Once you have enrolled for Medicare plan, you need to check the cover and understand the need for additional or supplemental policy. Medicare Supplement Insurance, also known as Medigap, is sold by private insurance companies, which have been approved by the state. Medigap, as the name suggests, covers the ‘gaps’ in Medicare Part A and Part B. Standard Medicap policies covers for copayments, deductibles and coinsurance. Here are some of the things you need to know.
Medigap is not compulsory, but it is recommended that you check the options wisely, considering your age and overall health. It can also help in covering some of the things that Medicare doesn’t cover. For example, if you are traveling outside the US, Medigap can cover medical care for the period, as well. So, what happens when you have Medicare and Medigap? Firstly, Medicare will pay the approved share of healthcare costs, following which Medigap will pay its share, as per the terms and conditions. It’s important to note that a Medicap policy is different from regular Medicare Advantage policy. A Medicare Advantage plan is intended to offer ways to get benefits from Medicare, while a Medigap os meant to supplement the existing Medicare benefits.
What else to know?
You can find a lot of details about Medigap on websites like medicaresupplementplans.co.com. Before you can enroll for Medigap, you need to have Medicare Part A and B. If you can still apply for Medicare supplement policy with a Medicare Advantage plan, but you have to leave the latter before the term of Medigap begins. Also, you will have to pay for the Medicare Part B premium, besides paying for the Medigap premium. If you want a policy for your spouse, you will have to take an additional plan. One Medigap policy only covers one person at a time.
Please note that Medigap doesn’t cover for prescription drugs. If you need prescription drug coverage, you need to take the Medicare Prescription Drug Plan, which is also known as Part D. In most cases, Medigap doesn’t cover long term care or special treatments like dental care. Also, once you have enrolled for Medigap with an insurance provider, you don’t need to seek permission for renewal. As long as you pay the premiums on time, the insurer provider will have to renew the policy, even if you have other or new health issues. Check online for more details!