If you’re enrolled in Original Medicare, you may be looking for options to lower your financial obligations. Medigap plans, also known as Medicare Supplement Insurance, can help you lower your out-of-pocket costs significantly. Not all Medicare members are eligible for Medigap though. Here’s what you need to know about qualifying for Medigap Plans C and F.
What Are Medigap Plans F and C?
Medigap Plan F is the most comprehensive Medigap plan. It covers most if not all of the out-of-pocket costs associated with Medicare coverage. In exchange for this broad range of benefits, Plan F often comes with much higher premiums than many of the other plans. Plan F is also available in a high-deductible format. The high-deductible version of this plan has much lower premiums but requires plan participants to pay a significantly higher deductible to access their Medigap benefits.
Plan C provides mid-range coverage, and is nearly as comprehensive as Plan F. Though, Plan C is currently being phased out along with plan F. If you wish to enroll in either Plan C or Plan F, you will need to have become eligible for Medicare before 2020. Anyone who becomes eligible after this point will not be able to participate in Medigap Plan C or F.
Medigap Plan F Eligibility
If you’re eligible for Medicare benefits, you’re also likely to be eligible for Medigap Plan F or Plan C. With two exceptions; in order to enroll in a Medigap plan you must be enrolled in both Parts A and B of Original Medicare and there must be a plan offered in your area. Although, people who enroll after their Open Enrollment period ends may not be able to enroll at the best rates.
If you wait to enroll, you may be faced with higher costs for your Medigap coverage. In some cases, you may even be rejected coverage based on your health status. Enrolling within 6 months after your Part B benefits activate will allow you to avoid any insurance underwriting when applying for Medigap coverage and force insurers to offer you the most reasonable rates possible.
Medigap Under 65
The Federal Medigap program does not explicitly allow Medicare beneficiaries who are below age 65 to purchase Medigap policies, but most states will allow you to do so. If you are under age 65 and enrolled in Medicare due to a disability, you may be able to supplement your health care costs with a Medigap plan. Contact an insurance agent to learn more.
Find Medigap Coverage
Are you eligible for Plan C or Plan F Medigap coverage? Find out now. Contact the knowledgeable Medicare experts at Trusted Senior Specialists to schedule a consultation.