Now that your 65, you’re most likely eligible for Medicare and Medicare Supplement insurance, also called “Medigap”. Medigap is a powerful tool to have at your side when dealing with the costs of medical care, potentially saving you thousands of dollars. With deductibles, copays and coinsurance, even with Medicare, going to the doctor can cost a small fortune. But are there Medigap plans available in Texas for all seniors? Read some information and be prepared when it comes time for selecting the coverage you need.
Why Medigap Insurance?
Medicare supplement fills in the “gaps” that Original Medicare doesn’t pay for like deductibles, coinsurance and copays. In some cases, Medicare Supplement pays for services Original Medicare doesn’t pay at all like benefits while in a foreign country. A Medigap plan can save you money by eliminating some or all of your out-of-pocket expenses.
In Texas, there are several different plans available- ten to be exact. Plans are identified by letters of the alphabet and are made up of different combinations of benefits. Plan “A” for instance offers minimal coverage, while Plan “F” offers comprehensive coverage, eliminating out-of-pocket expenses completely. There are a variety of combinations, which is why it makes sense to review each plan carefully to ensure you get the coverage you need at a price you can afford.
Medicare Select is also available in Texas as a way to help seniors save a little money on premiums. With a Medicare Select plan, you still receive the same coverage as a standard plan, but you pay less in exchange for using hospitals and health care providers in a plan’s specified network.
Who’s Eligible?
Fortunately, most Texans who are 65 or older are eligible for Medigap simply because they’re enrolled in Original Medicare- Parts A and B. However, there are some cases where you may not be eligible or you may not need Medigap insurance. If for some reason you decide not to accept Part B, then you are not eligible to purchase a Medigap plan. If you have group insurance through an employer, have a Medicare Advantage plan or are receiving Medicaid, you may not need additional coverage.
Shop Wisely
Shopping around for Medicare Supplement insurance is tricky enough with all the different companies and all the different plans available. Luckily, Medigap plans are standardized by the government. This means that every insurance company that sells Medicare Supplement must provide the same plans, containing the same basic benefits. In other words, a Plan “F” offered by one company must contain the same basic benefits as a Plan “F” offered by a different company.
Simply because plans are standardized does not mean different insurance companies will be the same. There are stark differences in cost, dependability and reliability that must be taken into consideration. You may be able to find a great plan for less, but be wise when choosing coverage and stay with household names you know and trust for delivering benefits on time and when you need them most. Companies like United of Omaha or Blue Cross Blue Shield of Texas have worked hard to gain the trust of Texans by providing coverage they can depend on.
Become familiar with the Medigap plans offered in your area. Read about the different types of coverage and how specific plans may or may not save you money. Choose your provider carefully and make the most of Medicare Select for saving money on premiums. Luckily, with several different options to choose from, if you’re eligible, there is most likely the right Medigap plan available in Texas for you.
For additional information or to obtain an easy to read Medicare Supplement Quote visit our website.