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Medicare Supplemental Insurance (Medigap)
Medicare Supplemental Insurance or Medigap, as it is commonly known, is a health insurance plan sold by the private companies
to fill the "gaps" in traditional Medicare coverage. The benefits of Medigap plans come in the form of some or all of the deductible,
coinsurance, co-pay, and excess charges gaps in Medicare.
Medicare is a federal program for the people who are 65 or older, under 65 with certain disabilities, or people of any age with
permanent kidney failure requiring dialysis or a kidney transplant. There are three different parts of Medicare:
Medicare Part A – covers patient care in hospitals, skilled nursing facilities, and home health care.
Medicare Part B - covers doctor’s services, hospital outpatient care, home health care and some preventive services.
Medicare Part D – covers cost of prescription drugs.
Though Medicare is a wonderful program that provides a hassle free and cost effective health insurance to the eligible people,
but it does not cover everything. This is the "gap" private companies try to fill. Private companies sell specially designed Medigap
plans help Medicare beneficiaries cover what Medicare does not.
To find a Medigap insurance providing company at a location near you, please visit our Medigap Insurance
Companies by City, Medigap Insurance Companies by County or
Medigap Insurance Companies by State page.
Medigap Insurance Policies
A Medicare Supplemental Insurance or Medigap Insurance policy is a health insurance plan sold by insurance companies to fill the gaps
left by traditional Medicare Part A and B. A Medigap policy helps you paying some of the health care costs that Medicare does not pay for.
There are 12 standardized Medigap plans; each is recognized by letter A through L. Each plan offers different lists of benefits,
with some of them are common in almost all the plans. All of them are priced differently. One needs to choose a Medigap policy carefully
and strictly according to his/her requirements.
For more information, please visit our Medigap Plans page and then click on any individual plan to view the benefits it brings with.
Medigap policies don’t cover long-term care, such as care in a nursing home, vision or dental care, hearing aids, eyeglasses and private-duty
nursing.
Medicare SELECT Plans
Medicare SELECT plans are the cheaper versions of original Medigap plans. The only difference is that if you opt for a SELECT plan,
you will be required to take services of specific clinics and hospitals, and sometimes specific doctors. That’s the reason SELECT
plans are also known as managed care plans.
Before Buying a Medigap Policy
It is very important to know why you need a Medigap policy before buying it. Before buying a Medigap policy you
need to know the following things.
- You must have Medicare Part A and Part B to buy a Medigap policy.
- If you have a Medicare Advantage Plan, you can apply for a Medigap policy, but make sure you can leave the Medicare Advantage
Plan before your Medigap policy begins.
- You pay the private insurance company a monthly premium for your Medigap policy in addition to the monthly Part B premium
that you pay to Medicare.
- A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you each will have to buy separate
Medigap policies.
The cost of Medigap policies can vary a lot. There can be huge differences in the premiums that different insurance
companies charge for exactly the same coverage. As you shop for a Medigap policy, be sure to compare the same type of
Medigap policy with different vendors, and consider the type of pricing used.
Buying a Medigap Policy
Always keep in mind that different companies may charge differently for the same policy. Thus, it is always better to
do some homework before buying a policy. Follow these simple steps to buy a policy.
- Decide which benefits you want and decide which of the Medigap Plans A through N meet your needs.
- See which companies sell Medigap policies in your state.
- Call the insurance companies and compare costs
For more information, please visit our Frequently Asked Questions (FAQs) section.
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