Health
6 things to know about Medigap plans
Medicare Supplement Insurance, or Medigap, is additional insurance that one can purchase from a private health insurance company. Buying the extra plan could help an individual pay their share of out-of-pocket costs in Original Medicare. The insured usually has to have original Medicare Part A (hospital insurance) and Part B (medical insurance) to purchase a Medigap policy. Here are some of the important things there are to know about Medigap plans: 1. Costs Medigap is an optional insurance policy that may require individuals to pay a monthly premium to the private insurance carrier. The cost is in addition to the monthly Part B premium paid to Medicare. Some Medicare supplement insurance plans might have deductibles. A copayment might also apply to specific services under the Medigap plan. One should also note that the cost of coinsurance may vary based on the plan. The cost of the policy depends on the plan type and health insurer. It may also include other factors such as age, sex, location, and health information. For instance, the premiums for a 65-year-old with the least-expensive plan might be as low as $30 to $40 monthly. However, the premium might cost hundreds of dollars per month for older beneficiaries and plans with greater coverage.
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