What is Medigap and How Much does it cost

Medigap is a low cost government regulated Medicare supplement policy. Since Medicare only pays around 80 percent of most medical cost most retired individuals choose to have a Medigap policy to protect them from a long term illness. Mine cost $125 and I am pretty much totally covered against any medical cost. Here is a good article on the subject.

www.whatismedigap.com

4 comments

Seggie. Can anyone work out how much any of this costs? Maybe I've indulged too much over Christmas. Couldn't find a price anywhere.

It really is not fair is it?

We need to take out a separate Insurance to cover the gap in the payments we receive because maybe we are silly enough to be in a Private Fund? Yes maybe sensible enough to pay Private Insurance but two people go into hospital and the one in Private Insurance pays but the person with no insurance pays nothing. Seems unfair Should we be excited there is a premium we can pay to cover the amount Private Insurance does not pay? If it were not for the waiting lists for Public it does seem a complete rip off to be in Private Health.

You're  forgetting the Medicare levy we all pay on our income taxes and it is low around 1% maybe too low to supply all that is demanded of it. Obviously going public a basket case with the money allocated via this levy eh!

 

Also no waiting lists for private health is there whereas public health can wait up to 2 years for most operations or more.

 

So I guess we pay our money and take our pick -

more if we want immediate attention rather than waiting.

Private health does have that 30% rebate given by Howard but dont shout too loud Gillard is still trying to work out how to get rid of it without it losing her even more votes. rofl.......

 

[oops not my typing above cant get margins back this board is truly weird on Firefox 8 whatever the Fwed bloke says - cant all be perfect eh!]

Seggie. BigVal, when I did have private cover, sometimes, depending on how important it was, I had to wait over 3 months as some specialists prefer to get patients lined up like sheep who need the same operation. No private room, just a curtain between other patients. The gap too, between Medicare and private cover is sometimes huge. One has to work out which is the most important and what one can afford.

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