Part A and Part B. These policies are sold by private health insurance companies.
They fill major gaps in Medicare coverage and can be used to pay for coinsurance, deductibles, and co-payments. There’re ten different types of plans that are standardized to lower your out-of-pocket medical costs.
Massachusetts Medigap Plans
Medicare in Massachusetts provides doctor and hospital coinsurance coverage. They also offer up to 365 additional days of hospital coverage for those who are hospitalized.
Depending on the policy selected, there may be full or partial coverage for coinsurance required for doctor visits and Part B costs
Respite care can also be covered under Massachusetts Medigap policies along with at home recovery, checkups, foreign travel emergencies, Medicare Part B deductibles, Medicare Part B co-payments, skilled nursing services and Medicare Part A coinsurance is also covered.
When Can You Enroll in Massachusetts Medigap Insurance
The ideal time to enroll in Massachusetts Medigap insurance is during your Open Enrollment Period. Enrolling during OEP eliminates the possibility of a Medicare beneficiary being denied coverage. People with health claims or pre-existing illnesses do not get denied coverage when enrolling during their OEP.
Your OEP starts the first day of the month after your 65th birthday and your Medicare Part B is in effect. Let’s say you turned 65 on February 27th, but your Medicare Part B didn’t become effective until May 15th. That would make your OEP begin June 1st, and it will continue for 6 months.
What Happens if You Enroll Outside of Open Enrollment?
You can enroll outside of Open Enrollment, but your plan may come with much higher premiums as a result.
Outside of the Open Enrollment period, insurance companies are able to deny coverage. They can also delay coverage for those with pre-existing conditions.
Advantages of MA Medigap Plans
MA Medigap plans are guaranteed to be renewed annually. The policy can never be canceled for any reason unless payments stop. Medigap covers foreign emergency care for those who may be traveling abroad.
The policies can eliminate out-of-pocket costs altogether, depending on the type of plan selected. These plans can be chosen based on savings and budget needs.
If you’re willing to pay a higher premium, you can eliminate many out-of-pocket costs. If you’re willing to pay a higher deductible, you can save on monthly premiums.