The Facts Behind Common Medigap Misconceptions

Medigap coverage is sold as an additional policy to bolster your existing Medicare coverage. With a Medigap policy, you'll have insurance coverage for care and services that traditional Medicare policies don't cover. That makes it easier for you to ensure your quality of care over time, especially when you are living with a chronic disease or other health challenges. Unfortunately, there are a lot of misconceptions about Medigap coverage and what it can do for you. Here are some of the facts that you should know about Medigap myths.

Medigap Is Not The Same As Medicare Advantage

Many people mistakenly assume that Medigap coverage is the same thing as Medicare Advantage. Unfortunately, this misconception can leave you facing costly premiums without the coverage you were hoping for. Both Medicare Advantage and Medigap provide other coverage solutions beyond traditional Medicare, but Medicare Advantage policies include significant premiums and they are separate, not in addition to Medicare. Medigap coverage is an addition to your standard Medicare policy.

Medigap Does Not Always Cover Everything

You'll find that Medigap coverage, although beneficial, is not all-encompassing. You may find some gaps that require additional coverage, such as a Medicare prescription drug plan. In addition, Medigap policies don't incorporate coverage for long-term care needs, so you'll still have to plan for covering those types of expenses. For example, consider the Medicaid look-back periods and start assessing your current asset situation.

Medigap Is Not Restricted By Open Enrollment

Medigap coverage is accessible during a defined open enrollment period and enrolling in those periods provides some advantages. You'll have some guaranteed issue opportunities, for example, during open enrollment. However, you can enroll in a Medigap policy at any time. Just be prepared to undergo additional underwriting if you apply outside of those open enrollment periods. When it's possible to wait, it might be in your best interest.

Medigap Policies Are Not All The Same

You might be tempted to buy a Medigap policy from the first provider that you find because of the assumption that all Medigap policies are the same. The truth is that Medigap coverage varies by carrier, so take some time to weigh your options and compare to find the policy that meets your personal needs.

These are just a few of the most important facts that you should know when it comes to your Medigap insurance plans. Reach out to a few providers in your area today to assess your options and find the coverage that's right for you.