馃攳
What is Medigap and What Do Medigap Plans Cover? - YouTube
Channel: Boomer Benefits - Medicare Expert
[0]
did you know that all Medicare
[1]
beneficiaries can enroll in a Medigap
[3]
plan with no health questions asked if
[5]
they do so during their six-month open
[7]
enrollment window hi there
[9]
if we haven't met yet I'm Danielle
[11]
Roberts from boomer benefits and in this
[13]
video I'll explain what Medigap plans
[16]
are how they work what they cover and
[18]
why it's so important not to miss your
[20]
one time Medigap open enrollment window
[22]
stay with me until the end to get our
[25]
free guide on Medigap plans verses
[26]
Medicare Advantage plans that will help
[28]
you decide which coverage is right for
[30]
you when you turn 65 and you begin using
[39]
your Medicare benefits you'll notice
[41]
that your medical services aren't free
[43]
you'll have inpatient and outpatient
[45]
deductibles to pay as well as co-pays
[47]
for things like visits to the doctor the
[49]
most expensive thing that you must also
[51]
pay is your coinsurance Medicare Part B
[54]
only pays for 80 percent of your
[55]
expenses so this leaves you paying the
[58]
other 20% for things like lab work
[60]
diagnostic imaging medical supplies and
[63]
even big ticket items like outpatient
[65]
surgery or chemotherapy what's really
[68]
concerning is that there's no cap on
[70]
that 20% you'll pay it forever with no
[72]
stopping point this of course is a big
[74]
concern for a lot of people who may be
[76]
retired and are living on fixed incomes
[78]
paying 20% of the cost of a surgery or
[81]
dialysis could be physically devastating
[83]
fortunately there is a way for you to
[85]
protect yourself against those future
[87]
expenses and that's by signing up for a
[90]
Medigap plan during your open enrollment
[92]
window now what is the Medigap plan a
[94]
Medigap plans sometimes also called a
[96]
Medicare supplement it's the same thing
[98]
is a supplemental health insurance
[100]
policy that fills in the gaps in
[102]
Medicare coverage here's how it works
[105]
your medical provider bills Medicare for
[108]
your health care services that you
[109]
received Medicare then processes your
[112]
claim and pays its share - any
[114]
deductibles and coinsurance that you
[117]
would normally be responsible for
[118]
Medicare then sends the remainder of
[120]
that bill to your Medigap policy which
[123]
will kick in to help you pay for some of
[125]
those deductibles co-pays and
[126]
coinsurance that normally would have
[128]
been your
[128]
responsibilities there are currently ten
[131]
standardized Medigap plans available in
[133]
all states except for Minnesota
[135]
Massachusetts and Wisconsin where plans
[137]
are slightly different you can learn
[139]
more about those rules in those states
[141]
on the Boomer benefits website but again
[143]
most of you will have these ten
[145]
standardized plans to choose from and
[147]
each plan covers a different set of
[149]
benefits the most comprehensive plans
[151]
like F and G will leave you with little
[154]
to nothing out of pocket there are also
[156]
less comprehensive Medigap plans like
[158]
plan n with lower premiums that pay some
[161]
of your gaps and leave others for you to
[163]
pay this gives you the ability to choose
[165]
a plan that has the right price and the
[167]
right benefits for you because the
[170]
federal government standardized Medigap
[172]
plans in most states you can check the
[174]
plans in your area based on price for
[176]
example the benefits for a plan G policy
[179]
are the same no matter which insurance
[181]
company you purchase it from here at our
[183]
agency when we provide quotes for our
[185]
clients we quote all the insurance
[187]
companies in a particular zip code and
[189]
in addition to their current rates we
[191]
also look at their rate increase history
[193]
this helps us narrow down to the
[195]
insurance company there's the perfect
[196]
choice for that particular client now I
[199]
mentioned at the start of this video
[200]
that everyone gets a six-month open
[202]
enrollment window to enroll in any
[204]
Medigap plan that they want this window
[206]
starts with your Part B effective date
[208]
and it is a use it or lose it window
[210]
this can be really important if you have
[213]
some serious health conditions you'll
[215]
have this one opportunity to buy an etic
[217]
a plan with no underwriting and no
[219]
health questions asked sometimes we meet
[222]
people who tell us that they were pretty
[224]
healthy when they turn 65
[225]
so they failed to exercise that one-time
[228]
chance to get any Medigap policy that
[230]
they wanted they thought that they would
[232]
just wait until they get sick and then
[234]
they could buy the Medigap policy
[237]
unfortunately this is just not the way
[239]
it works in most states if you miss your
[242]
open enrollment window you can still
[244]
apply for a Medigap plan later on but
[246]
they do not have to accept you they can
[248]
turn you down for health conditions that
[249]
may be pre-existing this would leave you
[252]
paying that 20% out of pocket on your
[254]
own
[254]
for something like cancer when you'd be
[257]
paying 20% of the cost of chemotherapy
[258]
or radiation this could be financially
[261]
crippling so if you want Medigap
[263]
coverage be sure not to miss your open
[266]
enrollment window for Medigap so now you
[268]
have a better understanding of what
[270]
Medigap plans are and what they cover I
[272]
hope you can also see why it's so
[273]
important not to miss that Medigap open
[276]
enrollment window since it only happens
[278]
once if you would like to have someone
[280]
on your side with Medicare just reach
[281]
out to us here at boomer benefits for
[283]
help finding your coverage you'll gain
[285]
access to free claims support from our
[286]
legendary client service team on the
[288]
backend so that you're never alone in
[290]
dealing with any problem with Medicare
[292]
if you enjoyed this video please hit the
[294]
like button and subscribe to our channel
[296]
below so you can always get the latest
[297]
videos that we have load to teach you
[299]
the things about Medicare that you need
[301]
to know and before you sign off if you
[304]
have been contemplating whether to
[305]
enroll in a Medigap plan or a Medicare
[307]
Advantage plan please grab our guide
[309]
here I'll link to it in the notes below
[311]
you can also check out our video on
[313]
Medicare Advantage plans to learn more
[314]
about them and how they work thanks for
[317]
watching and I'll see you in the next
[318]
video
[319]
[Music]
[326]
[Music]
Most Recent Videos:
You can go back to the homepage right here: Homepage