Medigap Insurance Alabama policies are available to all seniors that have enrolled in Medicare Parts A and B. Medigap is also known to some as Medicare Supplemental insurance. There is an enrollment period, and everyone should consider getting an Alabama Medigap policy during this time.
Why do I need a Alabama Medigap Insurance policy?
This is a common question when people turn 65 years old. Often people think they are set for life once they sign up for Medicare. It is true that Medicare is a great deal, and for most people, there will be nothing better available to them. It is also true that Medicare will not pay for everything. In fact, with most expenses that they pay for, they are only paying for about 80 percent. In addition, there are deductibles that a Medicare recipient is responsible for under both Part A and Part B. You may be thinking that you can easily handle paying 20 percent out of your own pocket because you are in good health, but you need to think long term. There may come a time when your health isn’t so good, and you will need to spend some time in the hospital and be wishing that you had Medicare Supplement insurance. A couple of weeks in the hospital can create very large medical bills. There are also many ways to accumulate large medical bills with outpatient treatment. Having a Medigap Alabama supplemental policy will help protect your assets in retirement and also help to prevent a bankruptcy in your retirement years.
When is the open enrollment period for the Medigap?
The enrollment period begins the day you are approved for Medicare Parts A and B and will last for six months after that. It is important to obtain an Alabama Medigap Insurance policy during this Open Enrollment Period because your pre-existing medical conditions cannot be held against you when getting a policy. If you attempt to get an Alabama Medigap Insurance policy after the enrollment period, it will still be possible; however, the cost of a policy may go up in price and you will have to answer health questions and possibly have to qualify medically. It may become financially impossible to obtain a good supplemental policy if you wait too long. After you have signed up for both Medicare Parts A and B, you need to start shopping for a supplemental policy.
Shop for your plan first
The federal government defines the Alabama Medigap plans that are available. Every year the plans may be modified, or perhaps a plan dropped and a new one added. The Medigap Alabama plans are designated with letters. Plan A is the first and most basic plan. The other plans build on top of the Plan A policy. Many of the options in the other Alabama Medigap Insurance plans may or may not appeal to you, but it is best to read through each plan and decide what you want. Naturally the plans with more coverage are more expensive, so you will have to decide on a trade-off between monthly premiums and the coverage provided.
How to proceed after you decide on an Alabama Medigap plan
The best way to quote a Medigap plan is to use the Internet like you are now. Almost all of the top Medigap Insurance Alabama firms will give you a quote over the internet, here at Medigap Providers we can do that all in one place and save you a bunch of time and money. The competition is strong, and if you get enough quotes, you will get one or more good polices to choose from. It is true, that the content of the policies are the same, but Medigap Alabama insurance companies will compete on price. They will also compete on how the policy is paid for. Some companies will offer a flat rate payment each month for the life of the policy. Other companies will offer a variable premium payment that is lower in the first few years but will increase as you get older. Some companies will offer both, so you will need to look at which policy is cheaper but also how it will be paid.
Whatever your final decision is, make sure that you take advantage of an Alabama Medigap plan after you obtain you Medicare insurance. Speak with one of our licensed advisers and be sure to understand before you enroll in a plan through a carrier.