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Understanding Medigap and Why It Can Sometimes Be a Better Option

Consumers are looking for solutions in the Medicare market and agents who have the knowledge to explain and offer Medicare products are continually growing their business. While much of the Medicare insurance growth has centered around the ultra-popular Medicare Advantage segment, agents who understand the other option, Medicare Supplement Insurance (commonly known as Medigap), can unlock new opportunities. This is because Medigap is sometimes the more desirable option for those who are Medicare eligible. Let’s look at Medigap’s features, who might prefer Medigap over Medicare Advantage, and how offering Medigap coverage can open avenues for business.

What is Medigap?

Medicare Supplement Insurance (Medigap) is extra insurance that is purchased from a private health insurance company to help pay for out-of-pocket costs not picked up by Original Medicare. To be eligible for Medigap, individuals must first be enrolled in both Medicare Part A and Part B. One crucial detail about Medigap is its narrow enrollment window. Beneficiaries receive a six-month Medigap Open Enrollment Period, starting the month they sign up for Medicare Part B, usually around the time they turn 65. During this time, the enrollee can pick a Medigap policy without pre-existing conditions being a factor. After this period, Medigap is harder to get and often more expensive. Everyone’s Medigap Open Enrollment Period is a one-time enrollment.
It doesn’t repeat every year, like the Medicare Open Enrollment Period. Your potential clients must understand the Annual Election Period – that’s the period from October 15 – December 7. It also needs to be explained that consumers can’t have a Medigap policy and a Medicare Advantage plan at the same time.

Who Might Find Medigap Desirable?

One of the big advantages of Medigap is freedom of choice. Individuals with Medigap policies are not constrained by the need for pre-authorizations or referrals from primary care physicians to see specialists. Moreover, Medigap provides nationwide coverage, unlike Medicare Advantage plans that typically operate within a predefined network of healthcare providers. This ensures that beneficiaries have the flexibility to choose any healthcare provider across the United States that accepts Medicare.

How Does Agility Help You?

With Agility on your side, you get top-flight support that allows you to offer the right Medicare plans in the nation and we help you understand plans options and how to explain them. Founded in 2009, Agility’s partnerships allow agents to offer a broad range of products. Additionally, we offer:

  • An all-in-one digital Medicare app that offers quoting, enrollment, text-to-sign, and more.
  • Bilingual support
  • Training and live webinars
  • Administrative support
  • Print and digital marketing material This is the year you can boost your career by getting serious about Medicare and its many options. Find out how to partner with Agility by visiting us on our Medicare Contracting page or contacting us at 866-590-9771.