Comparing Medicare Supplements
Medigap, also referred to as Medicare Supplement Insurance, helps in the payment of some of the health care bills not insured by Original Medicare, inclusive of co-payments, cos-insurance, and franchises. Some Medicare Supplement policies also pay for services not covered by Original Medicare, such as care received outside of the United States. There are 10 different varieties of Medigap policies, each with a different letter (A, B, C, D, F, G, K, L, M and N) and offering different levels of coverage. Medications, long-term care, hearing aids, glasses, nursing services, and dental care are not covered by Medigap policies.
What Medicare supplement insurance is not
As its name suggests, Medicare Supplement plans 2019 are designed to complement another policy and not to stay on your own. You must have Original Medicare (Medicare Parts A and B) to buy a Medigap policy. Medicare insurance is different from Medicare Advantage (Medicare Part C) and you can not have both types of policies at the same time, unless you are switching from an Advantage policy to an original one. Medigap policies can not be used to cover more than one person, so spouses interested in Medigap will need to purchase the coverage separately.
Acquiring a Medicare supplement policy
Medicare Supplement Insurance policies are sold by private insurance companies and can be purchased from any licensed insurer to sell Medicare coverage in your state. If you buy one, you need to pay monthly to the insurance awards, in addition to the monthly premium paid by Medicare for their Medicare Part B. All policies standardized Medigap are guaranteed renewable basis, which means that the insurer cannot cancel your coverage since you continue paying premiums, even if you have health problems.
When to buy Medicare supplement insurance
A six-month period of open enrollment for Medigap begins on the effective date of Medicare Part B coverage. This is the best time to enroll in a Medigap policy, as health problems will not affect your qualification or the cost of your policy during that period. You can still apply for Medicare Insurance Medicare after the expiry of the registration period, but how are you policies generally have medical underwriting, you may be rejected or charged more because of health problems.
A special type of Medigap policy called Medicare SELECT is available in some areas. Medicare SELECT policies offer the same types of coverage as standard Medigap policies and come in the same 10-letter range. The only difference is that these policies limit their coverage to a certain network of doctors and hospitals. All non-emergent care must be received from a network provider to be covered by a SELECT plan. Although SELECT plans are more restrictive in this sense than standard Medigap coverage, they also have lower premiums. If you are interested in a SELECT policy, confirm that your network has health service providers in your area before making a purchase. The SELECT policies also offer a window of 12 months after the purchase, in which you can change your mind and change to a normal Medigap policy. As another Medigap coverage, it is best to purchase a Medicare SELECT policy during the open enrollment period of six-months.