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Tag: Medigap Insurance

Social Security vs. Medicare

Social Security and Medicare are related. Many seniors begin receiving benefits from both at approximately the same time. However, they are two different programs administered by other federal agencies, which provide different benefits to older adults. What Is Social Security? Social Security was created to promote the economic security of Americans. It is administered by the Social Security Administration (SSA) and designed to pay continuing...

How to Avoid Medicare Penalties

Medicare charges late enrollment penalties that take some people by surprise. These penalties are designed to discourage older Americans from passing up Medicare coverage and possibly incurring high medical bills down the road. Take steps to avoid these penalties, so you do not have to pay higher Medicare premiums. What Penalties Does Medicare Impose? You end up paying more for Medicare if you enroll late...

How to Prepare For Your “Welcome to Medicare” Visit

If you are new to Medicare, you are embarking on a new phase in your healthcare journey. One of the first things you will do is schedule a “Welcome to Medicare” visit. Medicare covers this visit. When scheduling this first visit, ensure the medical provider you choose accepts Medicare. When you choose your Medicare plan, ensuring you will retain access to your usual doctor could...

Can I Switch to a Different Medigap Policy?

If you have Medigap insurance (Medicare Supplemental Insurance), you may be considering switching or canceling your policy. Under certain circumstances, you have the right to switch to another policy. If you are within the six-month open enrollment period, you can switch policies, or you could be eligible due to a specific circumstance. Some of the reasons people consider switching Medigap policies include: You would like...

How Medicare Supplemental Insurance Saves You Money

Medical Supplemental Insurance, which is also called “Medigap insurance,” covers the coinsurance and copay costs that are paid out-of-pocket with Original Medicare. Original Medicare covers Medicare Part A and Part B (inpatient hospital costs and outpatient medical costs). While you are now covered for the medical and hospital care you need, you will pay a portion of the cost yourself, including copays, coinsurance, and deductibles....