What is the Medigap Free-Look Period?

Medigap (Medicare Supplement) plans
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Are you enrolled in Original Medicare and looking for a way to reduce the amount you spend in out-of-pocket costs? Medigap might be the option you’re looking for. The Medicare experts with Malhotra & Assoc. Insurance will help you go over your Medigap options to determine which one is right for you.

Medigap policies, also known as Medicare Supplements, are supplemental policies you can add to your Original Medicare coverage to reduce the amount of your out-of-pocket costs.

What is the Free-Look Period?

There are ten different Medigap policies (A, B, C, D, F, G, K, L, M, and N), so it’s crucial that you understand the differences between them. Being able to differentiate between the policies will help you select the right one to fit your exact coverage needs. If you’re having trouble choosing the right Medigap policy, it can also be helpful to work with an insurance professional, such as the ones on the Malhotra & Assoc. Insurance team. We’ll be able to point you in the right direction and ensure that you feel confident in the choice that you’re making.

If you’re already enrolled in Medigap and not sure if you have the right plan, then the free-look period is for you. During this time, you can try out another Medigap policy and see if it’s the right fit. This is certainly a period that you should take advantage of if you’re currently having doubts about your policy.

During this 30-day period, you’ll have two different Medigap policies (your “old” policy and the new one that you’re trying out). Taking advantage of this time is a great way to make sure that you’re happy with your policy or need to make the switch to a plan that works for you better. However, do keep in mind that while you have these two Medigap policies, you will also be paying both of their monthly premiums.

Once you are nearing the end of the free-look period, you can decide which of the two Medigap plans you would like to keep and simply cancel the other.

Is Medigap the Right Choice for You?

If you want to reduce your Original Medicare out-of-pocket costs, then Medigap is most likely the right choice for you. It’s an excellent way to save money, while still having access to the same great health coverage that Original Medicare provides.

What Do Medigap Plans Cover?

Before you decide to try out the free-look period, you want to make sure you understand the coverage provided with each Medigap plan so you know which one to try out. All ten of the Medigap plans will provide coverage for:

  • Part A coinsurance and hospital costs
  • Part B coinsurance and hospital costs
  • First three pints of blood for transfusions
  • Part A hospice care coinsurance and copayment

Other coverage you may receive depending on the type of Medigap plan you choose includes coverage for:

  • Skilled nursing care facility coinsurance
  • Part A deductible
  • Part B deductible
  • Part B excess charges
  • Foreign travel emergency care

If you’re ready to learn more about Medigap and the free-look period, give the Medicare experts at Malhotra & Assoc. Insurance a call today!

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