What is Medigap?
Medigap, also known as Medicare Supplement Insurance, is a type of private health insurance designed to supplement
Original Medicare. It helps cover certain out-of-pocket costs that are not covered by Original Medicare, such as copayments, coinsurance, and deductibles. This can be particularly beneficial for individuals undergoing
cancer treatment, as these costs can add up quickly.
Why is Medigap Important for Cancer Patients?
The financial burden of cancer treatment can be overwhelming.
Chemotherapy, radiation, surgery, and other medical procedures often come with high out-of-pocket costs. Medigap plans can help alleviate some of these expenses, providing financial relief and allowing patients to focus more on their recovery.
Part A hospital coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
Part B coinsurance or copayments
First three pints of blood for a medical procedure
Part A hospice care coinsurance or copayments
Skilled nursing facility care coinsurance
Part A and Part B deductibles (depending on the plan)
It's important to note that Medigap policies do not cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing.
Coverage Needs: Determine which out-of-pocket costs are most burdensome and choose a plan that covers those expenses.
Budget: Evaluate your budget to decide how much you can afford in monthly premiums.
Plan Comparison: Compare different Medigap plans (Plan A, B, C, D, F, G, K, L, M, N) to see which best suits your needs.
State Regulations: Be aware that Medigap plans are standardized differently in Massachusetts, Minnesota, and Wisconsin.
When Can You Enroll in Medigap?
The best time to enroll in a Medigap plan is during your
Medigap Open Enrollment Period, which starts on the first day of the month in which you are both 65 years old and enrolled in Medicare Part B. During this period, you have a guaranteed issue right, meaning you can purchase any Medigap policy available in your state without medical underwriting. This is especially important for cancer patients, as insurers cannot deny coverage or charge higher premiums based on pre-existing conditions during this period.
Medigap and Medicare Advantage: Some people confuse Medigap with Medicare Advantage plans. They are different; Medigap supplements Original Medicare, while Medicare Advantage is an alternative to Original Medicare.
Pre-existing Conditions: There is a belief that Medigap won’t cover pre-existing conditions like cancer. While this can be true if you apply outside your Medigap Open Enrollment Period, it is not the case during the enrollment period.
Coverage Limits: Some think Medigap covers all healthcare costs. It does not; it only covers certain out-of-pocket costs that Original Medicare does not.
How to Find More Information?
For more detailed information, it is advisable to visit the
official Medicare website or consult with a licensed insurance agent who specializes in Medigap policies. Understanding your options thoroughly can help you make an informed decision that best suits your healthcare and financial needs.
