How can I enroll in a Medigap plan in 2024?
While Medicare is a ‘safety net’ and covers many medical necessary services, there is still a lot that is not covered. Especially if you have a health issue or a per-existing condition such as diabetes or high blood pressure, you need an additional insurance that helps you cover the gaps that traditional Medicare does not cover. If you have unforeseen medical expenses, NOT having a Medicare supplement plan will cost you much more than the monthly premium for your plan.
Original Medicare does only provide up to 80% coverage for health care expenses and leaves you with deductibles and copayments. For this reason, Medigap, also referred to as Medicare Supplemental insurance or Medicare supplemental plans, was created to help beneficiaries on Medicare cover the ‘gap’ that traditional Medicare leaves.
In 2024, Medigap plans offered by private insurance companies are standardized by the letters A, B, D, G, K, L, M, N. Each plan provides various benefits to help pay for the different gaps, and private insurers are required to comply with regulations under the health care law.
To enroll in a Medigap plan, you must have Medicare Part A and Part B. You may first apply during the so called ‘initial enrollment’ which is typically within 6 month of your initial enrollment in Medicare Part B. Insurance companies must accept you during this time, even when you have a pre-existing medical condition. If a health care provider accepts Medicare they will typically also accept your Medigap insurance as Medicare provides still your primary coverage, and your Medigap insurance will only pay after Medicare has paid its share.
Medigap plans and the insurance companies selling them vary from state to state. Depending on where you live, you may find up to 10 of the standardized plans. Each plan offers various benefits, all regulated by the government. As the same plan may be sold by different private insurance companies and the insurer is free to set its premium, it pays to comparison shop.
None of the available Medigap plans however covers prescription drugs. Medicare beneficiaries will therefore have to add a Part D prescription drug plan in order to have their medications covered.
The variety of Medigap plans was created to offer something for everyone, with various benefits, from low to high deductibles. and compare different insurer quotes. Make sure you select a plan that provides the coverage that meets your health care needs, before starting to compare quotes from several insurance companies.
