Medicare Supplement Insurance (Medigap)
It is referred to as a medical supplement insurance that aid to fill the gap present between the original medicare. And most of the time, it is sold by private companies. Furthermore, it helps in paying the remaining health costs like coinsurance, copayments, and deductibles.
In a few cases, Medigap policies cover some aspects that are not even properly covered by original medicare. And if you acquire original medicare and along with it you buy the policy of Medigap, then this will be the outcome.
- Medically approved amounts for health care costs will be paid by medicare by following a fixed amount of share.
- After that, Medigap will pay its hare
I jotted a list of a few things that you should know about Medigap policies
- First and foremost, you must have medicare
- You must acknowledge that Medigap is different from the Medicare advantage plan. It only increases the original medicare benefits and nothing else.
- And a fixed amount is paid by you as a monthly premium to the private insurance companies for the Medigap policy.
- It covers only one individual. For instance, if you want to acquire a Medigap policy for your parents then, you have to get two Medigap policies.
- You can easily acquire the Medigap policy with the assistance of any licensed insurance company.
List of insurance plans that are not Medigap:
Let’s discuss a few insurance plans that are not considered as Medigap.
- Medicare prescription drug plans
- Long-term care insurance policies
- Medicare Advantage pl
- Veteran’s benefits
When a person can buy Medigap?
- The golden time to buy a Medigap policy is during the first 6 month period of the Medigap Open Enrollment period. Buy the policy when you are eligible for it
- No matter, whether you are ill or healthy you can easily buy any of the available policy at the same price as available for healthy people
- If you apply for a Medigap policy after the open enrollment period, then there is no guarantee that whether policy will be given to you or not.