Medicare Supplement Insurance, also known as Medigap Insurance, is a health insurance plan designed to cover the “gaps” in Medicare insurances. These Medigap policies are usually offered by private insurance companies. This article explains some aspects of a medigap policy.
Medicare is a health program for the elderly over the age of 65, or those who are permanently disabled and meet the criteria for which they are state-funded but by no means free. The program has been heavily debated, but at the moment we Americans simply do not have a better system to care for our elderly. Medicare can be a bit confusing for those who are not in the system. Also Medicare is not a free service, but works with a monthly premium and a share of cost or co-pay model.
The main problem with Medicare seems to be that it has more holes than a slice of Swiss cheese. This leads to the need for medigap insurance policies. Medigap policies sold by private companies are standardized, meaning that the terms and policies for each type of Medigap policy are regulated by the federal government. They include certain features and must be easy to understand.
There are 14 different standardized Medigap guidelines labeled A through N. All standardized policies must be exactly the same from one insurance carrier to the next, with the only difference being the cost of the policy. It is strongly recommended that after deciding which plan or policy you want to apply, take the time to compare the premium rates to get the best deal.
A Medigap policy does not cover things like long-term care, eyesight, dentistry, hearing aids, private care, or glasses.
The rules for buying a Medigap policy are that you must have Medicare Parts A and B and that the policy covers only one person. This means that you and your spouse must have separate policies if you choose Medigap coverage.
You must purchase your medigap coverage within your open registration deadline. This period is 3 months before your 65th birthday and 3 months thereafter. During the open enrollment period, no insurance company selling Medigap insurance coverage can refuse you for insurance coverage, ask for coverage for health issues, or keep you waiting for your insurance to start, except for some pre-existing conditions.
The reason for applying for medigap coverage during your open enrollment problem is that if you opt for coverage at some other time, the insurance company may use the medical risk assessment to decide if it covers you at all and how much burden there is.
During open enrollment, they can’t use medical underwriting and you can buy any Medigap policy for exactly the same price charged to people with perfect health.
The rules and regulations of 2020 Best Medicare Supplement insurance are available at www.medisupps.com/medicare-supplement-plans-2020/. Before you buy one, you should be aware of the current laws governing a Medigap policy.
If after a certain amount of time in Original Medicare (Part A and Part B) you choose Medicare Advantage Plan, you can cancel your Medigap plan as it can’t be used to cover for the cost of Medicare Advantage.