Minnesota Medigap Insurance – 20% More Coverage
When you are ready to sign up for Medicare, you will also want to look into buying a supplemental insurance policy. Medicare parts A & B pays approximately 80 percent of your medical bills, but with a Medigap policy, you will have insurance to pay for most, or all, of your medical bills.
In order to be eligible to buy a Medicare Supplement insurance policy, you must first be signed up for both Medicare Parts A and B. Part A is the portion of the Medicare program that covers your hospital bills. In general it is for inpatient medical costs. Part B is for your outpatient medical costs. These are bills related to such things as going to a doctor’s office and minor surgery done on an outpatient basis.
10 Minnesota Medigap Standardized Plans
The Federal Government regulates Minnesota Medigap plans and has standardized them into 10 different types that are given specific letters from the alphabet. In this way, everyone can talk about a specific plan and be speaking about the same thing. Often the word Medigap is used instead of a Medicare Supplemental insurance. This is the same thing and is a word used to describe the gap, or shortfall, between your medical bill and the amount that Medicare pays for.
Please keep in mind that not every carrier has to offer all 10 Medigap plans. There may be some carriers that do offer all 10 and then you have some carriers that may only offer the required plans.
Regular Minnesota Medigap Insurance Plans vs. “Select”
Minnesota Medigap Insurance is available in the standard form as in other states with the addition of Medicare SELECT. This is simply an additional plan that uses a specific group of approved hospitals to help bring down the cost of health care. If you do not use a hospital from the list, you may have to pay the difference between Medicare and the hospital bill.
Although this would seem to be a downside to a Minnesota Medigap plan, in practice it is not. The network of approved hospitals is quite large depending on the carrier you choose and there is an emergency exception to the policy. The result is lower premiums, making Minnesota Medigap Insurance more affordable in this state than in other states.
A regular Medigap plan without “Select” there are NO network of hospitals. You can go to any hospital that accepts Medicare. The main difference is cost, if there is a carriers that offers a Medigap SELECT plan in your area premiums in some cases could be 30-40% cheaper.