• Acquiring Medigap necessitates enrollment in both Part A and Part B of Medicare beforehand.
• Besides the monthly premium for Part B contributed to Medicare, Medigap requires an additional premium paid to the private insurer. Furthermore, should you opt for Medigap alongside a distinct Medicare drug plan from the same provider, you might be obligated to issue two distinct premium payments. For information on premium payment methods, reach out to the insurance provider.
• Medigap policies are individualized; thus, couples need to secure their own independent policies.
• Possessing prescription drug coverage via both Medigap and a Medicare drug plan is not permissible.
• Scrutinizing various Medigap plans is vital, given that the expenses associated with identical coverage can differ markedly across different insurers and may escalate with advancing age. Note that some states have instituted regulations to curtail the cost of Medigap premiums.
• A variant of Medigap insurance known as Medicare SELECT might be accessible in certain states. This type of Medigap policy compels the use of network hospitals and potentially network doctors to qualify for full insurance advantages, barring emergencies. Should you purchase Medicare SELECT, you’re entitled to a 12-month period to reassess your decision and exchange it for a conventional Medigap policy.
