Medicare supplemental insurance – What is it and how is it useful?

Medicare Supplemental Insurance Plans

The Medicare Supplemental Insurance Plans can be a confusing process for the people first getting Medicare. The Medicare Supplemental Insurance Plan is also called Medigap, is a kind of health insurance that has been designed in order to supplement the original Medicare plan. The Medicare Supplemental Insurance Plans are in general offered by the private insurance companies which fill up the coverage which your basic Medicare Part A and B do not cover.

Medicare Supplemental Insurance Plans

As has been said before, this is called the Medigap too because, it fills the gap in the normal Medicare plans. The Part A and B of the normal Medicare plans cover 80% of the medical bills expenses. The Medicare Supplemental Insurance Plan covers the left over 20% of the medical expenses.

The gaps that any of the Medicare Supplemental Insurance Plans are going to cover are the co payments, the deductibles and other small but various kinds of expenses. These little expenses can add up to high dollar amounts.

One of the greatest advantages of these policies is that you may be able to receive this policy without having o give any kind of medical exam. This is mainly called the “guaranteed issue period” where you aren’t required to give any kind of medical exam. You as an individual can basically be guaranteed one of these policies that are in addition one of those guaranteed renewable ones.

This is naturally a great advantage for all of those who have any kinds of pre-existing health problems. This is because once all of the coverage falls in place, the insurance company is not going to raise your premium and also the individual may be able to get the guaranteed option to get a renewal of the policy.

Watch this short video on when you should sign up for medicare…

Types of Medicare Supplemental Insurance Plans

There are different types Medigap plans. All of these have been designed to meet the specified needs of the individuals. There are in general 12 different plans – starting from Medigap Plan A to L.

Now, two more have been added along with the A-L plans and these are the M and N policies and Plans E,H,I and J are no longer available. So, if you have any of these plans bought before June 1, 2010, you can contact the company from whom you had bought this policy.

There are various benefits of the Medigap policies. These policies provide Skilled Nursing Facility Care Coinsurance, Foreign Travel Emergency, Medicare Part A Deductible, Medicare Part B Deductible, Medicare Part B Excess Charges, Medicare Part B Coinsurance or Co-payment and so on.

Some of the things that the Medigap policies or plans do not cover are the long term care, hearing aid, private nursing duty, vision or dental care and eyeglass expenses.

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