Medigap is the part of Medicare that seems to be a mystery to a lot of people. You automatically are enrolled in Part A when you are 3 months away from your sixty fifth birthday. Medicare informs you at that time that this does not cover doctors visits, just hospitalization and that at a fairly steep level of co-pays. Part B will cover your doctor visits and some diagnostic studies, but still with a steep co-pay.
The missing letter, C, is there for you to consider to cover parts of those co-pay costs.
State and federal laws mandate certain coverage for Medigap plans. All but 3 states, Minnesota, Massachusetts and Wisconsin, have the same coverage for the basic Medigap plans. These are basic plans and will routinely cover half of your co-pay or other expenses up to a certain level. When you have reached that level of out of pocket costs they pay 100%.
There are 12 different Medigap plans, again with letters. A-L are their identifying names. The basic plans, K & L cover the least amount of financial responsibility. They will cover some costs for skilled nursing facilities, minimal home health and other items that are listed by Medicare or on the insurance company sites.
Many benefits can be added such as emergency care in a foreign country, extended care and more. Each additional benefit comes with an additional cost. It is important to consider your financial status before enrolling in one of these plans. The other point to consider is your health status. If you are chronically or seriously ill, will the basic plans cover your needs without putting you into financial ruin? What are my options?
Most states have medical care programs to assist with the cost or to offer an alternative, such as Medicaid. Your gathering of information should be at the state level if you fall below certain income levels. That may be your better choice.
Investigating the different plans is your responsibility, but can be done with the assistance of Medicare consultants or via the internet. They are knowledgeable as to the plans that are available. Determining your health as well as your financial abilities before you start your investigating is important. Considering your financial status will not be improved with a payload of medical bills. Many financial disasters are caused by an excess of medical bills.
Make your phone call to Medicare or go to www.Medicare.gov to start your search. You need to check out all of your options before making your decisions. Some of these decisions will depend on the status of your general health. The premiums will be less than most of the co-pays associated with extended hospital stays or frequent doctor visits, labs and other diagnostic studies. If you have the potential of skilled nursing facilities or nursing home admission, these two should also be considered. Take your time and make your decisions with an informed list of criteria. If you meet your needs with the proper policies, you will have peace of mind, which is also very valuable.
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