2014 Medicare and Medigap Updates
Medigap is also known as Medicare Supplemental Insurance. It is called supplemental insurance as its aim is to fill the gaps left by the original Medicare. The gaps are simply the medical and other health care costs that Medicare does not cover. There are 12 different types of Medigap policies numbered from Plan A.
Medigap is sold by private insurance companies that are specifically licensed by Medicare. There are many private insurance companies selling Medigap policies and if you are considering buying one, it is an excellent idea to look at several different Medigap quotes.
You should look at different Medigap quotes as soon as you become eligible and are covered by Medicare, preferably within 6 months of enrolling for Medicare. The sooner you settle on one of the Medigap policies the better. This is because within the 6 month open enrollment period, the private insurance companies licensed by Medicare to sell Medigap policies are required by law to sell you any of the 12 Medigap plans you want irrespective of whether you have a pre-existing condition that the insurance companies would consider to be a very high risk. As long as you keep your insurance premium up to date, the insurance company must continue to renew your policy for as long as you want to keep it.
After the 6 month period, you are under the mercy of the private insurance companies and they can sell you any Medigap policy they want.
When going through the process of choosing a Medigap policy, you should look at the Medigap quotes for the different Medigap health insurance policies. The different Medigap health plans offer different benefits and you should choose one that best suits your needs and requirements. Medigap Plan A offers the most basic coverage and for this reason usually has the lowest premiums. Benefits offered by the different health plans get progressively better with each successive plan.
The different health plans are standardized and will offer the same benefits irrespective of the insurance policy provider. However, you should also compare the different Medigap quotes between different insurance companies. Some insurance companies will charge higher premiums than other insurance companies for the same Medigap health plan.
The private insurance companies are obligated by federal to give their prospective clients the Medigap health plan comparison chart and the different Medigap quotes so that they have enough information to make an informed decision regarding the health plan that will suit them the most.
Choosing the right Medigap health insurance plan can be a very daunting task particularly if you add on the task of sifting through the different Medigap plans. You can consult an insurance broker who should be of some help. There are also a number of websites on the internet that can help. All you need is to fill in some information on a provided form and you can get instant Medigap quotes.