2014 Medicare and Medigap Updates
Medigap, or Medicare supplemental insurance is used to pay for those medical expenses that are not covered by Medicare. Medicare Medigap insurance can pay those unexpected expenses that your medicare will not pay. Things that aren’t thought about until the time of necessity.
If you have Medicare insurance and Medigap insurance, each will pay shares of the required health costs that are covered in their policy. There are many Medigap policies and it can become very confusing. However, hey are called ‘standardized’ policies and each of these Medigap policies have specific benefits that can easily be compared. This is required by law.
There are many plans and each has its own set of regular and extra benefits, A has the fewest amount of benefits and is the least expensive. The other Plans range in price and amount of benefits. You can purchase many plans, up to 12 if you wish, covering different benefits. However, you probably don't need them all. These Medigap insurance benefits are very important if someone in your family requires much medical attention or has an ongoing condition that requires constant medical attention.
Medicare Medigap Insurance costs can vary from insurance agent to insurance agent. The benefits of any plan are all the same but each company decides what they are going to charge for the policy. For this reason it is good to shop around.
When you apply for a Medicare Medigap insurance policy, you must have Medicare Part A which covers hospital insurance and Part B which covers medical insurance, and you will have to pay the Medicare Part B premium monthly. In addition it will be your responsibility to the Medigap Insurance company to make a monthly premium payment to them as well.
Current benefits as compared to ones in the past, are less expensive and offer full benefits. Medigap is a private nongovernmental insurance and the rules are not the same from state to state. New Medigap policies do not include drug costs.
Before you go to too much trouble checking out extra insurance, make sure you need it. When purchasing find out how long the waiting period is before payments start. Check with your insurance company and your Medicare benefits and see what coverage you have. You should be covered with the basic health plan and you may or may not need all the extra benefits.
Medicare Medigap insurance policies are only good for policy holder, they do not cover spouses or common law partners. The enrollment period occurs six months after a person turns the age of 65, or after enrolling in Medicare Plan Part B at 65, or older. Some insurance companies may request a medical exam with an attending doctor’s report. You should understand exactly what your Medigap policy covers. Does it cover the specific expenses you might need, and does it cover the expenses you have requested?
If you travel a lot, it would be wise to get a travel insurance policy. Medicare Medigap insurance includes plans to cover foreign travel insurance needs.
If you have an interest in the subject our website has a large number of articles concerning medicare and medigap. Many are more in depth than the generalized information in this article.