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Can I Get Medigap Insurance in Texas on a Fixed Income?

Monday, September 5th, 2011

It’s tough to make ends meet these days. In fact, many people just like you are living on a fixed income with little or no discretionary money. Most people have to watch spending very carefully. Nevertheless, securing dependable and reliable health care is too important to leave to chance.

While traditional Medicare will help with a significant portion of your medical needs, it is simply not enough. It is likely that you will need Medigap insurance to help with out of pocket expenses that you are unable to meet. While money is tight, it is possible to get reliable, dependable Medigap insurance in Texas on a fixed income.

What is Medigap Insurance?

Medicare Supplement Insurance, also called “Medigap” insurance, helps to pay for all or some of the “gaps” in coverage or costs not covered by traditional Medicare. Generally, this includes deductibles, coinsurance, copay and related expenses that are tough to pay on a fixed income. Medigap insurance does not work with other coverage provided by Medicare Advantage Plans, employer/union group coverage, TRICARE, Medicaid or Veterans Administration (VA) benefits. In fact, insurance companies cannot even sell you a Medigap policy if you have coverage through Medicaid. Medigap insurance is designed to supplement not replace your Medicare benefits.

Standardized Coverage

The good news is that all Medigap insurance must follow federal and state laws. As a result, every insurance company in Texas must sell standardized policies, identified by the letters A through N.  This means that regardless of which insurance company sells it, each Medigap policy must offer the same benefits. Primary differences come through cost and trustworthiness. Make certain to choose a well-known, established insurance provider like BlueCross Blue Shield of Texas or United of Omaha Life Insurance Company. While different providers must offer the same coverage, there is no guarantee that they will be as reliable or dependable.

Finding an Affordable Medigap Plan That’s Right for You

The trick to finding affordable Medigap insurance is to review each available plan, decide which benefits you want and which plan (A through N) meets your needs. Limited financial freedom should not affect your chances at securing affordable health care in Texas. By reviewing benefit choices carefully and making strategic decisions as to what kinds of coverage you can do without, you can easily get Medigap insurance in Texas on a fixed income.

Make certain when you compare costs that you are comparing plan for plan. In other words, compare Plan C only to Plan C. Cost may vary depending on whether or not discounts or other cost savings options are offered. Generally, the lower your monthly premium, the less coverage you will have.

Take Advantage of Open Enrollment

The best time to buy Medigap insurance is during your open initial enrollment period. This period of time lasts for 6 months, beginning on the first day of the month in which you are 65 and enrolled in Medicare Part B. Particularly if you are on a fixed income, this is the time to purchase because in most cases, insurance companies cannot make you wait for coverage or charge you more for a Medigap policy. In fact, during this time period, you have the right to buy Medigap insurance for the same price as someone in good health. After your enrollment period expires, this may not be the case.

Getting Medigap insurance in Texas on a fixed income is easy as long as you make some smart choices. Review the available plans, decide which benefits are important to you and compare prices between providers. Choose only reputable insurance companies like Blue Cross Blue Shield of Texas and take advantage of your open enrollment period to secure a low price. If you follow these steps, you can make finding affordable Medigap insurance in Texas easy and stress free.

For more information on obtaining Medigap Insurance in Texas on a Fixed Income visit our Texas Medicare Supplement Insurance website.

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