Medicare

Keep these facts in mind when purchasing a Medicare Supplement Plan, also known as Medigap

To buy a Medigap (also known as a Medicare Supplement) policy, you must be enrolled in Original Medicare, which includes Part A and Part B.

The best time to purchase a Medigap policy is during your Medigap Open Enrollment Period, which lasts for six months starting the first month you have Medicare Part B and are 65 or older. During this period, you have guaranteed access to any Medigap policy sold in your state, regardless of health conditions.
Once on a plan, you cannot lose current coverage due to health. After your initial guaranteed insurability period, you will need to qualify to change coverage to a different carrier in the future.

Medigap plans are identified by letters (A, B, C, D, F, G, K, L, M, and N), with each offering the same basic benefits regardless of the insurer. However, some plans like C and F are not available to new enrollees after 2020.

Medigap plans help cover costs not covered by Original Medicare, such as copayments, coinsurance, and deductibles. Some plans may also offer additional benefits like foreign travel emergency coverage. It's important to compare the benefits of each plan to determine which best meets your healthcare needs

Medigap premiums can vary based on factors such as age, location, and health status. Pricing models include community-rated, issue-age-rated, and attained-age-rated, each affecting how premiums are calculated over time. It is important to shop for your current plan every few years to see if you qualify for a lower price.

Medigap policies are sold by private insurance companies but are regulated by state and federal laws.

Premiums can vary based on factors such as location, age, gender, tobacco use, and whether the company offers discounts (e.g., for non-smokers or paying annually).
Check if the insurance company offers any additional benefits, such as household discounts, and consider the company's financial stability and history of rate increases.

Medigap policies do not cover prescription drugs, so you may need a separate Medicare Part D plan for that coverage.
- You will incur a 1% increase in Part D premium penalty for every month you do not have Part D coverage while you are on Medicare. Please note this penalty is cumulative and for life.
Each Medigap policy only covers one person, so spouses must purchase separate policies.

Gateway has the tools to compare the benefits and costs of Medigap plans. Make an informed decision when purchasing a Medigap policy to supplement your Medicare coverage. These resources allow you to see side-by-side comparisons of different plans, their benefits, and costs.

Please reach out via phone, schedule an appointment, or email for a free, no-obligation discussion about what makes sense for you and your family. Click here to receive a quote in your inbox with your pricing.