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Why You Should Keep Your Medigap Plan

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By Daniel Petkevich
Sep 21, 2023

Important Considerations:

Health becomes a top priority as we age, and having the right healthcare coverage is essential. Medicare Supplement Plan G (Medigap Plan G) is a reliable and cost-effective choice to complement Original Medicare coverage. In this article, we'll explore the benefits of retaining your Medigap Plan G and explain why keeping your plan is a good idea.

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Medicare Supplement Plan G
  1. Comprehensive Coverage: Plan G offers comprehensive coverage, filling the gaps left by Original Medicare (Part A and Part B).
  2. Predictable Costs: Your out-of-pocket costs are predictable and manageable. Once you meet the annual Part B deductible, the plan covers the rest of your Medicare-approved expenses for the year. This predictable structure provides financial peace of mind, especially for seniors on a fixed income.
  3. Freedom to Choose Doctors: Unlike Medicare Advantage Plans, which often restrict you to a network of healthcare providers, Medigap Plan G allows you to see any healthcare provider who accepts Medicare. You don't need referrals to see specialists; you can receive care from the doctors and hospitals you trust.
  4. No Copayments for Doctor Visits: Medigap Plan G covers your Part B coinsurance and excess charges, meaning you won't have copayments for doctor visits and other outpatient services, saving you money.
  5. Stability: Once you enroll in a Medigap plan, you can keep it for as long as you want, as long as you pay the premium. The benefits and coverage won't change so you know what to expect.
Advantage Plans
  1. Network Restrictions: You are often limited to a network of providers, and out-of-network care can result in higher costs.
  2. Cost Structure: Typically have copayments, deductibles, and varying cost-sharing structures, which can be challenging to predict.
  3. Yearly Changes: Advantage plans can change their benefits, formularies, and networks yearly, potentially leading to coverage gaps and higher out-of-pocket costs.
Qualifying for Medigap Plans as You Age
Qualifying for a Medigap plan becomes more challenging as you age. The best time to enroll in a Medigap plan is when you turn 65 (or start Medicare Part B). During this period, insurance companies can't deny you coverage or charge higher premiums based on your health status. If you apply for Medigap plans later, you'll likely have to pass Medical Underwriting, which allows insurers to consider your health conditions when deciding whether to offer coverage and at what price. Pre-existing conditions could result in higher premiums or even denial of coverage. These factors can make it very difficult to return to your Medigap plan if you decide to leave it.
Conclusion
Retaining your Medicare Supplement Plan G offers many benefits, including comprehensive coverage, predictable costs, and the freedom to choose your healthcare providers. While it may be tempting to enroll in an Advantage plan you see advertised, it's essential to consider the impact changing plans could have on your future. Making a change without talking to an Expert could lead to long-lasting consequences. Schedule an appointment with one of our Medicare Experts at

fairsquaremedicare.com

or by calling us at 1-888-454-2383.

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Join the Fair Square Medicare Newsletter to stay informed on cost savings, changes to Medicare, and other valuable healthcare information.

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