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The Concerns Of Medigap Insurance Plans

Todays Date: December 13, 2018

Medigap Insurance Plans are also called Medicare Supplement Insurance, they are not Medicare Advantage Plans (HIMs, PPOs). You pay a premium for it to the insurance company and it automatically renews, as long as you pay your premium, unless you purchased it before 1991. Your policy must clearly identify on the front of the policy that it is a Medicare Supplement Insurance.

You need to know that this is not part of your government coverage, it is private insurance sold through insurance companies. When you get a Medigap policy it only helps fill in the gap that your Original Medicare does not cover.

Medigap Basics – There are 12 different types of Medigap policies for you to choose from, starting at A and going through L. These Medigap policies are designed so that they are standard from one company to another. Regardless of the company who sold the policy, the plan covers the same benefits.

If you purchase Plan F from Company One, it provides the same coverage as Plan F that you could buy from Company Six. Plan F gives you the same benefits regardless of the company who sold it to you. The only difference is the price. Prices vary greatly from one insurance company to the next, so be sure to shop around for prices.

The Reasons To Buy A Medigap Policy – Considering the fact that your original Medicare insurance through the government does not pay for all of your health care expenses, buying a supplemental Medigap policy will bridge the gap and pay for some of your expenses. Such expenses are, but not limited to, co-payments, coinsurance and your Medicare deductible, and these are known as “gaps” in the standard Medicare program.

You might want to buy a Medigap Policy to cover these gaps. Shop around to see what all these policies cover because some of them also cover annual checkups, at-home recovery, and emergency health care when you are traveling outside of the United States. If your have retiree health coverage through your or your spouses’ former employer, you may not need a Medigap policy. Check with your Counselor or retiree benefits administrator for more information.

The Best Time To Buy A Medigap Policy – Age 65 or older, and enrolled in Medicare Part B is the perfect time to buy a Medigap Policy. Keep in mind that during this open period, no insurance company can deny you Medigap insurance coverage. They cannot place any conditions on the policy or make you endure a waiting period. And, they cannot change the price of a Medigap policy due to your past or present health conditions. Again, it cannot be stressed enough that you understand that Medigap coverage is not your Original Medicare Coverage. Medigap insurance is a supplemental policy that pays for some of the out of pocket expenses you will be liable to pay is you have an injury, illness or surgery that Medicare does not cover.

The main advantage in buying Medigap is that during the period of your enrollment this policy may cover any pre-existing health problems without placing a waiting period on your benefits. However, if you wait too long and your enrollment expires, they can make you wait, typically six months duration, before it covers any pre-existing conditions. With that in mind, be sure to start shopping prices on Medigap Insurance Plans and do so before your enrollment term expires.

When it comes to Medicare supplements, you might refer trying medigap. With the Medigap quotes, you will find the price you’re searching for. It’s very important to have medical insurance and a way to get certain medical supplements.

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