When it comes to health insurance, nobody likes surprises. That becomes even more true when you are in retirement. If you are thinking about enrolling in a Medigap plan, asking some important questions now can save you stress and unexpected costs later.

Below, this Supplemental insurance agency in Munster, Indiana is going to explore some of the key questions you may want to ask before choosing a plan.

Are you in the right time window to apply?

You have a six-month Medigap Open Enrollment Period. It starts the month you turn 65 or older and sign up for Medicare Part B. During this time, insurance companies can’t ask health questions or deny you coverage for pre-existing conditions. They also can’t use medical underwriting to deny your Medigap application.

If you miss that window, getting a Medigap plan can be harder. You could face higher prices, fewer options, or even a denial.

But there are exceptions. In some situations, you have “guaranteed issue rights.” These are situations outside of your open enrollment period when the insurance company must sell you a plan, no matter your age, health, or gender.

You can qualify for these rights if you lose other health coverage or leave a Medicare Advantage plan. You will have 60 days before and up to 63 days after your coverage ends to apply.

The rules can get confusing, especially if you have other coverage like retiree benefits or Medicare Advantage. Before you get started, you should always consult a professional Supplemental insurance agency in Munster, Indiana. They will make sure you know your enrollment window and don’t miss your chance.

What will be the monthly cost?

Insurance companies use three pricing methods for Medigap plans.

First is the community-rated method, where everyone in your area pays the same. Second is the issue-age-rated method, where your price is locked in based on your age when you buy the plan. Your premium will not increase only because you have grown older. Third is the attained-age-rated method, where costs start lower if you buy young but increase as you age.

Let’s say you buy an attained-age plan at 65 for $120 a month. At 66, it could increase to $126, then $132 at 67. An issue-age plan that starts at $145 a month at 65 would stay at that price as you age.

Some companies also offer discounts. You could save money if you are married, don’t smoke, or set up automatic payments.

Be sure to ask how the company sets prices and if any discounts apply. You might find two identical plans with very different monthly costs because of these factors.

What does the plan cover, and what does it exclude?

Medigap covers costs that Original Medicare does not cover, but it is not all-inclusive. For example, it does not cover routine dental care, vision care, hearing aids, eyeglasses, or private nursing services. Medigap plans sold after 2005 also don’t include prescription drug coverage. You will need a separate Medicare drug plan (Part D) for that.

If you regularly travel outside the U.S., ask if the plan includes foreign emergency coverage. Some plans cover 80% of emergency care abroad after a $250 deductible, with a lifetime cap of $50,000. This coverage only applies during the first 60 days of a trip.

Foreign emergency coverage is helpful, but it still does not cover everything, like routine care or medical evacuation. Therefore, you must research carefully and pick a plan that complements your lifestyle and health needs.

Can you keep your doctors?

With Original Medicare and Medigap, you can see any doctor or hospital that accepts Medicare. You don’t have to deal with strict networks or referrals.

Most doctors accept Medicare Assignment, so they agree to Medicare’s approved rates. Your Medigap insurance company pays your provider directly for covered services.

But not every doctor accepts Medicare, so it is always a good idea to check with your providers first.

How does Medigap work with other coverage?

If you have retiree health insurance, VA benefits, or TRICARE, you need to know how these benefits interact with Medigap.

When you have retiree health coverage, Medicare usually pays first. Your retiree plan may cover leftover costs, which can lower your out-of-pocket expenses.

If you are a veteran, note that Medicare and VA benefits don’t overlap. Medicare does not pay for care at VA facilities. But if you receive care outside the VA, Medicare applies, and Medigap can cover those costs.

TRICARE for Life works as a secondary payer after Medicare. Medigap can then help with what is left, like coinsurance or deductibles.

It can all get confusing. Without good planning, you could overpay or miss out on benefits. This is why it’s best to consult with a knowledgeable Supplemental insurance agency in Munster, Indiana that can walk you through every possible option.

Looking for a Supplemental Insurance Agency in Munster, Indiana?

If you are looking for a Supplemental insurance agency in Munster, Indiana that can help you compare premium structures, understand travel coverage, coordinate existing benefits, or confirm your doctors are covered, you’ve come to the right place — Senior Care Insurance Services is just a call away. Contact us today to learn more.