You are almost to that age where you need Medicare. You are worried that Medicare isn't going to be enough, though. Luckily, there is something called Medicare Supplement Insurance (aka Medigap). However, you may not know much about it and you have a few questions. You may know that Medigap helps to pay what is left behind from Medicare Part A/Part B coverage, but you don't know much else. Read on to learn more.
Are There Differences in Plans Among Companies?
For each standardized Medicare Supplement policy, the coverage benefits for Medigap are the same. For example, if you have a Medigap Plan E with insurance company A, it is going to pay the same as insurance company B would if you have a Medigap Plan E with them.
How Do Pre-Existing Conditions Work?
Essentially, it all depends on the company that you get your Medigap policy through. Some Medicare Supplement Insurance companies will have pre-existing condition provisions that will limit how they can extend coverage to any of your previous medical issues for a certain number of months after your Medigap policy has been issued. However, some companies will not exercise this particular option. In most cases, if you have been covered under a health plan through your employer or another Medigap policy, then the limitation for pre-existing medical conditions won't apply.
What Are the Rates for Medigap?
When it comes to Medigap rates, there are basically three different types:
- Attained Age Medigap – These rates are based off of your age when you first enroll in the plan. The rates will also increase by the year. Therefore, the premium is different for a 65-year-old individual than a 66-year-old individual and so on.
- Branded/Issue Age Medigap – The Medicare Supplement Insurance company has the opportunity to offer the same exact rate to individuals between specific ages, if they wish to. For example, a company can choose to offer the same rate for individuals between the ages of 65 and 69, 70 and 74, 75 and 79, and so on.
- Community Medigap – These rates are typically offered to individuals within the same state or community – and the rates are the same for those who have the same plan. For example, a 65-year-old and an 80-year-old could have the same Medigap premium if they have the same Medicare Supplement Plan despite their age difference.
Medicare Supplement Insurance can become quite confusing, so don't try to figure it all out on your own. Talk to a healthcare professional and/or an insurance provider, or visit websites like http://scis.us, to help you better understand your options.