A Medigap or a Medicare Supplement Insurance policy is a policy cover that helps the insured in paying some health care costs such as coinsurance, copayments, and deductibles. The Medigap policies are offered by the private companies.
The Medigap policies cover services or pay for the costs that the Traditional Medicare does not cover such as the Medical care as you travel away from the United States. In case you have Traditional Medicare and purchase a policy, do you know what exactly takes place:
Medicare will bear the payment for the Medicare-approved amount that is covered by health care costs. Then, the costs that stay as balance is paid by your Medigap policy. However, remember that a Medigap policy is not the same as a Medicare Advantage plan. It is said so because they are Medicare benefits offered, while the Medigap policy is the one that supplements the benefits of your Traditional Medicare. Thus you must know the details of Medicare supplement plans:
8 things about Medigap policies to know can be located at https://www.bestmedicaresupplementplans2019.com/
- You must possess Part A and Part B Medicare.
- In case you hold a Medicare Advantage Plan, you may also apply for a Medigap policy. Yet, ascertain to quit the Medicare Advantage plan prior to beginning your Medigap policy.
- Pay a monthly premium to the insurance company against your Medicare Supplement plans policy. Pay monthly premium inclusive to Part B monthly premium apart from the Medicare premium charges.
- A Medigap policy is only for one person. Remember that for a couple, that is you and your spouse cannot have one Medigap. It means you must purchase separate policies.
- Purchase Medicare supplement plans from a licensed or registered insurance company that is available in your state.
- A Medigap standardized policy gets renewed or is always renewable if you keep paying the premiums without any delay. Regardless of your health problems, even in case you have one, the insurance company cannot make changes or cancel the Medigap policy as you have been paying the premium continuously.
- The prescription drugs were covered in some Medigap policies earlier. But, now the Medigap policies sold from 2006 do not include coverage for prescription drugs. In case you need coverage for prescription drug, it means you must join Part D Medicare Prescription Drug plan.
- A very important point is that in case you hold a Medicare Medical Savings Account, it will be considered illegal to sell a Medigap policy for anyone.