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Medicare supplement plans or this type of insurance is the newly added thing. Medicare supplement plans or Medigap is the private health insurance plans that are for those people who already have a Medicare policy. The Medigap or Medicare supplement plans helps the Medicare beneficiaries to bear that extra medical cost that are left aside by the original plans. The name Medigap is suggested because it is believed that these policies bridges the gap between the Medicare coverage and the original expenses or the total bill charged. However in the recent studies it is seen that in the United States about 18% of the people having original Medicare policy goes for the supplement plans also.
Now you have to know the benefits of this plan. There is an eligibility criterion, which you have to obey. Most of these criteria fixed by most of the insurance companies are the same. To go for a Medicare supplement plan a person is required to be enrolled in part A and B of original Medicare before they can go for a Medigap policy. A person may obtain a Medigap plan on a guaranteed issue basis during the open enrollment period, which begins within 6 months of turning 65 or enrolling in Medicare Part B at 65 or older. And also that I this period no medical screening is required.
But besides open enrollment the issuing insurance company may also put forth the requirement of medical screening and also may obtain an attending physicians statement if it is felt necessary. But the thing that should be kept in mind is that this policy is not compatible with any other forms of private medical coverage as for example a Medicare Advantage plan.
Insurance policies may vary from state to state. According to the law, the companies can offer only 12 Medicare supplement insurance plans. And these plans are named from A through L and each plan provides different sets of benefits. In 2006 it has been clearly stated that the Medigap Plans H, I, and J, cannot be sold to people with prescription to drug benefits, although there is a lax of this rule for people who already have those plans and they can keep them. It is however advised that you should go through the policy statements carefully before deciding to choose one best fit for you. And for the concern of the policyholders it can be said that the all the plans with the same letter cover, no matter which insurance company sells it must cover the same benefits. As for example it can be said that all Plan E policies have the same benefit coverage irrespective of the insurance company selling it. However, it should be kept in mind that the amount of premium can vary with company.
Thus it is clear that the Medigap policies helps you a lot to pay for the part of the medical bill that is excluded from your original Medicare coverage. But the thing you should know is to choose the right plan that would suit you the best. Therefore please read the offer documents carefully before choosing the one for you.
By: William Richards
Now you have to know the benefits of this plan. There is an eligibility criterion, which you have to obey. Most of these criteria fixed by most of the insurance companies are the same. To go for a Medicare supplement plan a person is required to be enrolled in part A and B of original Medicare before they can go for a Medigap policy. A person may obtain a Medigap plan on a guaranteed issue basis during the open enrollment period, which begins within 6 months of turning 65 or enrolling in Medicare Part B at 65 or older. And also that I this period no medical screening is required.
But besides open enrollment the issuing insurance company may also put forth the requirement of medical screening and also may obtain an attending physicians statement if it is felt necessary. But the thing that should be kept in mind is that this policy is not compatible with any other forms of private medical coverage as for example a Medicare Advantage plan.
Insurance policies may vary from state to state. According to the law, the companies can offer only 12 Medicare supplement insurance plans. And these plans are named from A through L and each plan provides different sets of benefits. In 2006 it has been clearly stated that the Medigap Plans H, I, and J, cannot be sold to people with prescription to drug benefits, although there is a lax of this rule for people who already have those plans and they can keep them. It is however advised that you should go through the policy statements carefully before deciding to choose one best fit for you. And for the concern of the policyholders it can be said that the all the plans with the same letter cover, no matter which insurance company sells it must cover the same benefits. As for example it can be said that all Plan E policies have the same benefit coverage irrespective of the insurance company selling it. However, it should be kept in mind that the amount of premium can vary with company.
Thus it is clear that the Medigap policies helps you a lot to pay for the part of the medical bill that is excluded from your original Medicare coverage. But the thing you should know is to choose the right plan that would suit you the best. Therefore please read the offer documents carefully before choosing the one for you.
By: William Richards