The Medicare Supplement Open Enrollment Period starts on the first day of the month after you turn 65 and you have Medicare Part B coverage. If You Enroll at the Right Time, You Can’t Be Denied Medigap Coverage These include the deductibles and the coinsurance found in Part A and Part B of Medicare. This can be rather expensive for some people, and that’s especially true if it’s a recurring treatment you have to receive regularly.īut you can get a Medigap policy that pays for part of (or even the whole) the $1,800 that counts as your out-of-pocket expenses. That means you have to pay a total of $1,800. This means that you pay $1,000 and then 20% of the remaining $4,000 which is $800. You get sick and you’re faced with a $5,000 medical bill. So let’s say that you have a $1,000 deductible and then Medicare pays for 80% of the rest of the medical bill. The coinsurance is the amount you have to pay in terms of percentage for various medical services.
The deductible is the amount of the healthcare expense you need to cover yourself before the Medicare benefits start to pay for the costs. You Get Help Paying for the Deductibles and the Coinsurance However, here are some possible reasons as to why it may be a sound investment. So do you need Medigap? That depends on your particular circumstances. The Medigap plan may also offer benefits that aren’t included in Part A and Part B. It may cover expenses that aren’t covered by Original Medicare, so you don’t have to pay as much when you have the right Medigap policy and you get seriously ill or injured.
However, this coverage may not be adequate for you, in which case you may need a supplemental Medigap 2019 plan.Ī Medigap policy supplements your Original Medicare Part A and Part B coverage. The basic coverage is provided by Original Medicare Part A (hospital insurance) and Part B (medical insurance). Medicare is the federal health insurance program mainly for people over the age of 65, though younger people with certain disabilities may also qualify for the program.
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