5 Common Medicare Mistakes to Avoid | #2 Missing out on Medigap. Visit Us At :
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Hey Everyone, this is Lenore the Medicare lady! Happy Sunday!
Hope you're having a great weekend, just wanted to follow up with our posts from yesterday. I know that we were talking about common Medicare mistakes to avoid.
And, yesterday we talked about how critical it is to make sure you enroll in Medicare at the right time.
If you don't enroll when you're first turning 65 or when you're coming off your health plan you could have some really “big” penalties for late enrollment.
So, the second part to that is don't miss out on enrolling in a Medigap plan. And, enrolling a Medigap plan basically fills in the gaps or supplements your traditional Medicare.
And, if you've been learning about Medicare you know that traditional Medicare only covers about 80% of your expenses. There are deductibles, co-pays, and so forth that you would be responsible for.
The Medigap plan is private insurance designed to help you fill some of those things so that you can have peace of mind and know that you are protecting yourself with complete coverage.
For example, I had total hip replacement surgery a couple of years back that was a hundred thousand dollars. Had I been on traditional Medicare, Medicare would have paid 80% of that.
I would have been responsible for the remaining twenty, which would have been about twenty thousand dollars.
That's why a Medigap plan is so important…
So, you can enroll in a Medigap plan basically when you're enrolling in Part B. You have a six-month window to do so. You really should do the two at the same time because you don't want to wait.
Now, some people will say to me,” Well, you know I'll go wait til’ my spouse comes on…or I have all these other things I don't know money I'm not “really” sick why do I need the Medigap now I'll pick it up in a couple of years”.
The reason why…you want to pick up Medigap when you're picking up Medicare Part B, is you want to protect yourself because the insurance carriers will ask you medical questions if you wait.
During your open enrollment or the special enrollment period, 65 coming off a group health plan. Those are the times that you can pick up a Medigap without having to answer any questions. The questions I'll ask…have you been hospitalized…have you been advised to be hospitalized…what's your height…what's your weight…do you smoke…did you ever have cancer…did you ever have heart disease, and have you been advised to have surgery of any sort.
They ask a lot of questions and they can deny giving you coverage, and they can rate you which means that they can charge you more based on your current health conditions.
So, the best time to pick up a gap plan is when you “actually” pick up Medicare Part B, because they ask no questions and you can choose the plan you want at the best price for you.
Thanks, and if you have any questions feel free to comment down below.
Hope you're having a great weekend, and I'll talk to you tomorrow!