Medicare Supplemental insurance (Medigap) pays for expenses not covered by traditional Medicare.
Medigap is one of the best investments you can make when you retire, yet only 29% of Americans purchase it. Like other private health insurance plans, Medigap coverage is purchased from a private insurer, not from the US Government. A licensed Florida health insurance agent can help you navigate the options and provide you with a quote.
Timing Is Important
One of the little-known secrets about Medigap coverage is that some purchase options “time-out” soon after you retire. It is highly recommended that you purchase Medigap coverage within the first 6 months of your eligible retirement date (typically age 65) in order to preserve your right to purchase the features you want. If you wait too long, some features may no longer be available to you.
Medigap Plans Compared
Medicare Supplemental coverage is available in several variants, each designated by a different letter. The purpose of all of them is to reimburse you for expenses not otherwise paid for by Medicate Part A (Hospital), Part B (Medical) and Part D (Pharmaceutical). Some of the costs reimbursed by Medigap plans include extending payments beyond the normal Medicare restrictions and reimbursing you for copayments, for coinsurance payments and for your Medicare deductibles.