If you are reaching the age of retirement, it is a good idea to start looking in to how you apply for Medicare and gap policies. First, it is important to understand what gap plans do. These plans are in addition to your government coverage that is purchased from private companies. The Medigap insurance pays for costs that your Medicare does not such as deductibles, co pays, and care you received outside of the country.

What the gap coverage will not pay for is dental and vision care or eyeglasses and hearing aids. In addition, there is no coverage for long term care or private duty nurses. Also, for prescription drug coverage folks will have to acquire a separate policy under Part D to cover their medications. Individuals will pay a premium each month for gap coverage that is separate from the Medicare B coverage.

If you already have Medicare A and B, you will be eligible to apply for a gap policy. Hospital costs are covered by Medicare part A while part B covers doctor costs. If you have an Advantage plan you are not eligible to purchase a gap plan. You will also need to find out which of the gap plans are offered in the area where you reside. This information can be found online on the State Department of Insurance website.

Gap plans A through N are the standard plans offering a variety of coverage levels. Do a side by side comparison of the plans that are available. This is the best way to see which plan has the coverage you will need. Keep in mind that if you are a new subscriber you can not get plan E, H, I, and J.

Monthly premiums for gap plans vary from company to company. However, the standard plans offered are always the same regardless who is offering them. The plans offer the identical set of benefits across companies. Some states have different standards for their gap coverage.

The time to buy gap policies is during the period of open enrollment. Enrollment time is 6 months before the first day of the month you turn sixty five. In order to qualify for gap coverage need to have Medicare part B or be within six months of the date of enrolled. People can buy coverage during this time for the same cost a person with no health issues.

Attempting to purchase a gap policy after this window of opportunity has closed, does not guarantee you will be able to get the coverage. In the event that you do obtain coverage, you run the risk that your premiums will be higher. It is important to know that in addition to the premium you pay for Medicare B, you will be paying a premium to an insurance company for the gap plan.

Of course, your premium will depend on the plan you choose, the insurance company, where you live, and how old you are. When you purchase a standardized gap plan you are guaranteed that it is renewable as long as your premiums are paid on time. This is true even for those who have pre existing health issues.