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Medicare Supplement – Medigap – Insurance Explained

Medicare Supplement Insurance also known as Medigap is an insurance, which is sold by private companies, that will help you pay some of your heath care costs that Original Medicare does not cover. Deductibles, copayments, and coinsurance are some of the costs Medigap can cover.

Some polices under Medigap will also offer individuals coverage for services that the Original Medicare plans does not cover such as medical care when you travel outside of the U.S. If someone already has Original Medicare coverage and they buy a Medigap policy, Medicare w ill for a share of Medicare-approved amounts for their covered heath care costs and then you pay for your Medigap policy it shares.

Medigap polices are different from that of a Medicare Advantage Plan, those plans are ways to receive Medicare benefits, whereas Medicare Supplement policies will only supplement Original Medicare Benefits.

8 Things you need to know about Medicare Supplement Insurance Plans

  1. The beneficiaries must have Medicare Part A and Part B.
  2. If they have a Medicare Advantage Plan, they can apply for a Medicare policy, but you must leave a Medicare Advantage Plane before you can enroll in a Medigap policy.
  3. Medigap polices only cover one person. If a spouse wants a plan, they will have to enroll in a separate policy.
  4. You will pay private insurance companies monthly premiums for the Medicare Supplement policy in addition to the monthly Part B premium, which you will pay to Medicare
  5. A person can buy Medicare Supplement policies from any insurance company that is licensed in your state.
  6. It is illegal for someone to sale you a Medigap policy if you own a Medicare Medical Savings Account (MSA) Plan.
  7. Every standardized Medigap policy is guaranteed renewable even if you suffer from health problems. This means that the company cannot cancel your Medicare Supplement Insurance Policy as long as you are paying your premium.
  8. Some of the Medigap polices sold in the past would cover prescription drugs, however; any policy purchased after January 1, 2006 are not allowed to include prescription drug coverage. If someone wants prescription drug coverage you must join a Medicare Prescription Drug Plan (Part D).

Medicare Supplement Insurance does not cover everything

Medicare Supplement Insurance polices generally do not cover long-term care, private-duty nursing, eyeglasses, hearing aids, or dental care.

Dropping the entire Medicare Supplement Policy (not just drug coverage)

If someone wants to drop their whole Medigap plan, they will need to pay attention to the timing. For example, they may wish to choose a different Medigap policy (not just the old Medigap policy without the prescription drug coverage) or may wish to switch to a Medicare Advantage plan that will cover prescription drug coverage.

If someone drops a Medigap plan entirely, and he drug coverage was not creditable or he or she goes more than 63 days before the new Medicare coverage starts, you will pay a late enrollment penalty for the Medicare Prescription Drug Plan, but only if you enroll in one.


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