Medigap: Should I consider buying it?

Posted: Sat Feb 28, 2009 04:53 am Post Subject:

i hope all the queries are solved with this. :wink:


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Posted: Sat Feb 28, 2009 10:00 am Post Subject:

Hi Joe, Medigap, as the name suggests is designed to fill-in the gaps left by Medicare. It, however, can't replace Medicare.

Medicare would only pay around 50% of the total medical expense. The rest needs to be carried by the recipient. Medigap in such cases would compensate a portion of the out-of-pocket expense of the insured.

~Jeremy

Posted: Sat Feb 28, 2009 10:29 am Post Subject:

You should be careful while choosing the Medigap policies from the existing ones. Around twelve types of Medigap plans are available. Though standardized, every plan may slightly differ from the other. Hence, the policy holder is required to review the plans closely before buying. And, also should compare the cost of coverage with the benefits offered.

Posted: Sat Feb 28, 2009 10:55 am Post Subject:

Aren't the qualifying criteria for Medigap associated with the Medicare part-B program? I think one is required to sign up with the Medicare part-B coverage in order to become eligible for the Medigap. Isn't that right folk?

Posted: Sat Feb 28, 2009 12:31 pm Post Subject:

Aren't the qualifying criteria for Medigap associated with the Medicare part-B program? I think one is required to sign up with the Medicare part-B coverage in order to become eligible for the Medigap.

Posted: Sat Feb 28, 2009 08:48 pm Post Subject: Medigap(Medicare Supplement) Insurance

Hi Old_Joe:

First off, just to let you know, I am a licensed insurance agent. Another point you should know is that I am licensed in approximately 30 states, so hopefully I can be of assistance to you.

First of all, Medicare is now made up of four parts, Part A, Part B, Part C and lastly Part D. I will try to make the explanation of these as brief as possible.

Part A - Principally covers the cost of a hospital stay, which also has a deductilbe of $1064 per benefit period for 2009. In addition to the deductible, you are responsible for an additional 20% of the hospital cost.

Part B - This part applies to the cost of the various doctors that you might need, whether it is in or out of the hospital. This has an annual deductible of $135 for 2009 plus you are responsible for 20% of the balance.

Part C - This is a new form of Medicare that Congress created in 1997. It resembles a traditional major medical insurance plan. Versus having a deductible, it contains a co-pay for a medical expense; i.e. a doctors office co-pay, etc. Also, a large portion of these plans are zero premium plans plus they offer additional benefits that are not available with traditional Medicare with a supplement.

Part D - This is the new cription drug coverage that is available to us seniors. When selecting a prescription drug plan, you first determine the plan or plans that cover all or nearly all of your prescriptions. Secondly, you then review their various drug co-pays, and then their monthly premium cost.

If you have any further questions, contact me by calling 800-770-6202 or via and Email at eugene.scott602[at]comcast.net

Posted: Mon Mar 02, 2009 12:14 pm Post Subject:

Hi Old_joe

As far as I know, Medigap and Medicare work hand in hand. Where Medicare can't provide more benefits, Medigap comes in. Again Medigap also offers Medicaid, Prescription Drug Assistance, coverage for people with restricted income. So i guess, having either of the two won't be too beneficial. If you really want to enjoy the benefits, you can have both.

Posted: Mon Mar 02, 2009 01:32 pm Post Subject:

Hi,

Medigap as the name suggests is designed to fill-in the gaps left by Medicare.

Posted: Mon Mar 02, 2009 04:02 pm Post Subject:

secured future in order to ensure safety for your loved ones.

Posted: Sat Mar 14, 2009 11:33 pm Post Subject:

Just because somebody has Medicare, it does not mean that they are exlcuded from having Medicaid coverage. Medicaid is run by the states, so it does vary some, but there are many different levels. Some people are eligible for drug assistance, some people are eligible for Medicaid to pay their Medicare Part B premium ($96.40), and then some people are fully covered by Medicaid.

HOWEVER, when one is a dual eligible (both Medicare and Medicaid)...Medicare is the primary and Medicaid pays most of the out of pocket costs. There are special needs plans out there (fall under Medicare Part C) that are actually designed to help dual eligibles receive more comprehensive care. For example, some cover Dental Care, Dentures, Vision, Glasses, Hearing Aids, OTC Drugs, Routine Transportation, and more.

The fact of the matter is, there are really two types of Medicare programs sold by agents. Medicare Supplements allow you to Pay in Advance (monthly premiums with virtually no out of pocket costs) and Medicare Part C programs or Medicare Advantage Plans that allow you to pay co-pays. Many people have strong opinions on which is better, but the truth is that it really depends on the individual.

The Medicare market is a product arena that is FILLED with agents looking to make a quick buck, and I do spend a great deal of time cleaning up after them.

Many people also do not realize that you could be 25 and on Medicare if you were disabled...so it's not just senior citizens that are subjected to these activities. If anybody needs more specific information, feel free to contact me!