2014 Medicare and Medigap Updates
The Benefits of Using Medigap Plans
As one grows older, the body starts to shut down. This is natural. Anyone who has an elderly loved one appreciates that quality healthcare at this stage of life can be a life saver. However, affording quality healthcare tends to be quite expensive on both the patient and the family and this really limits the budget. For this reason, most States offer Medicare and Medigap plans to various patients who qualify so as to help cater to any medical needs that they may require.
Medicare, is of course the Medical insurance plan offered by the government to see that any medical needs of those on the program are met. However, few know about Medigap plans.
In the Medicare program, it is noted that there are gaps which are not covered and if left unchecked may add up to colossal sums of money. Hence the development of the medigap plans. Basically, Medigap plans are a form of supplementary insurance sold together with Medicare. This is because in most cases Medicare is only going to pay around 80% of the medical bills when an illness or accident occurs. The unpaid 20% could be a large amount if there is a long illness.
Medigap plans consist of 12 major plans though not all States offer all of the 12. For this reason, it is crucial that one consults their Local Health Assistance Program so as to know which of the plans are offered. The 12 plans offer different benefits and are applicable to different patients based on selective criteria.
Studies indicate that applying for the Medigap plans can be quite challenging. In the first place, insurers are not required to offer the plans to Medicare eligible people under the age of 65. For this reason, one has to carefully review the insurance companies’ policies so as to know exactly what they are purchasing and if they need it.
There is a mutual agreement between Medigap and Medicare to allow crossover. However, this may not always be the case. Again, it is important that you look at the policy and see if this is offered. Moreover, ask the insurance company involved if crossover is available. Some of the companies also offer a sort of 30 day trial period where one can try out the Medigap policy and if it is not to their liking they may ask for a full refund.
When comparing Medigap plan policies and Medicare policies, it is noted that though in some cases Medicare offers less costly services, they tend to be more restrictive on certain areas such one’s choice of providers.
The benefits of Medigap plans are that they are less costly, especially in terms of cost sharing. Moreover, Medigap plans cover certain sections that were not previously covered in the Medicare policies. Such sections include hearing aids, vision care as well as broadening one’s choice of providers.
Though the Medigap plans are only meant to be a supplementary insurance to Medicare, the benefits they bring can save its policy holders from a financial disaster which could occur in the event of an extremely long illness or hospital stay.
This article has given you a few general ideas concerning Medigap plans, but our website has a world of information about both Medigap and Medicare. We are also adding new information as it becomes available if you would like to bookmark us.