Choose the Right Medicare Supplement/Medigap Coverage.
Although it might seem confusing, the various options for Medigap coverage can be made easier to understand by contacting a licensed health insurance broker who is familiar with the industry.
A Medicare Supplement Policy/Medigap policy helps cover the cost for medical services that original Medicare does not cover. It’s an extra add on kind of policy to address holes or gaps in the original Medicare plan. Medicare Supplement Policies when combined original Medicare work together to pay most health care costs.
There’s a prevailing myth that Medicare and Medigap are so complex and so varied across the nation that no one could possibly understand them, let alone afford them. Therein lays the myth. Medicare Supplement plans can be very affordable and are standardized in the sense that all insurance carriers have the same plan designs for Medicare supplement polices. The only difference from carrier to carrier is price.
What differs at the state level is that private health insurance companies have the option to choose which of the 10 Supplement plans they will sell to the consumer. So it makes good sense to compare the plans and the premiums prior to making a purchase. Plans A through J offer a variety of different benefits and extras making them ideal for consumers who like a cafeteria approach to health care coverage.
Health insurance agents can make a huge difference in the type of coverage consumers opt for simply by the nature of the advice they are able to provide. Local health insurance brokers are the ones with a better grasp on the marketplace than big name insurance brokers who provide call centers that don’t take into account a person’s state of residence.
In order to get Medigap policy, customers must first have both parts and B of Medicare. The choice of the additional Medigap coverage will include a premium for the coverage in addition to the premium paid for Medicare part B. In rare cases some Medicare Beneficiaries will pay for their Part A. Spouses must each have their own Medigap policy. The husband’s Medigap coverage will not apply to the wife and vice versa.
The general consensus on the Medicare Supplement/Medigap industry is that these separate insurance policies fill quite a few “gaps” of the original Medicare. While it may not always be perfect coverage, one of the Medigap plans usually satisfies the customers’ needs.