An insurance known as Medigap policy is the Medicare Supplement plans insurance. This is sold by private companies and it helps people in paying the costs of health care that is not covered by the Original Medicare such as deductibles, coinsurance and copayments.
Some Medicare Supplement plans in 2018 cover the services that the Original Medicare does not, such as medical care if you go traveling outside the U.S. Having Original Medicare and buying a Medigap policy indicates Medicare will pay for the Medicare-approved amount that covers the costs of health care. It is then that your Medigap policy pays.
A Medigap insurance policy is not the same as Medicare Advantage Plan. Here are few things one must know regarding Medigap insurance policies.
- It is a must to have Part A and B Medicare to have Medigap.
- Having a Medicare Advantage Plan means you can get a Medigap policy, but ascertain before the starting of your Medigap policy you leave the Medicare Advantage Plan.
- You pay monthly premium to the private insurance company for the Medigap policy besides the Part B premium to Medicare.
- Medical Supplements Plan, the Medigap policy covers one person only and so a husband and a wife also must buy separate policies.
- Medigap policy can be purchase from any insurance company in the state, ensure it is licensed.
- The Medigap policy that is standardized is certainly renewable and until you pay the premium it is active.
- Some policies of Medigap covered prescription drugs in the past, but the policies sold after 2006 are not permitted drug coverage. In case you want coverage for prescription drug, join Part D Medicare Prescription Plan for drugs.
Few valid points to know
- Medicare Supplement Plans policies do not cover all.
- The Medigap policies also do not cover dental or vision care, long term care, eyeglasses, hearing aids or private-duty nursing.
Insurance plans – not Medigap
- Medicare Prescription drug plans
- Medicare Advantage Plans such as PPO, HMO or Private fee- service plan
- Union or employer plans including the health benefits program of the Federal employees
- Long term care
- Veterans benefits
Dropping Medigap policy, know about it
If you wish to drop the Medigap policy entirely, timing is important. This is because you may expect a new Medigap policy that has drug coverage as well or wish to switch to Medicare Advantage Plan offering prescription drug cover. You will have to go in a row for 63 days or more before a new Medicare drug coverage starts.