Have you seen Medigap plans in Texas?

Do you really need it?

Once you turn 65 you automatically become eligible for Medicare. This means that you will be paying less out of pocket for trips to the doctor or hospital. However, Medicare only covers about 80% of your cost. The other 20% will have to be covered by the patient. Medigap Insurance will cover those expenses. For a monthly premium, you are covered for a variety of additional benefits that would have to be covered by you if you do not have a Medigap plan.

Eligibility

As soon as you become eligible for Medicare, you will be eligible for Medigap insurance. There are different plans to choose from that are tailored to your needs. Within the first six months of turning 65, there is an open enrollment period that will allow you to procure a plan at a lower price.

Options

There are ten plans available. The level of cover that you will need will determine the price of your premium. You need to make sure that you need Medigap. Some exceptions do not need to procure Medigap Insurance. If you:

  • If you hold a Medicare Advantage Plan.
  • If you have a group health insurance provided by the employer, government institutions, or if you served with the military.
  • If you have Medicaid or Qualified Medicare Beneficiary Program.

There are three types of plans available to you.

  • Issue-age rated the insurance company focuses on the age of the policyholder at the time of purchase.
  • Attained-age rated the premiums will become more expensive as you age.
  • Community-rated all the policy premium is determined by factors other than your age.

Conclusion

It is an important decision to make. Medigap will allow you to go on with your life without the extra financial stress of impending medical expenses.

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About the Author: Claire Ross