The Medicare Supplement Insurance, or Medigap, the policy is the one responsible for paying healthcare costs such as coinsurance, copayments, and deductibles. In fact, Original Medicare has no coverage for these extra healthcare costs. Here are five things you need to know about Medicare Supplement Insurance.
Medicare Supplement Insurance provides coverage for all out-of-pocket costs. Original Medicare does not cover these costs. Also, Medigap has coverage that is not specific by state and has a guaranteed coverage for life. However, rates may change at any time and will apply to all members of the same class.
Available Medicare Supplement Plans
Medicare Supplement plans, or Medigap, occur in plans that have an assigned letter each. Usually, these plans include A, B, C, F, G, K, L, and N. Plans F and G specifically, are plans with high deductibles. This means that you need to pay for coinsurance, deductibles, and copayments up to the deductible amount set at $2,340 before your plan starts paying you. No matter which insurance company sells to you, the letters will indicate specific Medicare Supplement plans for you.
Coverage for the Medicare Supplement Plans
Each Medicare Supplement Plan has different benefits from each one. For example, Part A covers coinsurance and hospital costs as well as the first three pints of blood and hospice care. Plans C, F, G, and N offer something for foreign travel emergencies, while Plan F itself actually has the widest coverage. Plans K and L are those that have less than 100% coverage for all things.
Some Things to Be Careful With
There are some things about Medigap policies that you have to be careful with. First, the Medigap policy differs from the Medicare Advantage Plan. A Medigap policy provides coverage only for one person. Thus, couples have to buy separate plans. Also, Medigap policies don't offer coverage for vision, dental care, eyeglasses, hearing aids, and private nurse.
A Word of Caution on Dropping Your Medigap Policy
Deciding to drop your Medicare Supplement Insurance Plan is not simple. Beware of the timing if you want to switch to a Medicare Advantage Plan. In any case, you have to pay a late penalty fee if you dropped your Medigap policy is not credible. Also, you will pay a fee if you have to wait 63 days before the beginning of your Medicare drug coverage.
Medicare Supplement Insurance Plans, or Medigap, are essential to the well-being of any senior or elderly. However, one needs to get familiar with these plans and be careful when dropping these plans for something better.
At Alliance Health Group, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (813) 501-4006 or Click Here to request a free quote.