Medicare Medigap Insurance
2014 Medicare and Medigap Updates
Medicare Medigap Insurance Information
The standard Medicare policy currently offered by the government is both a boon and a bane for citizens. In the absence of universal healthcare in the United States, the Medicare policy is at best a temporary solution to health care issues but it is never sufficient to address the full spectrum of concerns by citizens regarding medical payments. This is where Medicare Medigap Insurance comes in, and it would be wise to become acquainted with Medigap as it will be your best friend when it comes to medical emergencies.
In a nutshell, Medicare Medigap Insurance is the supplemental medical policy to augment the inadequacy of the Medicare system to provide coverage for health care costs most notably medicines and care. Medigap is a insurance policy that fills the gap where Medicare cannot or chooses not to deliver in a standard package. Statistics as of 2008 show around 22% of Medicare subscribers also have a Medigap policy but in the intervening years this number has substantially grown due to the concerns raised over health care issues as a whole.
Medicare Medigap Insurance is open to Medicare beneficiaries that have both Part A and Part B coverage. There are two ways of gaining access to Medigap policies; one is by an open enrollment system which is open within six months of a person turning 65. Using this method, medical pre-screening is oftentimes not a requirement, enabling senior citizens to quickly gain access to additional medical coverage as may be needed by the various illnesses they are going through. The second method for Medicare Medigap Insurance requires medical pre-screening which may result in higher premiums as may be determined or charged by the offering insurance provider. On a more important level, people should realize Medigap coverage only works in synergy with standard Medicare plans and should not be planned for use if Medicare Advantage plans are being used.
The various product offerings for Medicare Medigap Insurance are defined by federal law and coverage for each plan or package does not change regardless of the provider. The only difference between providers has to do with premium pricing, ease of claim collection, and the overall experience of dealing with agents from that company. The best approach to selecting a preferred Medigap policy is to assess what services you need to avail of given your medical tendencies or history and purchasing that premium at the lowest price possible or whatever is the preference of the subscriber. Today, Medicare Medigap Insurance plans are named from Plan A to Plan N with the benefits stacking from each plan going up. In short, Plan A offers the least amount of coverage while Plan N is the most comprehensive, and by extension, the most expensive.
Given the uncertainties associated with medical conditions, it is almost always a no-brainer to purchase Medicare Medigap Insurance. In cases of lifetime or long-term illnesses, Medicare typically does not shoulder prescription medicines emphasizing even more the need for getting a Medigap Plan D to cover the expense.
Medicare Medigap Insurance offers many more benefits that can be summarized in a short article. For best advise, see your doctor or Medicare provider to explain to you the basics of Medigap and rigorously go through the Medigap selection process for providers so you can avail of benefits that take care of your interests in the short term and long term. There is no substitute to prudence when it comes to health and one should wisely invest in a future that is ready for any medical eventualities.
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