“Medi-Gap” insurance is Medicare’s supplemental policy. Medicare pays for only about half of all medical costs. To augment Medicare's coverage, you can purchase a supplemental insurance policy from a private insurer, commonly referred to as a “Medi-Gap” policy.
You cannot be denied a Medigap policy for pre-existing conditions if you apply within six months of enrolling in Medicare Part B. People who have a Medicare Advantage plan cannot get a “Medi-Gap” plan.
Purchasing the supplemental coverage means paying more premiums. If you do not visit the doctor frequently or use regular prescriptions, you may not want to sign up for the additional coverage. You should balance the risk because, if you get sick, what Medicare does not cover can easily add up to more than the additional premiums for the “Medi-Gap”. Attempting to buy coverage after you get sick and need significant treatment will be much more difficult and expensive.
Medigap policies do not cover long-term care, dental care, vision care, hearing aids, eyeglasses, and private-duty nursing. Most plans do not cover prescription drugs; however, a few will so conduct your research carefully.
For more information on Medicare planning, contact Stouffer Legal in the Greater Baltimore area.