Know About Medigap Costs:
Here are some points to remember regarding the cost of medigap policies. You have to pay the premiums of medigap because original Medicare won’t pay any part of it. Medigap Costs can vary significantly as different insurance companies may charge different premiums for same coverage amount.
Variance in Medigap Costs
Whenever you compare a Medigap policy, please consider the Medigap policies of same type and the type of pricing. For example you should always compare a Medigap Plan F from insurance company ‘X’ with Medigap Plan F from insurance company ‘Y’. Medigap cost also depends on some of these decisive factors whether or not considered by your insurance provider. Here is the list:
- Discounts For :
people who are married
paying your premiums using electronic funds transfer
- Medical Underwriting:
It is the process followed by the insurance company to decide if you are worthy of holding a policy based on your medical history. A waiting period for pre-existing conditions may be applied (considering your state law) and the cost is calculated for the special cases through this process.
- Medigap Protections:
It is also known as Guaranteed Issue Right. Under this situation an insurance company
can’t refuse to offer certain Medigap policies. In this case, an insurance company:
Must sell you a Medigap policy
Must cover all your pre-existing health conditions
Can’t charge more money because of your past or present health problems
- Medical Open Enrollment Period:
During this period you can’t be refused of a Medigap policy or can’t be charged more for your past or present health problems. Some states may also have some additional rights under open enrollment.
- Medicare Select:
Medicare Select is such a medigap policy which offers you full medical benefits only within its network of specified hospitals and doctors. Your provider can reduce your premium if you select this policy.
In case of Plan F, there is a high deductable option that brings down your premium, but you must pay the deductibles, copayments, and coinsurance not paid by Medicare before the Medigap policy pays back anything.
These are some prime factors you need to have in your knowledge when you choose your policy and insure provider. Please clarify things before you pay for it.