Medicare supplement plans is also called as “Medigap”. It is basically a plan offered by private insurance companies covering costs of some hospital and medical bills.
Why a Medicare supplement plans is needed?
Original Medicare plan offers many health care supplies and services, but it doesn’t cover all the expenses which means that it is not supporting on every level. That is where Medicare supplement plans come in handy. This plan called as “Medigap” fills in the need of supplies like coinsurance, copayments, and yearly deductibles. Medicare supplement plans also include some services like emergency travel overseas. One of the most popular plans is Plan F. You can find rates for Medicare supplement Plan F at https://www.Medisupps.com/. This plan covers 100% of deductibles and coinsurance of Medicare Part A and B.
Must-know things about Medicare supplement plans
There are a few things that a person must know about this plan. Firstly, to have this supplement plan, one must have original Medicare Plan, both A and B. Secondly, if one has Medical Advantage Plan, he can apply for Medigap but he has to make sure that he can leave the Advantage plan before joining the supplement plan. Moreover, the person has to pay one month premium for this supplement policy which is in addition to the premium he pays for Part B to Medicare. Another important thing is that the Medigap covers only one person. If both the person and his spouse want this plan they must buy different policies.
Make sure you buy the supplement plan from a company in your state which is licensed to sell. Furthermore, Medigap cannot be cancelled by the insurance company as long as you pay the premium even if you have health problems. Many Medigap policies are not allowed to include coverage of prescription drug. If a person wants to include prescription drug coverage too, then he should join a Medicare Prescription Drug Plan. You cannot sell a Medigap policy if you have a Medicare Medical Savings Account Plan.
Moreover, Medigap policies also don’t cover everything. Like it doesn’t cover long term care, vision or dental care, hearing aids and glasses or private duty nursing. Some insurances are also not part of Medigap plan like Medicare Advantage Plan, Medicare Prescription Drug Plan, Medicaid, and TRICARE and many more.
Someone may want to take another plan along with the old Medigap plan or they might want to skip the previous one. When the person wants to join new Medicare Plan, he must pay a penalty if one of these are applicable:
- You have to drop whole Medigap policy and also the drug coverage wasn’t commendable prescription drug coverage.
- You have to wait 63 days or more in a row before new Medicare drug coverage starts.