What Are The Benefits Of Having A Medigap Plan?

Medigap plans offer a great deal of benefits that free beneficiaries from the restrictions of networks while saving them out-of-pocket costs.

Fewer Out-Of-Pocket Costs

Why do people choose to have a Medigap plan? The main reason is that it helps you pay less for the covered medical care you’re receiving. 

Medicare Supplement plans are not health insurance policies. Instead, they help you afford to use your Medicare coverage and see the doctor without having to pay as much for your care. 

Medigap helps pay for Part A coinsurance and hospital costs, Part B copays and coinsurance, your first three pints of blood used for a procedure, Part A hospice care, skilled nursing facility care, the Part A deductible, Part B excess charges, and foreign travel emergency care. 

Two plans even help pay the Part B deductible, but these policies are limited to people who became eligible for Medicare before 2020. Two other plans have out-of-pocket limits, which means they operate with one of the key benefits of Medicare Advantage plans. Original Medicare, Part A and Part B, does not have a maximum for your out-of-pocket costs in a year. Especially with the Part A deductible, which you have to pay for each benefit period throughout the year, Medicare costs can quickly add up to unreasonable sums. With the help from your Medigap plan, you have coverage for many of these out-of-pocket costs once you meet your plan deductible.

Coverage Without Restrictive Networks

With a Medigap plan, you don’t have to worry about being covered if you’re out of town. Your coverage goes with you, anywhere in the U.S. or its territories. As long as the health care facility takes Medicare patients, you will be covered no matter how far from home you happen to be. 

You also have no restrictions telling you that you have to choose a primary care physician within a region-specific network of providers, nor do you have to get a referral to see a specialist. There is no network when you have a Medigap plan; you can see any medical professional you like (who takes Medicare).

Foreign Travel Coverage

Another restriction of Medicare that presents some concern for beneficiaries who make use of their passports is a lack of coverage outside of the United States and its territories, except in very specific circumstances. If you are someone who likes to travel outside of the country and would like a safeguard if anything were to happen, a Medigap plan may be the perfect solution. Six of the Medigap plans offer 80% coverage for foreign travel emergency care.

Guaranteed Renewal

To top it off, you will not lose your Medigap coverage even if you develop a health condition. All standardized Medicare Supplement plans are guaranteed renewable, so you can keep your coverage as long as you continue to pay your plan premium.

How Do I Get Medigap?

To learn more about purchasing a Medigap plan or to compare your Medicare plan options, speak with the agents at Magellan Healthcare.