Medigap Health Insurance

2014 Medicare and Medigap Updates

Medigap Health Insurance

Medigap health insurance can be defined as an extra health insurance that is available for you to buy from a private company to cater for services that are not covered by Medicare.

Medicare Supplemental Health Insurance is another name for Medigap Health Insurance. In case you are interested in Medigap insurance use a Medigap provider locator to help you find the provider that is right for you.

All types of family insurance are available through Medigap but one must be bought by each family member on medicare. Medigap policies are individual policies and plans.

Once you decide which plan to use you pay a monthly premium for a Medigap policy. Medigap insurance policies are solely obtainable to individuals who currently possess healthcare component A for clinic services and healthcare component B for physician services.

Medicare Part A generally covers hospital inpatient services and this includes stays in a hospital or nursing facility and it also caters to some home care and hospice while Medicare Part B pays for outpatient medical care, such as doctor's visits, some laboratory tests, some medications, and some medical equipment. Once you qualify to get Medicare Part A, you're qualified for Medicare Part B as well.

 

Medigap Health Insurance Plans

There are so many medigap insurance plans you have to choose carefully. Actually there twelve plans that are delineated by letters A through L. Each one extends a different list of benefits targeted at filling “gaps” in Medicare insurance coverage. Medicare supplement Plans K and L are complementary to the basic benefits offered in Plans A and J, nonetheless, the plans come at a decreased monthly premium but with raised out-of-pocket expenses. Medicare supplement Plans F and J can be offered with a “high-deductible choice.”

Your choices for Medicare coverage are:

Keep your company's plan if you are still working, or use Element A to include solely clinic expenses
Join in the original Medicare strategy (Elements A and B, overlaying clinic and physician visits)
Register in Medicare Advantage, which are privately run health plans sponsored by Medicare.
You can also look at whether you want to be part of the Medicare health insurance prescribed drug strategy (additionally termed medigap strategy D, It will assist in paying for most of your drug costs.
You may additionally want to look at a other medigap plans, all of which are designed to fill in most of the gaps in Medicare coverage.

You may want to take into account purchasing extra insurance coverage if:

Your healthcare needs go beyond what Medicare Elements A, B, and D include.
You expect your health care needs to increase in the future.
Your out-of-pocket expenses under conventional Medicare would be too elevated.

This article is meant to give you a general idea of how Medigap health insurance works. Unfortunately Medicare only pays around 80% of all medical cost so it would be wise to look into Medigap to prevent any huge and unexpected medical bills. Our website has a large volume of information on the subject and we are periodically adding more so you may want to bookmark us for future reference.