Medicare supplement plans, also called Medigap policy has become an important investment. Using such insurance plans, you can get coverage for some health care costs such as Copayments, Deductibles and Coinsurance, which you will not get with other Original Medicare plans. Private insurance companies sell Medigap policies. Some Medigap policies offer coverage for services that Original Medicare doesn’t cover such as medical care when you travel outside the U.S. In case, you have Original Medicare, and you also buy a Medigap policy, here is how you will get coverage-
- Original Medicare will pay its share of the Medicare approved amount to cover health care costs
- After that, Medigap policy pays its share.
It is worth stating here that a Medigap policy is totally different from a Medicare Advantage plan. Medicare Policies are a way to get Medicare benefits whereas Medigap policy only supplements your Original Medicare benefits. Before putting efforts in to get a Medicare Supplement Plans 2018, make sure you have Medicare Part A and Medicare Part B. In case you have a Medicare Advantage Plan, then you can apply for a Medigap policy. You need to pay monthly premium in an addition to the monthly part B premium that you pay to Medicare. Again, it is worth brining in your notice that a Medigap policy only covers one person. In case, you and your spouse both want Medigap coverage, you need to buy separate policies for both of you. You can easily buy a Medigap policy from any insurance company, which isn’t licensed in your state to sell one.
You can renew any standard Medigap policy in case you have healthy problem. It means that your insurance company cannot cancel your Medigap policy as long as you are paying the premium. It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) plan. In case, you are new to Medicare insurance plans, you should know that Medigap policies are generally do not cover long-term care vision or dental care, hearing aids, eyeglasses or any private-duty nursing. Before buying any Medigap policy, you should conduct thorough research, and compare different Medicare supplement plans offered by different insurance companies to pick the most appropriate one.