You might think of Medigap as an insurance policy for your health insurance policy. This Medicare Supplement insurance that is sold by private companies doesn’t cover everything, such as long-term care or hearing aids, but it does help with co-payments, coinsurance, and deductibles as well as health care costs if you travel outside the U.S. In other words, Medigap Insurance New York helps to cover what regular Medicare doesn’t.
If you’re thinking about Medigap New York, you should know these important facts:
- You can’t buy a Medigap policy unless you already have Medicare Part A and Part B. Basic hospital expenses are covered in Part A, and Part B takes care of basic medical coverage. Neither part, however, provides total coverage, which is why you want to make sure your Medigap New York policy takes care of expenses not covered by Medicare.
- Your Medigap policy will cover just one person: you. Married people must each buy his or her Medigap New York policy.
- With coverage under Medicare Parts A and B, you are eligible to buy New York Medigap Insurance. Furthermore, you are guaranteed acceptance if you are about to become 65 or if you are within six months of Part B coverage. Guaranteed acceptance is also probable if you are facing the loss of group health insurance. If you have other problems, you may be asked some specific health questions before acceptance.
- You can buy a Medigap policy in any insurance company in New York with a license to sell them.
- Prescription drugs are not covered in any New York Medigap policy sold after January 3, 2006. Medicare Prescription Drug Plan (Part D) takes care of that.
The following may be confused with but are not New York Medigap Insurance plans:
HMOs, Medicaid, veterans’ benefits, long-term care insurance policies, various union plans.
Which Medigap Is Right for You?
Residents in the state can choose from 10 standardized New York Medigap plans. They are listed A through N, and each one promises about the same basic benefits. You will be covered for Part A hospital expenses, days 61-90, that Medicare doesn’t cover. The first three pints of blood under Parts A and B are also covered, as is the Part B expenses coinsurance amount.
Plans K and L in New York Medigap plans are basically the same as plans A-G, with one exception. Plans K and L require the user to share more of the costs until reaching the annual out-of-pocket limit. This limit is set around $4,000 for K and $2,000 for L, but they may increase annually if inflation rises.
Who Needs New York Medigap Insurance?
If you are interested in extra benefits in your health plan, you might look into a Medicare Advantage Plan. These managed care plans provide standard Medicare benefits, but they also may offer such extras as coverage for eyeglasses. Like Medigap Insurance New York, you must have Medicare Parts A and B to buy an advantage plan, and there may be a monthly premium for extra benefits. If you already have an advantage plan, you don’t need Medigap Insurance New York.
Many individuals consider Medicare Advantage “pay as you go insurance” it’s a little cheaper than Medicare Supplemental insurance plans but there are a lot of out of pocket costs. We always recommend if you can around a Medigap plan then go that route.
How Do You Make a Medigap Decision?
First, compare the different plans with the coverage you now have, for example, from an employer or former employer. Do not just get rid of this coverage to change with a Medigap policy. Many of the carriers have a 30-day “free look”, no cost period for you to decide if the policy you choose is the right one. Our licensed advisors here at Medigap Providers will be able to explain the different plans and options and find the most affordable carrier in your area.