A Brief Guide To Understanding Medigap Insurance

By B. Loughead

For those individuals who are not familiar with "Medigap" insurance, this is a Medicare supplement insurance offered by private carriers. This insurance helps individuals cover some of the health care costs that Medicare does not such as co-insurance, co-payments, and deductibles. On an important side note and to avoid any confusion, Medicare supplement and Medigap supplement are the same thing, so it is important to understand this when you first start researching the issue.

What To Be Aware Of With Medigap Insurance:

 

There are a number of things to be aware of if you are already considering the purchase of a Medigap insurance including the following:

• Even if you have health problems, you can renew your Medigap policy so as long as you pay your premiums on time, you cannot be cancelled.
• Individuals can purchase insurance from any insurance carrier in their state provided that company is licensed by the state in question.
• Individuals who are covered by a Medicare Advantage Plan must cancel their policies before Medigap goes into effect. You can not have both.
• It does not cover things like long-term care and dental insurance.
• Medigap policies that were purchased after January 1st, 2006 do not cover prescription drugs. If you need this coverage, sign up for Medicare Part D.
• Only one person can be covered by a Medigap policy.
• Policy holders must have Part A and B Medicare coverage.
• You have to pay your Medigap premium in addition to your Part B coverage.

Make sure that you take these into consideration when you start shopping for your Medigap supplement coverage.

Who Benefits From Medigap Supplement Insurance?

 

The US Government worked with private insurance carriers in order to develop Medigap supplement insurance, especially for disabled individuals and the elderly in order to provide them with comprehensive health care that is administered by the government. The key benefit is that Medigap helps individuals pay for those additional costs that Medicare does not cover such as co-insurances, deductibles, and premiums.

Some services may also be covered, depending on the needs of the policy holder. In addition to this, coverage is oftentimes provided (where applicable) during deductible periods. Most importantly, and depending on the Medigap supplement insurance that the consumer opts for, there may be additional benefits that are not covered by traditional Medicare insurance even though Medicare will continue to pay for approved health care costs.

Consult an independent insurance agent that specializes in Medigap insurance to help guide you through the process.

Summit Medigap is an independent insurance agency that specializes in Medigap supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664). We have helped many people in Florida, Georgia, North Carolina, South Carolina, Texas, Colorado and Michigan to name a few.

The Benefits Of Dealing With Independent Insurance Agents

By B. Loughead

Just about everyone, at some point in their lives, is going to need to purchase some type of insurance, whether it is Medicare supplement, health, long-term care, or life insurance. When you are just starting to shop for any of these, the process can be very tedious considering that you have to wade through all of the options presented to you. You get overwhelmed with all of the terms that get thrown at you and you walk away oftentimes more confused than when you started. Fortunately, there are a number of independent insurance agencies that can help you.

Compared to dealing with the big name insurance carriers, the independent insurance agencies can offer a number of benefits that they cannot which provide additional value including:

• Flexibility - when it comes to addressing your personal needs and solving your problems the independent agent has a great deal of flexibility that you may not find with their brand name competitors. If for any reason you become dissatisfied with your current policy, the agent will shop around for another one for you.

• Freedom - independent insurance agencies represent numerous insurance carriers, sometimes even hundreds - not just one. Some even offer medigap insurance (Medicare supplement insurance).

• Industry knowledge - independent agents are just as knowledgeable as the big name carriers, sometimes even more so. The key reason for this is that all of the companies they represent send them informational newsletters and regular updates regarding current events and how they impact the insurance agency as well as your wallet. They get to view the market from all the major insurance carriers and not just the view of one.

• Resources - for the most part, the independent insurance agencies contacts network are substantially larger than your brand name companies. All of the insurance companies that they work with have their own research departments. Since they deal with multiple insurance companies, they have more contacts so they get more insight and listen to more opinions.

• Unbiased opinions - whenever you are working with an independent insurance agent or broker, you want have to worry about a biased or prejudiced opinion or review about the insurances that they sell. Since commissions are the same throughout the industry, the agent has nothing to gain by selling you on a particular company. A good agent will match your needs to the company that best fits your particular situation.

On a closing note and in addition to the convenience and numerous options given to you by shopping with them, independent insurance agencies can save you considerable money compared to the big name companies. Because the independent agent tends to shop the market of all the major carriers, you usually get the best value for the money. The best part is their service is completely free to you.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664). We have helped many people in Florida, Georgia, North Carolina, South Carolina, Texas, Colorado and Michigan to name a few.