You may know that Medigap helps to cover some Original Medicare out of pocket costs, but there are probably some things you don’t know about Medicare Supplement plans.
You Can (Most Likely) Keep Your Doctor
If you choose a Medigap plan you will most likely be able to keep your current physician. Remember that you can use almost any doctor, health provider, or hospital in the U.S. with Original Medicare or Medigap plan. If your doctor charges more than Medicare’s rate there are some Medigap plans that pay the excess charge.
Medigap Cost May Increase 2xs Per Year
Many people don’t realize that some Medigap providers have TWO premium increases per year: 1) annually; 2) on your birthday or policy’s anniversary date. These increases are generally not substantial but can make the client feel that they are being nickel and dimed. If this is a concern of yours, you should talk to your agent about a single, annual increase.
Ways to Save $ With Medigap
The most popular Medigap plan is Plan F. Medigap Plan F covers everything that a Medicare Supplement offers, with the highest monthly premium. There are some items that if you’re willing to forego their coverage you can save from around a hundred to around a thousand a year on premiums. Click here to see a side by side comparison of Medigap plans.
- Solution #1) Only visit doctors that accept Medicare Assignment. Then you can forego the Part B excess charge portion and choose a Medigap plan with a lower monthly premium. However remember that you have to check on every service and doctor you see -if you end up seeing a doctor that doesn’t accept assignment you’ll pay an extra 15%.
- Solution #2) Go with a Medigap Plan F High Deductible. This plan offers all the same coverage that the traditional Medigap Plan F covers but with a deductible that you must meet before it covers you. These plans can save you money (many times you can save $100 or more a month), but if you end up having a serious illness or injury these plans could cost you thousands more.
- Solution #3) Give up foreign emergency travel health care benefit. If you have no plans to cruise or travel abroad (Medicare does NOT cover you when you travel) in the future you may want to choose a less expensive monthly premium that does not include this benefit.
Next Steps
To learn more about Medigap plans call the number above or click here to get a Medigap quote.