What Is Quick Medigap and Closing Health Insurance Gaps

Quick Medigap is a type of supplemental insurance designed to fill gaps in Medicare coverage. It's not a replacement for Medicare, but rather a way to enhance it with additional benefits.

Medicare has several coverage gaps, including prescription drugs, dental, and vision care. Quick Medigap helps bridge these gaps by providing financial protection.

The most significant gap in Medicare coverage is for prescription drugs, which can be costly and overwhelming without proper insurance. Quick Medigap can help alleviate this burden.

Medigap plans, like Quick Medigap, cover certain costs that Original Medicare doesn't cover, such as copays and coinsurance. This includes Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up.

Medigap plans also cover Part A deductible, which is the amount you pay for hospital care before Medicare kicks in. This can be a significant cost for many people.

Medigap Plan G, the most comprehensive plan available, covers Part A hospice care coinsurance or copayment. This is the cost of care when you're receiving hospice services.

In addition to these costs, Medigap plans also cover Part B coinsurance or copayment. This is the cost of doctor visits and other services that aren't covered by Medicare.

Medigap plans also cover Part B excess charges, which occur when a provider charges more than Medicare's approved amount. This can add up quickly, but Medigap plans help protect you from these excess charges.

Here's a breakdown of the specific costs covered by Medigap Plan G:

Medicare Supplement Insurance costs can vary significantly depending on the plan type, company, and factors such as age, sex, location, tobacco use, and health. Monthly premiums start as low as $30-$40, but can cost hundreds of dollars per month for older adults in higher cost areas.

High-deductible plans and plans with less coverage, like Plan K and Plan L, have lower premiums. A plan with more comprehensive coverage, such as Plan G, tends to have higher premiums.

You might even find that a high-coverage plan like Plan G has lower premiums than an option with less coverage like Plan A. It's essential to compare your quotes carefully to find the best option for you.

Other costs you might pay with certain plans include copays for some office and emergency room visits, like with Medigap Plan N. Some plans, like Medigap Plan K and Plan L, require you to pay out of pocket for 50% or 25% of most covered services, respectively.

Here's a summary of how Medigap premiums are set:

Other factors that could influence Medigap policy costs include discounts offered by the insurance company, high-deductible plan options, and a more limited provider list (Medicare Select plans).

The best time to buy a Medigap policy is during your six-month Medigap Open Enrollment Period, which starts the first month you have Medicare Part B and are 65 years of age or older. This is the easiest and least expensive time to enroll in a Medigap plan.

If you miss this window, you can still buy a policy during the annual open enrollment period, but you may face higher premiums or be denied coverage due to your health status or medical history.

To buy a Medigap policy, you can follow these simple steps:

Here are the two open enrollment periods during the year when you can switch from Medicare Advantage to Medigap:

If you're outside of your Medigap open enrollment period when you switch, you'll most likely have to go through medical underwriting, which means insurers can charge higher premiums or refuse to sell you a policy based on your health status or medical history.

To qualify for Medigap, you must be enrolled in Medicare Part A and B, which together are referred to as "Original Medicare." This is a requirement for purchasing Medigap coverage.

Medigap plans are standardized, meaning that each plan has the same benefits, regardless of the insurance company offering it. For example, Plan A covers 100% of Medicare Part A co-insurance and hospital costs, while Plan F covers 100% of Medicare Part B excess charges.

Here's a breakdown of the types of costs that Medigap plans cover:

The best time to buy a Medigap policy is during the six-month Medigap Open Enrollment Period, which begins the first month you have Medicare Part B and are at least 65 years old.

Medicare Supplement plans, also known as Medigap, can be a bit confusing, but they're designed to help fill gaps in your Original Medicare coverage.

To qualify for a Medigap plan, you must be enrolled in Medicare Part A and B, which are often referred to as "Original Medicare." This is a requirement for all Medigap plans, regardless of the type.

Medigap plans are standardized, meaning you get the same benefits regardless of the insurance company selling the plan. However, premiums, discounts, customer service, and non-Medicare perks can vary between companies.

There are 10 standardized Medigap plan types, with most states offering these options. The plan types vary in terms of what benefits they cover and how much they pay for medical care.

Here's a quick summary of the different types of Medigap plans:

Medigap Plan G is one of the most popular options, offering the highest coverage available to new Medicare members. It covers things like Part A coinsurance and hospital costs, Part B coinsurance or copayment, and blood transfusions.

Medigap Plan F is the highest coverage plan available, but it's no longer available to new Medicare members. If you already have Plan F, you can keep it, but you won't be able to purchase it if you become eligible for Medicare after 2019.

Medigap plans can be a bit complex, but understanding your options can help you make informed decisions about your healthcare coverage.

If you're traveling outside the United States, you might be entitled to additional coverage for emergency health care services or supplies.

Medigap plans can provide coverage benefits such as foreign travel emergency care and coverage for 80% of billed charges for certain medical expenses while in emergency care outside of the U.S.

Foreign travel emergency coverage with Medigap policies has a lifetime limit, so it's essential to understand the coverage and limitations before traveling.

If you're traveling abroad, be sure to talk with an insurance broker for personalized advice that meets your needs.