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A Medicare supplement (Medigap) policy can cover health care costs such as copayments, coinsurance, and deductibles. With some policies, you can also receive coverage when you travel abroad.
Here are 9 things you should know about Medigap policies:
- You must have Medicare Part A and Part B in order to receive a Medigap policy.
- You must leave a Medicare Advantage Plan before your Medigap policy begins.
- You pay a monthly premium to both Medicare AND the insurance company through which you have Medigap insurance.
- A Medigap policy can only cover one person.
- Medigap policies are available from any private insurance company that is licensed within your state.
- Your insurance company cannot cancel your Medigap policy as long as you pay a premium, even if you have health problems.
- Medigap policies do not include prescription drug coverage. You will need to enroll in a Medicare Prescription Drug Plan (Part D).
- If you already have a Medicare Medical Savings Account (MSA) Plan, it’s ILLEGAL for an insurer to sell you a Medigap policy.
- Medigap policies do not cover everything. Be sure to discuss exact coverage because these policies typically do not cover long term care, vision, dental, hearing aids, eyeglasses, or private-duty nursing.
Contact Armor Insurance Services, LLC with any questions or clarifications you may need surrounding Medigap supplemental insurance.
Mike Kellerman is the President of Armor Insurance, LLC and veteran of the Health Insurance industry for over 20 years.