A brief of Who, What and When – Medicare Advantage Plans
You have enrolled in Medicare, and you quickly realize that it does not cover everything you need to be covered. You have heard of Medicare Advantage Plans Insurance (Medigap), and you may think that you need one of these plans.
Medigap plans are designed to fill the “gaps” of the original health insurance. The premiums for these private insurance plans are in addition to what you pay for Medicare.
Everyone on Medicare is not eligible to buy Medicare Advantage Plans. In most states, people under 65 are not eligible. Plus, Medigap plans are for one person only. If your spouse is eligible for a Medigap plan, he or she must purchase a separate policy from yours.
Medigap plans are identified by letters: A, B, C, G, K, L, M and N. Plans C to G have a basic set of benefits; the planes A, B, K, L, M, and N have a different set. For a list of basic benefits for all plans by letter, go to Medicare. gov. (Plans E and HJ are no longer sold, but current participants are generally allowed to keep these plans.)
Theoretically, you can buy Medicare Advantage Plans at any time after you sign up for Medicare Parts A and B, but it’s best to make your choice during your 6-month Medigap open enrollment period because it’s the only time you will be eligible for a plan without having to answer any medical questions. Buy a plan outside this period, and your premiums may be higher – assuming you are even insurable.
How to choose a good Medigap plan?
Medicare Advantage Plans are standardized and regulated by federal and state laws. Although all plans with the same letters offer the same basic benefits, the benefits of some plans go beyond these basics. In Massachusetts, Minnesota, and Wisconsin, policies are standardized differently than other states.Finally, if necessary, take the time to learn the jargon. Before choosing the best Medicare Advantage Plans, it is advisable to see Introduction to insurance: health insurance. Do not leave words such as co-insurance, deductible, co-payment and exit limit. Educate yourself and protect your health and your wallet in the process.For all your solution concerns, you should work very well with a reputable provider so that you are properly informed about the decisions that have been assigned to Medigap’s additional insurance coverage.