Senior News
What is a Medigap?
Medigap (also known as a Medicare supplement plan) is a supplemental insurance policy sold by private companies that can be used along with Medicare Parts A and B to fill the gaps in their coverage. It can help you cover costs related to deductibles, copayments, coinsurance and more.
What is Medigap coverage used for?
For the most part, Medigap plans are designed to cover out-of-pocket costs for services that are covered by Medicare, as opposed to care that Medicare doesn’t cover and that the enrollee has to pay entirely out-of-pocket. For example, Medigap plans do not cover dental and vision charges, as Original Medicare (Medicare Parts A & B) does not provide routine dental and vision coverage. Medigap policies do not work with Medicare Advantage plans.
What do Medigap plans cost?
The average monthly premium cost of a Medigap can range from $50 to over $300. With Medigap plans, premiums change each year. Tobacco use, health issues, gender, location and age can influence costs.
Medigap is an optional insurance policy. If you choose to get one, you’re responsible for paying a monthly premium to the private insurance carrier. This cost is in addition to the monthly Part B premium that you pay to Medicare.
What is the enrollment period for a Medigap plan?
The best time to buy a medigap policy is during your Medigap Open Enrollment period. This is a sixmonth period that begins the first month you have Medicare Part B and you are 65. During this time, you will have a guaranteed issue right. If you delay signing up for Part B because you have group health coverage, you will have an Open Enrollment period once you sign up for Part B.
If you have any questions or need more information, contact Julie or Alyssa at 406-653-6221 or stop by at Roosevelt County Aging Services, 124 Custer St. in Wolf Point.
