When you think about health insurance plans you must have thought about all possible Medicare plans. You may have considered all plans in Medicare but still, there are gaps in them. Nothing in Medicare could fill up those gaps.
So where does solution lie? The answer is “On Medicare supplement plans”. These Medigap plans cover 100% of your medical expenditure with original Medicare plans.
What are those Medigap plans?
US government has four Medicare plans (A, B, C, and D). With these Medicare plans private insurance companies offer ten Medigap plans for people, named after English alphabets A to N. these Medigap plans are completely private insurance policy. If any of these plans fail, the US government could not be blamed. So choose carefully your insurance company to avoid cheating.
There are two main conditions to be eligible for Medigap plans. A person’s age must be 65 and that person should have both A and B Medicare plans.
If you have these two conditions then you can apply for Medigap plans on its open enrolment session. Remember if you are willing to purchase Medigap plans then start planning from the day when you turned 65.
What are those things that you must know before buying any Medigap?
- Medicare supplement plans are not offered or authorized by the US government. These are private.
- Must have both original Medicare policies by the US government.
- These plans only for one person. It doesn’t cover all family members medical cost. You have to buy individual plans for each person.
- Medigap plans cannot be authorized if you have Medicare plan C.
- It is not a drug insurance policy. You have to buy Medicare plan D for your prescribed Drug coverage.
- It is not a long-term care policy. But it is renewable. As long as you pay the premiums you can take the facility of Medicare supplement plans.
- You can turn down your plan any time.
- It doesn’t provide dental, vision, and hearing facilities.
- It doesn’t pay the cost of hearing-aid or eyeglass etc.
Why should you enroll in any Medigap plans?
It bears the out-of-pocket cost of medical expenditure of about 20%. Apart from that, it covers Medicare Part A and B deductible, excess charges and coinsurance in Part B. Other advantages of Medigap include Skilled Nursing Facility (SNF) care coinsurance and foreign travel emergency care which are beneficial for people.