Medigap and TRICARE For Life
Dr. Katy Votava, President of Goodcare.com, reviews Medigap and Tricare for Life.
Key Takeaways
- Military retirees and spouses must enroll in Medicare Parts A and B to qualify for TriCare for Life, which then serves as a comprehensive alternative to Medigap and Part D plans with zero premium cost
- TriCare for Life includes prescription drug coverage, so enrolling in a separate Medicare Part D plan would be redundant and provide no additional benefits
- Eligible military retirees can use VA healthcare to access significantly lower prescription drug costs in addition to TriCare for Life coverage—but spouses cannot access this VA benefit
- TriCare for Life covers international healthcare services, including coverage for retirees living abroad as expats, which is a major advantage over standard Medigap plans
- Open enrollment period begins October 15th; military retirees should contact TriCare representatives and their pharmacy to explore all cost-relief options, especially for spouses seeking prescription drug savings
Medigap and TRICARE For Life: Dr. Katy Votava, President of Goodcare.com, reviews Medigap and Tricare for Life.
What is Medigap Insurance?
Medigap insurance, also known as Medicare Supplement insurance, is a type of health insurance designed to supplement Original Medicare (Part A and Part B). It helps cover some of the out-of-pocket costs that are not covered by Original Medicare, such as copayments, coinsurance, and deductibles.
There are 10 standardized Medigap plans available, labeled A through N, each with a different set of benefits. Plan A is the most basic, while Plan N is the most comprehensive. The benefits offered by each plan are standardized across all states, so a Plan A in one state will have the same benefits as a Plan A in another state.
Medigap plans are sold by private insurance companies, and premiums can vary based on the insurer and location. Some Medigap plans also have additional benefits, such as coverage for foreign travel emergencies.
Medigap plans do not cover prescription drugs, long-term care, vision or dental care, hearing aids, or private-duty nursing. These services may be covered by separate Medicare Part D plans or Medicare Advantage plans.
It is important to note that Medigap plans do not work with Medicare Advantage plans. If you have a Medicare Advantage plan, you cannot also have a Medigap plan. You must choose one or the other.
If you are enrolled in Original Medicare and have high out-of-pocket costs, Medigap insurance may be a good option for you. It can help cover some of the costs that Original Medicare does not, such as copayments and deductibles. It is important to shop around and compare different Medigap plans to find the one that best meets your needs and budget.
It is also important to keep in mind that Medigap plans do not cover all out-of-pocket costs. You may still have some expenses that are not covered, such as long-term care or vision and dental care. It is a good idea to review your healthcare needs and budget to determine if Medigap insurance is right for you.
In this finStream TV video, Dr. Katy Votava, President of Goodcare reviews Medigap and Tricare for Life. To learn more about Tricare, check out https://www.tricare.mil/. To see more finStream personal finance videos and subscribe to finStream's free personal finance eNewsletter, please visit: https://www.finstream.tv/subscribe-to-our-newsletter/
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