Medigap is sold through private insurance agencies. They conduct enrollment and will provide individuals with details about their policy. Insurance companies are not required to carry all ten Medigap policies, so be sure to shop around and research in your area. The ten plans are labeled as A, B, C, D, F, G, K, L, M, and N.
Unlike Original Medicare, nobody is automatically enrolled in Medigap. Medigap beneficiaries made the choice to enroll and sought out an insurance provider with the correct policy for them. Making the choice to enroll in Medigap can provide many financial benefits and is an excellent option for most.
Learning about the offerings of various insurance providers is beneficial in multiple ways. It’ll help you feel good about your decision and give you the peace of mind that comes from knowing you’re working with someone you trust. It’ll also help you find the best price for the policy you want. Because there are only ten variations of Medigap policies, the price can be one of the biggest determinants.
Types of policies
The majority of Medigap policies provide a percentage of coverage for the costs that you’d normally be responsible for if you only have Medicare Parts A and B.
Deductibles, coinsurance, and copayments can all be covered through Medigap. The amount of coverage you’d like in these areas will factor into your policy selection. Take note of each policy and how much coverage it provides.
Medigap is only available for those enrolled in Original Medicare. If you have Part C and would like supplemental coverage, you’ll need to switch your enrollment to Parts A and B. The goal of Medigap is to reduce the amount beneficiaries owe when paying their medical bills. While Medigap does not provide any extra benefits, its coverage will provide financial relief.
Medicare understands that out-of-pocket costs can weigh financially, so Medigap exists to bridge that gap. If you’re considering enrolling in Medigap, know that it can save you money and you’ll be able to keep your current insurance benefits.
If you’re ready to learn more about Medigap and all the ways it could save you money, make an appointment to speak with an insurance professional. As one of Oklahoma’s top insurance agencies, we’re here to help you through the Medigap policy selection and enrollment process. Give us a call at 405-694-0892 to discuss which Medigap policy is right for you.