Medicare supplement plans or Medigap fills in the gap with your medical expenses that the original Medicare insurance does not cover. This policy has helped many people with their expenses, since not everyone has a large bank account that can take care of all the medical costs incurred that is not paid by Medicare Plan A & B.
Medigap can only be purchased through a private company, and you will be able to get one if you are already enrolled with a primary Medicare insurance, in which you will be paying premium separately. And in no case that can drop your original Medicare and still keep the Medigap policy. Both come hand in hand as your healthcare insurance policies. You can qualify for Medigap if you are 65 years old or above, or if you are under 65, you can still qualify if you have a disability, or end stage renal illness. Of course, in order to actually have a Medicare supplement plan, you need to check first if your state offers it.
The best thing about having Medigap is the guaranteed renewability of the insurance policy, regardless if you are sick or not. No one can terminate your policy except you. The premium for the Medicare supplement plan is actually quite low, it has flexible deductibles, and you can enjoy the out-of-pocket limits that the insurance offers.
The Medicare supplement insurance is standardized by the federal government, therefore no matter what private company offers it, the benefit structure of Medigap is the same. The difference now lies in the quality of service that the companies provide, the premium, and how well they take of their clients. Private Medigap companies are vying each other for the trust of the clients, it is important to have an informed decision regarding the company’s vision and their promise to help. When your health and medical insurance is on the line it is better to have faith that your insurance company will take care of you, and will deal with you fairly. To learn more about Medigap visit www.Medisupps.com/.
There are many advantages in getting a Medigap policy, and the features of the added insurance are beneficial to many. You will have a choice to choose the plan that will fit your budget, you can keep seeing your current doctor with no network constraint for as long as the entertain Medicare patients, and you are sure to have a lifetime coverage.
When deciding on what Medicare coverage one wishes to have, there are two plans to choose from. Medicare Part A and Medicare Part B or Medicare Part C, which is called a Medicare Advantage Plan, are available to a senior citizen. Some people will also want the Medicare Part D plan which will cover your drug prescriptions. Below will be a description of each plan to help you make a decision.
Medicare Part A is set up to cover your hospital costs and Medicare Part B will cover your physicians and medical services that you may need. When having these Medicare plans, you may choose the hospitals, doctors and specialists you wish to use.
As of 2018, the cost for your premiums would be $134 monthly or higher depending on your salary. Some people may not pay as much if they have social security benefits. Most of the time a senior will have to pay a deductible and coinsurance for using Medicare Part A and Medicare Part B. This is when a Medicare Supplement Plan, also known as Medigap plans and will be beneficial to cover the remaining costs that Medicare does not cover.
Medicare Advantage Plan
Medicare Advantage Plan C contains both Medicare Part A and Medicare Part B within it. This plan is sold by private insurance agencies that Medicare favors. There will be monthly premiums for your Medicare Advantage Plan. You may have to pay copayments for various medical services with this plan. Some Medicare Advantage Plans will also cover, vision, dental and hearing. Each plan will be different for their costs, additional coverage and the rules for each plan will be different. When there are medical costs not covered, those costs may be lower with a Medicare Advantage Plan. This may be an incentive to having one of these plans.
Prescription Drug Coverage
If you have chosen Medicare Part A and Medicare Part B, you may want to acquire a drug prescription plan, also known as Medicare Part D. These plans are also sold by private insurance agencies regulated by Medicare.
If you have chosen a Medicare Advantage Plan then your prescription drugs will be offered in your plan.
If you decide upon Medicare Part A and Medicare Part B you might also consider acquiring a Medicare Supplement Plan to cover the medical expenses that Medicare does not cover.
It is wise to look carefully at all the Medicare plan available to see what will meet you particular medical needs.