pay for the other 20% — which could really help if you have a year of bad health. If you travel often, own multiple homes, or plan to visit family in different states, consider a Medigap policy that you can use at any provider who accepts Medicare patients!
Enrolling in Medigap
If you’re wanting to enroll in Medigap, you’ll need to do so as soon as possible once you are enrolled in Original Medicare and are 65. There is a Medigap Open Enrollment Period that begins once this happens and lasts for six months. During this period, you can enroll for any of the supplement plans without being turned down and denied coverage. However, if you miss this period, insurance companies can turn you down or charge you more for premiums based on your medical history.
Remember that when selecting an insurance agent, it’s important you trust them and feel comfortable about your decision. Insurance decisions are important and can be complicated, so working with a professional you trust is essential. If you’re wanting to partner with an insurance agency that prioritizes its clients, give us a call today at 405-694-0892. We are located in Yukon, OK, and will proudly serve you.