Medicare Part C – Medigap
Medicare has a variety of letters beginning with your first Medicare card. On the lower left side of you card will be the phrase “Part A only”. This means that you are partially covered for hospitalization costs. It does not cover all of your costs and it is important to check exactly what your plan will cover. This information will be provided in the bountiful supply of printed material that you will receive along with your card. You have the immediate option of applying for Part B. Part B will cover a portion of your charges from your health care provider. That includes doctor, some labs and diagnostics.
From there the norm is to add prescription medication coverage. This will be Part D. Part D will require some investigation. The plan you choose should cover the majority of your personal prescriptions. A phone call to a Medicare representative can ease the burden of the search. If you choose to do it on your own, the same information is available on the Medicare website. www.medicare.gov.
Now that you have chosen your parts some additional checking is in order. None of these sections will cover all of your needs. There will be co-pay and co-fees for both. Being budget conscious is important, but preventing financial devastation from medical bills is also important. Now it is time for Part C, Medigap.
Medigap is provided by independent insurance companies and vary from state to state. The geographical location is the beginning of the search. Here again, you can start with a phone call to Medicare or a visit to the websites. Using a search engine will also allow you to choose a site and enter the correct information.
Fees for Medigap coverage start in the $150 range and go up. Your premium will depend on your health and you ability to pay. As with all insurance, coverage varies. How much are you willing or able to pay out of your own financial resources?
The benefits provided are established by state and federal laws. All companies must provide these basic benefits. They can then add other options and charge accordingly. They cannot stray from the basics but have the right to offer you any policy they choose. It is up to you to pick and choose what you need or may need in the future.
The Medigap plans, as in all other Medicare plans are lettered from A-L. This applies to all states except Minnesota, Massachusetts and Wisconsin. They have their own different standardized options. Each of the plans has a slightly different list of benefits. Although all of these letters will include the same options, the variation will be in the cost. Medigap plans do have higher premiums than Medicare Advantage plans and have no drug coverage included in the price.
Plans A through J have higher premiums. They also have more benefits and your personal expense will be less. Plans K and L have lower premiums but higher costs for you. They do cover some skilled-nursing in a skilled-nursing facility and will help with Part A deductibles.
Compare each plan to determine your needs. It is important to have the necessary coverage but without paying more just because it is a different company.
Tags: medicare part c, medigap