Medicare Supplement Insurance Plans
There are various Medicare supplemental insurance plans available to help provide needed coverage for areas that Medicare may not handle. These plans are called Medigap policies, as they are used to fill in the gaps of your Medicare plan. For those who have Original Medicare and Medigap, these programs together will take care of your health care costs. You should know that an insurance company is only able to sell you a standardized policy. Standardized Medigap policies are required to have certain features so consumers can easily compare them.
There are as many as 12 standardized policies through Medigap, known by alphabetic designations. You can choose between Medigap policies A through L. These policies must adhere to state and federal regulations. These regulations are put in place to protect the consumer. On the cover of one of these policies it must clearly state that it is Medicare Supplemental Insurance. Each of the plans offers different features so comparing them before making a decision is important.
No matter which insurance company you choose, the Medigap benefits for policies A through L are identical, however the costs may be different. So, when selecting an insurance company you aren't looking for policy features but rather the best price. In order to get a policy of this type you will need to have Medicare Part A and B. There is a premium cost for Medicare Part B, and a premium for your Medigap policy. If you want you and your spouse to be covered under Medigap you must each have your own policy.
When in the market for a Medigap policy, it is important to choose an insurance company who can go over each of the available plans with you and help you figure out which one is right for your medical needs. After you've figured out the right Medigap plan, the only thing left to do is apply and pay your monthly premiums. Medicare supplemental insurance plans are very helpful for individuals that need more coverage than their Medicare Part A and Part B plans provide.
In addition to having different features, the supplemental insurance plans, or Medigap plans, are priced differently depending on what they offer. Plan A happens to be the least expensive because it has the fewest features. Shop around to see which plan is right for your medical needs. For example, some seniors may have a need for in-home care or medical supplies. Others might require prescription drug benefits. You may even want to consult with your doctor regarding your Medicare coverage to ensure you choose the best plan to take care of your health care requirements.