How to Purchase a Medigap Policy

1.

Find out if you need a medigap policy. A medigap policy will help you cover expenses such as co-payments and deductibles. A co-payment is a sum that you pay when you purchase medication and often to see a doctor. A co-pay can be as little as five dollars or often much more. A deductible is a sum of money that you pay when you receive medical bills. If you run up a large medical bill you may run up a correspondingly large deductible. A medigap plan can pay for such expenses.

2.

Find out the laws in your state. Medigap policies can vary from state to state. All policies are designed to cover certain areas and must adhere to certain standards. However policies can vary greatly from state to state. Make sure that you are familiar with any state laws governing the medigap policy before you purchase it.

3.

Figure out what type of benefits you want. You may be comfortable paying certain expenses such as a co-payment every time you see a doctor. You may want the insurance to make sure that you won't have serious expenses once you really get sick. Think carefully in advance about what you want in a medigap insurance policy before you sign up for it.

4.

Understand exactly what the policies don't cover. A medigap policy will not cover dental care, long term care, vision care or a private duty nurse. Make sure that if you have such needs you are not counting on the medigap plan to fill such needs.

5.

Purchase a plan. Contact local insurance companies. Talk to a medigap representative about your needs and desired payments. The company rep should be able to help you choose a medigap policy that is right for you to purchase.

Medicare is an insurance policy that is open to certain Americans. You may qualify for medicare if you meet certain criteria such as you are a certain age or you paid into the system for a period of time. Unfortunately medicare coverage may sometimes leave you open to bills that aren't covered. Avoid this problem by purchasing a medigap insurance policy.