Medicare Supplement Plans: An overview

Medicare supplemental plans, commonly called Medigap are widely considered by policyholders as alternative to traditional medical insurance policies. Medigaps offer tremendous benefits to policy holders as they help pay those health care costs that are not covered by original policies. A Medicare Supplement plan is offered through private insurance companies, unlike Original Medicare.

No matter how boastful traditional policies have been, they seldom pay for services such as copayments, coinsurance, and yearly deductibles. Some even does not cover  medical care when you travel outside your country. But if you have a Medigap as a supplement, it will share your load, let you leave your financial worries behind and take better care of your near and dear ones.

Medigap plans only supplement the medical benefits provided by your original  Medicare policy, which is the reason why these policies are  called Medicare Supplement plans.

Some important points to have in mind regarding Medigap are as follows-

  1. You will need to be enrolled in your original Medicare to be eligible for any Medigap coverage and you will need to stay enrolled in original Medicare for availing your hospital and medical coverage. Medicare Supplement plans are not meant to provide stand-alone benefits.
  1. A Medigap  only covers one person per policy. If you and your spouse both want Medigap coverage, both of you will have to buy separate policies.
  1. You need to bear in mind that Medigap plans do not include prescription drug coverage  If you want to cover your medication costs, you may very well  need to get enrolled in a stand-alone Medicare Prescription Drug Plan.
  2. If you have Original Medicare and a Medicare Supplement plan-Original Medicare will pay first, and your Medigap policy will chip in for the cost gaps left behind by your original policy.
  3. Medigap policies usually do not cover long-term care,  dental care, vision care ,hearing aids, beauty- care surgeries, breast implants, eye glasses  or private-duty nursing.
  4. Even if your spending for Medicare-covered services reaches the maximum limit, the Medigap plan will continue to cover 100 percent of the Medicare-covered costs for the rest of the year.
  5. You can not avail a Medigap plan if you are already  enrolled to a Medicare Advantage plan .
  6. Any standardized Medigap policy is renewable even if you have health issues. This means your policy can not be cancelled by insurance companies, as long as you pay the premium.

If you can digest this information, it will be a walk over when it comes to selecting your plan. Do you know the right plan for you? If you are wondering the Medigap that you need, maybe, it is time to visit your doctor. A visit to your medical personnel is the surest way of getting the right plan. However, this will not stop you from meeting the administrators of the insurance firm that you need to use. You need to ask questions if you are not sure of what some clauses or points means.