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What is a Medigap Policy and how does it work with Medicare?

A Medigap Policy is a Medicare Supplement Insurance Policy sold by private insurance companies which are designed to help pick up some or all the health care costs the Original Medicare doesn’t cover, such as, coin-insurance, copays, or deductibles. Many Medigap plans may even pick up emergency foreign travel expenses. If you have Original Medicare and a Medigap policy, Medicare will pay its share of the Medicare-approved amounts for covered health costs. Then your Medigap policy pays its share, often leaving you with no or little out of pocket expenses. A Medigap policy is very different from an Advantage plan (like an HMO or PPO) because those plans replace your Original Medicare and require you to follow specific network rules, where as a Medigap policy simply supplements the cost of your Original Medicare benefits. On a Medigap policy you will be permitted to see all doctors, hospitals, and facilities that accept Original Medicare and those facilities are required by law to accept your Medigap policy regardless of the company your Medigap policy is with. All Medigap policies must follow federal and state laws designed to protect you. There are hundreds of companies that sell Medigap policies and navigating through all companies and the variety of plans can be confusing. The Health Insurance Store has helped thousands of people sort through the confusion. Do not make a costly mistake when choosing a Medigap plan. Please call us for a free consultation and we will be happy to explain all the detail of a Medigap policy, you can reach us at 505-200-0069 or email me at April@getyourbestplan.com

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