Seniors and other beneficiaries with Medigap insurance overwhelmingly value this supplemental coverage. In fact, 90 percent of Medigap beneficiaries are satisfied with their coverage, according to a 2012 survey conducted by American Viewpoint. Behind this significant approval rating are several qualities that beneficiaries often point to when asked why they are pleased with their policies. This includes:
Under traditional fee-for-service Medicare, seniors and other beneficiaries with no additional benefits are at risk of incurring significant health care expenses. Where Medicare leaves off, Medigap picks up; providing additional insurance that helps protect against unpredictable and catastrophic health care bills.
Out-of-pocket costs are predictable for seniors with Medigap insurance. Standardized coverage for copayments, coinsurance and deductibles helps beneficiaries budget for their health care expenses on an annual basis.
Medigap policyholders have the freedom to choose from a wide range of providers, because most policies cover any provider that takes Medicare patients. Medigap insurance allows patients to avoid having to select a provider network or obtain a referral to see a specialist.
In addition, seniors and other Medicare beneficiaries should have access to a wide range of coverage options, including both comprehensive Medigap plans that offer first-dollar benefits and others that include cost-sharing features. This allows the beneficiary to select the option that best fits their individual medical needs and financial circumstances.
Medigap is a stable, reliable product that is widely available across the country. Federal law establishes standardized benefit packages which facilitates product comparison and reduces the likelihood that benefits will change from year-to-year. Also, when someone first enrolls in Medicare Part B they are guaranteed access to Medigap, which means that coverage is available regardless of any pre-existing conditions or illnesses.
Seniors and other Medicare beneficiaries take comfort in knowing that they can assign their benefits directly to providers and be spared from receiving bills from numerous providers and suppliers and filing claims with their Medigap carrier. Being relieved of this burdensome and frustrating paperwork is an invaluable benefit to many beneficiaries.