What’s Medicare supplement (Medigap) insurance?
Medicare Supplement insurance is also called Medigap insurance .Medicare Supplement insurance is a private health insurance policy purchased by a Medicare beneficiary. Federal and state law regulates Medicare Supplement policies.Only a Medicare Supplement policy, or a Medigap policy, will help fill gaps in Medicare benefits.Other kinds of insurance may help you pay out-of-pocket health care costs, but they do not qualify as true Medicare Supplement insurance.For example, an employer retirement health plan may pay for prescriptions, vision and dental services, but it may not pay for Medicare deductibles and co payments.Although the benefits are the same for each standard plan, the premiums may vary greatly. Before purchasing a supplement policy, determine how the company calculates its premiums.An insurance company can calculate premiums one of three ways.
Issue Age: If you were 65 when you bought the policy, you will pay the same premium the company charges people who are 65 regardless of your age.
No Age Rating: Everyone pays the same premium regardless of age.A Medigap also called “Medicare Supplement Insurance” policy is a private
Every Medigap policy must follow federal and state laws designed to protect you and it must be clearly identified as “Medicare Supplement Insurance.”
Medigap insurance companies can only sell you a “standardized” Medigap policy identified by letters A thru N. Each standardized Medigap policy must offer the basic benefits, no matter what insurance company sells it. Cost and customer service are usually the only differences between Medigap policies sold by different companies. MEDIGAP POLICY:-
1. You must have Medicare Part A and Part B.
2.example of gapes in medicare:-
You may want to buy a Medigap policy because Medicare does not pay for all of your health care. There are “gaps” or “out-of-pocket” costs that you must pay in the Original Medicare Plan.
Some examples of costs not covered are hospital stays, skilled nursing facility stays, blood, Medicare Part B yearly deductible and MedicarePart b covered services.
3. A Medigap policy is health insurance sold by private insurance companies to fill the “gaps” in Original Medicare Plan coverage.
4. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you’ll each have to buy separate policies.5.DENTEL INSURANCE:-
If you want help paying for your next root canal, routine cleaning, or x-rays, you’ll have to buy an individual dental plan.That’s because most Medigap policies don’t cover any type of dental care. The only way that you can get any type of dental coverage without buying an individual dental plan is to get a Medicare Advantage plan. However, these plans are completely different from Medigap coverage. Making things trickier – you can’t have a Medicare Advantage plan AND Medigap coverage. You have to choose one or the other.
6. VISION INSURANCE:-
If you have long-term vision needs like glasses that need to be replaced or contacts that you’re constantly ordering — you’ll have to get an individual vision policy. Typically, Medigap policies will only pay for cataract surgery (and even that’s not guaranteed under every type of Medigap coverage). So, if you want help paying for your eye doctor visits and equipment, you’ll need separate individual vision insurance. Like the dental coverage, you can get vision benefits through a Medicare Advantage plan. However, that’s completely separate from Medigap coverage. If you’ve decided to go with a Medigap policy, you’ll be on your own for vision coverage.
Just like any other traditional health insurance policy, Medigap policies do not come with any type of life insurance. If you want to have insurance on hand for your heirs, you’ll need a separate senior life insurance policy.8. Luckily, senior life insurance is specially-designed to be affordable for people on fixed incomes. As an added benefit, many policies come with promises that your rates will never go up, and your coverage will never go down. MEDIGAP POLICIES DON’T COVER EVERYTHING:-
Medigap policies generally don’t cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing.
INSURANCE PLANS THAT AREN’T MEDIGAP
Some types of insurance aren’t Medigap plans, they include:
- Medicare Advantage Plans (like an HMO, PPO, or Private Fee-for-Service Plan)
- Medicare Prescription Drug Plans
- Employer or union plans, including the Federal Employees Health Benefits Program (FEHBP)
- Veterans’ benefits
- Long-term care insurance policies
- Indian Health Service, Tribal, and Urban Indian Health plans
If want to drop the entire Medigap policy,contact the insurance company to cancel it. For example, if want a completely different Medigap policy, or might decide to switch to a Medicare Advantage Plan that offers prescription drug coverage.If drop the entire Medigap policy and the drug coverage wasn’t creditable or go more than 63 days before new Medicare coverage begins, have to pay a late enrollment penalty for Medicare Prescription Drug Plan, if choose tojoin one.
- Find a Medigap policy.
- Call State Health Insurance Assistance Program .
- Call State Insurance Department.