The Cost of Medigap
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Seniors must be aware that not all health-related services are covered by Medigap. In fact, there are certain services that you will always need to pay out of pocket. These services include the following:
Medigap is considered a form of supplemental insurance that you can choose to buy to help cover certain health-related costs that Medicare doesn’t pay. With 10 Medigap programs, your choices can become confusing.
It’s hard to pinpoint the cost of Medigap because the fees vary depending on where you live, the plan you want, and the company that you decide to go with for your policy. No matter what, you’ll pay a monthly premium and always be responsible for deductibles, co-pays and coinsurance.
You can enroll in Medigap during the Medigap open enrollment period. You must be at least 65 or older and have enrolled in Medicare Plan B. If you decide to not enroll in the plan then you probably won’t be able to pick the plan you want in the future, so timing is always important.
Forbes released the following price comparisons for Medigap based on popular companies located Texas, California and Florida. As you can see, the monthly prices vary dramatically depending on where you live. Below are price comparisons for Plans F, G, and N:
Los Angeles, California:
Fort Worth, Texas:
In Florida, the high expense of buying Medigap every month forces many seniors to choose Medicare Advantage over Medigap. However, in places like Texas, many find it more affordable to go with Medigap as long as the monthly cost remains somewhat low.
Medigap remains a viable option for many seniors who can budget in the monthly expense. Every year the prices change, so it pays to shop around and try to find a thrifty deal.
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