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Medicare Supplement Plans are one of those insurance plans that are solely related to health insurance. It is a kind of private health insurance policy designed to supplement the Original Medicare plan. The main objective of a Medicare Supplement Plan is to help pay some of the health care costs or fill up the gaps that are left aside by the Original Medicare plans. It is somewhat like coinsurance and deductibles. Sometimes that Medicare Supplement Plans also covers some of the costs that are not al all covered by the Original Medicare plans. And as because these plans covers the gaps between the Policy coverage of the Original Medicare plans and the actual cost payable, they are also called the Medigap policies. But it should be kept in mind that you need to be the beneficiary of an Original Medicare plan Part A and B in order to get enrolled for a Medigap policy. Medigap policies cannot be sold independently.
If you are in the Original Medicare plan you are able to buy a Medicare supplement plan and both of them would pay you their share of coverage. It is to be noted that the Medigap policies are private health insurance plans and the private insurance companies can only sell them and not by any government organizations. These plans are totally administered by the private insurance companies. But it is to be mentioned that though these plans are completely administered and sold by private insurance companies but still there are only 12 supplementary plans labeled A through L. All these plans have there separate policy coverage but the plans under the same letter cover must provide the same benefits. It means that no matter from which company you have bought the policy, they must provide the same coverage as provided by the other companies, nothing more or nothing less.
Almost all of the Medicare Supplement Plans provide the basic benefits of plan A and in addition to that they have their additional benefits. Therefore before choosing a plan for yourself you need to be very careful so that you may choose the right one for yourself and not loose the deal. Therefore seeking the help of an insurance agent can be the most fruitful as they are more aware of the policy details and the rates of different companies. Moreover it should be remembered that though the companies are bound to provide the same benefits under the same letter cover, but they have the freedom of fixing their rates. And the premium rates for the same plan may differ for different companies. Therefore it is duly recommended to read the offer documents carefully as well as compare the premium rates for different companies before investing.
Moreover there are some extra benefits provided by plans B through J. The plans F and J provide a high deductible option. Though sometimes they costs a little more but pays even more in return. And in some cases it is also seen that some of these plans, though in the outer view pays lesser than other plans but in original fact saves a lot more in the form of yearly deductibles. Therefore it is very essential to know your requirements clearly and choose the plan accordingly that meets the most of your requirements.
By: William Richards
If you are in the Original Medicare plan you are able to buy a Medicare supplement plan and both of them would pay you their share of coverage. It is to be noted that the Medigap policies are private health insurance plans and the private insurance companies can only sell them and not by any government organizations. These plans are totally administered by the private insurance companies. But it is to be mentioned that though these plans are completely administered and sold by private insurance companies but still there are only 12 supplementary plans labeled A through L. All these plans have there separate policy coverage but the plans under the same letter cover must provide the same benefits. It means that no matter from which company you have bought the policy, they must provide the same coverage as provided by the other companies, nothing more or nothing less.
Almost all of the Medicare Supplement Plans provide the basic benefits of plan A and in addition to that they have their additional benefits. Therefore before choosing a plan for yourself you need to be very careful so that you may choose the right one for yourself and not loose the deal. Therefore seeking the help of an insurance agent can be the most fruitful as they are more aware of the policy details and the rates of different companies. Moreover it should be remembered that though the companies are bound to provide the same benefits under the same letter cover, but they have the freedom of fixing their rates. And the premium rates for the same plan may differ for different companies. Therefore it is duly recommended to read the offer documents carefully as well as compare the premium rates for different companies before investing.
Moreover there are some extra benefits provided by plans B through J. The plans F and J provide a high deductible option. Though sometimes they costs a little more but pays even more in return. And in some cases it is also seen that some of these plans, though in the outer view pays lesser than other plans but in original fact saves a lot more in the form of yearly deductibles. Therefore it is very essential to know your requirements clearly and choose the plan accordingly that meets the most of your requirements.
By: William Richards