The Snags to Look out for If Your Medicare Coverage Involves Medigap
The Medicare Open Enrollment period is underway and if you are a beneficiary, it’s best you reviewed your coverage. One of the changes beneficiaries make annually concerns supplemental plans, otherwise known as Medigap.
However, you may be surprised to learn that not many of the national health insurance program’s 60 million beneficiaries understand the rules that govern Medigap. For those whose changes in coverage don’t involve these supplemental plans, the process is often a straightforward one. Where Medigap is involved, it may become a whole other ball game.
Medicare Parts A and B are regarded as the original form of the insurance program, and indeed they are. Medigap, provided by private companies, comes into cost-share aspects of Part A and Part B, i.e., hospital and outpatient coverage respectively, encompassing both coinsurance and copays. However, that’s hardly the entirety of it. Let’s investigate more, shall we?
Upon your first Part B Medicare enrollment, you are entitled to a 6-month window where private insurers allow you to buy a supplemental plan without much scrutiny. You must already be familiar with medical underwriting. If not, it is the evaluation of your current health and medical history by` an insurance provider to determine what type of coverage to offer.
For said 6 months, you’ll be able to get yourself a Medigap plan without having to go through this entire process. Once the time on the clock runs out though, the underwriting process is inevitable, unless your state has no enrollment restriction, or you fit into a special group exempted from the process altogether.
Only three states allow for an all-year-round enrollment, and these include Massachusetts, Connecticut, and New York. A few others are a bit flexible, so you can try your luck if you need to switch plans before the annual enrollment period comes around.
Another thing you need to know about Medigap is that it only goes with Parts A and B, otherwise known as original Medicare. As such, choosing the Advantage Plan means that it won’t pair with Medigap, seeing as the plan, while being inclusive of Parts A and B, also includes Part D (prescription drugs).
What if you already have an Advantage Plan and want to drop it for Medigap? This, CNBC reports, could be quite tricky. How so, you ask? Well, the answer is quite simple. Once you make the switch back to original Medicare, you are not guaranteed of a Medigap policy.
You are not entitled to that six-month period where you’re exempted from medical underwriting, and should there be chronic medical conditions that private insurers wouldn’t touch with a ten-foot pole, they may deny you coverage, or charge you way more than they would a regular client. It goes without saying, therefore, that before you drop that Advantage Plan, be 100 percent sure that you can get Medigap.
With the info you’ve got thus far, what do you think happens if a person moves from Medicare Parts A and B and into an Advantage Plan? Of course, they automatically lose their Medigap. The silver lining, however, is that they’ve got up to a year to go back to original Medicare, and if they do, they’ll be enrolled back to their Medigap plan.
Social Media and Its Effects on Mental Health
Human beings are known to be social creatures. The fellowship of others is something we need to prosper in life. The...December 23, 2020
How to Keep Your Overthinking in Control and Worry Less
If you are someone who is constantly troubled with anxious thoughts and endless worries, we have a few tips that can...December 23, 2020
Immunocompromised People Will Have to Wait a Little Longer for a COVID Vaccine- Here’s Why
The novel coronavirus cast a shadow of despair on the world and left billions unhappy. In theory, the main elements that...December 17, 2020
Stressed Out Lately? Here’s to How Recognize Burnout and Its Treatment
What is burnout? The simplest answer to that question is a state in which you feel overwhelmed or under continuous stress,...December 17, 2020
Drink to Your Health: Stay Strong by Consuming Bone Broth
Bone broth is a go-to choice of many when overpowered by seasonal flu, stuffy nose, backache, or someone who has just gone...December 15, 2020
Are You a Senior & Having Trouble Sleeping Well? Check Out These Tips For Help
At least once in our lives, most of us miss the days when we could sleep for hours and hours without...December 15, 2020
Children Won’t be Getting a COVID-19 Vaccine as Soon as Adults Will- Here’s Why
Coronavirus has been nothing less than the grim reaper in the year 2020. It has terrorized the world like never before....December 14, 2020
How Did Queen Elizabeth’s First Virtual Audience From Windsor Castle Go?
With time, Coronavirus is taking its toll on everyone. From lockdowns to night curfews, social distancing to cancellation of events, the...December 12, 2020
The Pandemic Has Many of Us Stress Eating and Gaining Weight
We’re sure it’s hard not to be fully aware of the pandemic that has been raging outside of your doorstep. The...December 12, 2020