Folks who are approaching retirement age may want to begin applying for Medicare and checking out gap coverage. It is a good idea to learn what a gap plan offers. The gap plans are purchased from a private company and is in addition to Medicare. These Medigap insurance plans pay for those costs that Medicare does not. These costs include medical care received outside the US, co pays, and deductibles.

The gap plans do not cover hearing aids, glasses, vision care, or dental work. Additionally, private duty nursing and long term care is not covered by gap plans. Prescription medications are covered by choosing a separate policy under Part D. Gap coverage has its own monthly premium which is separate from Part D, prescription coverage, and Medicare B which covers doctor charges.

Only folks who are already covered by Medicare A and B are eligible for gap insurance. Part A covers hospital and part B pays for doctor costs. It is important to know that if you have an Advantage plan, the gap coverage is not available to you. It is also important to learn which plans are offered where you live. Information is available online or through the department of insurance for your state.

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.

Once the window of opportunity for purchasing gap coverage comes to an end, there is no guarantee that folks can get the coverage. If you are able to purchase coverage, there is a risk you will pay a higher premium. Remember that you will be paying a premium for Medicare B and a separate premium for your gap coverage. The gap premium will be paid to a private company.

The amount of the premium will be determined by your age, where you live, the company you purchase from, and the plan that you select. Once you have purchased your standardized plan, it is guaranteed renewable provided you pay your premiums on time. This guarantee extends even to those with pre existing health conditions.