What is a medigap policy? A medigap policy is private health insurance that helps supplement Original medicare. In other words, it helps cover some of the healthcare costs that Original Medicare does not.
If you have a Medicare Advantage Plan, for example an HMO or PPO, but are planning to return to Original Medicare, you can apply for a Medigap policy before your coverage ends. A Medigap insurer will be able to sell it to you, as long as you are leaving the plan. You should request that your Medigap policy starts when your Medicare Advantage Plan enrollment ends. This will guarantee that you have continuous coverage.
Another thing to keep in mind when purchasing a Medigap plan is that it only covers one person. If you would like your spouse to have a plan also, you will both need to buy separate Medigap policies. If you decide you would like to cancel a Medigap policy, it is important to note that you need to write to your insurance company and request cancellation. Your agent is unable to cancel the policy for you.
Another important thing about Medigap policies is that they are guaranteed renewable even if you have health problems. Insurance companies cannot cancel your policy if you continue to stay enrolled and pay your premiums.
Finally, it is important to note that different insurance companies may charge different premiums for the same policy. As you are looking around for a policy, make sure you are comparing prices. This will ensure that you get a price that works best for you.