Georgia Medigap is the conventional name of medical insurance plans often called Georgia Medicare Supplement Insurance. Medicare has many “gaps” left which can leave some rather substantial out-of-pocket costs. Medigap is designed to supplement Medicare or put differently “fill in” Medicare gaps. Georgia Medigap is provided by private insurance firms but controlled by both state and federal law. Medigap supplemental policies are not an alternative to traditional Medicare like Medicare Advantage Plans, but instead work with Medicare.
Georgia Medigap plans are available in essentially ten flavors and are labeled with the letters A through N. The letters E,H,I, and J are no longer used. Medigap plan A is usually the least expensive of the plans but delivers the least level of coverage while Medigap plan F provides the best coverage. The most popular plan is Medigap plan F with Medigap plan G a near second. Medigap plan F covers 100% of the coinsurance, deductibles, copayments, and even the excess charges not covered by Medicare. Medigap plan G is identical to plan F apart from not covering the yearly deductible for Medicare Part B. Frequently the yearly savings on the Medigap plan G premium is greater than the cost of the Medicare Part B deductible so it is a plan clearly worth considering.
For most, the best time to obtain a Georgia Medigap plan is when you are turning 65. During the first six months from when you turn 65 or whenever you first purchase Medicare Part B the insurance companies are not able to turn you down and there is no medical underwriting. This is a significant benefit because there are numerous medical conditions that will normally prevent you from purchasing Medicare supplemental insurance.
When searching for a Georgia Medigap plan it is important to note that the plans are all standardized. This means every plan by the same letter provides the exact same coverage. So Medigap plans provided by AARP, Aetna, Blue Cross Blue Shield, and Woodmen of the World all provide identical coverage even though the companies all have premiums that can vary greatly in cost.
One of the great benefits of having a Georgia Medigap plan compared to say Medicare Advantage is that Medigap is guaranteed renewable and cannot be canceled as long as you continue to keep paying the premiums. Medigap changes are also usually phased in for first time purchasers and allow existing policyholders to retain their current policies.
When it is time to purchase a Georgia Medigap plan it is best to utilize the services provided by an independent agent. Independent insurance agents do not just sell insurance for one particular insurance company. They are able to pull quotes from all of the insurance companies in your area ensuring you get the most affordable price. Before you request insurance quotes on any website be sure to read the fine print. Many websites are there for the sole purpose of collecting your information to sell out to a lot of insurance agents or companies. This will provide you with a bunch of duplicate quotes and a lot of hassle. One good independent agent will get you the same information (possibly better), at the same price, and save you time and trouble.
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