For many individuals who are 65 years and older, one of the biggest healthcare decisions they are faced with after retirement is how to cover the cost of medical services and medications that the traditional Medicare program doesn’t cover. Medigap Supplemental Insurance adds benefits to your existing Medicare enrollment, helping to cover some of the gaps in coverage, including the costs of copayments, coinsurance and deductibles, which can really add up quickly throughout the year. For those who are already enrolled in Medicare Parts A & B, these types of private insurance plans can be a big help when it comes to keeping the costs of your healthcare in retirement down and they are easy to sign up for and use as well.
Applying for Medigap Supplement Insurance is incredibly easy, as long as it’s done during the open enrollment period (which starts 6 months after turning 65, or when you enroll in Part B at age 65 or older), which is determined by Medicare. For those who choose to enroll outside of their open enrollment period, the insurance issuer will typically assign a penalty amount to the premium that is incurred each month and that continues throughout the life of the policy, so it’s important to know your options ahead of time.
Each MediGap plan offers different features and benefits that vary depending on the insurer and how high the premiums are. It’s always a good idea to compare the different Medigap plans and their premiums, as you don’t want to get locked into something that you can’t afford, or that doesn’t offer the benefits or coverage that you need. So, if you are approaching age 65 or have already passed that important milestone, take the time to look at your options and you’ll save yourself big hassles down the road.