Medigap Supplement Insurance
2014 Medicare and Medigap Updates
Medigap supplement insurance is a policy that is issued by private companies to fill in the financial gap that occurs between the amount of acquired medical bills and what medicare will actually pay on those bills.
It is normal for individuals who are approaching the years in which they can begin receiving medicare benefits to want to be more informed on the subject. This is indeed very important and wise decision due to the fact there are many different kinds of policies available and each one covered different aspects of your medical bills.
The first thing you definitely need to know about medigap supplement insurance is that you must apply for it sometimes between the 6 months before you are eligible to the 6 months after you are eligible. During this period the insurance companies are required to cover you regardless of medical history. If you wait past the 6 months after you are eligible to apply you could end up paying a lot more.
Another thing you need to be knowledgeable about as far as medigap supplement insurance is concerned is that all of the available plans have the exact same coverage. For instance, plan A will have the same coverage no matter what insurance company you buy the policy from. However, ever insurance company makes its own decisions about how much they are going to charge for the policy. This means you need to shop for the best price. If one company is wanting $80 more for a designated plan than another one, you are foolish to pay the extra when they both are going to pay the same coverage when a medical issue occurs.
Although the government does not have anything to do with the private companies that issue medigap polices, they still regulate them very closely. There are both state and federal laws that these companies must adhere to when covering the medicare patient. If you ever have a problem with your supplement policy you need to report it to medicare officials. You also need to report any doctors or medical institutions you feel are overcharging you on your bills as this is an unfair act and cost the taxpayers millions of dollars per year.
One great plus about government regulated medigap supplement insurance is that as long as you pay your policy premiums they can not drop you from their roles for any reason. This basically means your plan is basically guaranteed renewable.
There are many other things you need to be informed about before purchasing a medicare supplement plan so be sure and read more of our articles on the subject. You may want to also bookmark us as we are continually adding more information as it becomes available.