Medicare Supplement Insurance or Medigap policy is the health care insurance policy offered by private insurance companies. It covers the services which Original Medicare does not provide.
These gaps in the original Medicare are filled in by Medicare supplement insurance policies.
|Deductibles and coinsurance||Excess charge||Items not covered in Medicare|
Each Medigap policy abides by the Federal and the state laws to protect you from Medicare frauds.
Medicare supplement insurance companies can sell any of the ten standardized Medicare Supplement insurance plans to you.
All the standardized Medigap policies give same basic benefits and do not change with the company.
You have to decide the type of Plan according to your needs and cost of the Plan.
Medigap insurance companies can offer one or more Medigap standardized plans.
Enrollment in Medicare A and B is mandatory to join any Medicare Supplement insurance policy.
You need to pay a monthly premium for Medigap policy along with the monthly premium for Medicare.
Only one person is covered in Medicare Supplement insurance, so you need to buy Medigap policy separately for your spouse.
Medicare Supplement insurance policy is renewable if you pay the premiums regularly.
Medicare Supplement insurance plans are changed from June 1, 2010 to compensate the gaps in Original Medicare.
Important changes in Medigap plans from June1, 2010
1) Medigap policies purchased before June 1, 2010 remain unchanged. You can keep those policies active by paying regular premiums, no need to quit the Plans.
2) Medigap policies in for sale are ten standardized policies identified by letters A, B, C, D, F, G, K, L, M and N.
3) Medigap Policy plans taken on or after June 1, 2010 will benefit the coverage of Plan A coinsurance.
4) Plan K will cover 50% of the cost and 75% by Plan L.
5) Plans M and N are new plans offered for sale.
6) Plans D and G are different from the previous Plans D and G before June1,2010
7) For those who already bought Plans E, H, I and J can still carry on with these, but from June 1, 2010 these plans are not available with insurance companies.
8) Medicare supplement insurance companies must offer plan A for sale.
9) Medicare supplement insurance companies offering any other Plan must also give either Plan C or Plan F.
10) Plan F has a distinguishing high deductible Plan F option.
11) All Medigap policies are not available for sale in all states. You will have to find out Medigap policy offered in your state.
Compare premiums of different Medicare supplement insurance policies
Medigap policy premium cost varies widely depending on the type of Medigap policy you decide to buy. No age related, Entry age related and attained ages related are different types of Medigap policies. There can be large differences in the premium amount for the same benefits and coverage charged by different Medicare supplement insurance companies.
Before you buy, the same Medigap policy must be compared for premium and benefits with other insurance companies. The criteria for cost of premium of the Medigap policy must also be considered.
Discounts are given by the companies based on your pin code, gender, non smoking and also if you and your spouse together buy the Medigap .Some companies do give discounts if you are married or you transfer the premium amount electronically.
Medigap policy does not offer coverage to following services-
Guaranteed right to buy Medicare supplement insurance
You have guaranteed right to buy Medicare Supplement insurance policy though you have health problems