Since traditional Medicare contains numerous expenses that are not covered, it becomes essential or a person to find a supplemental plan. Medigap policies fill this void. Medigap policies are different from other HMOs and PPOs since they only supplement original benefits. Here is a closer look at the various types of Medigap policies, what they cover, how to find the best Medigap policy, and when enrollment is possible.
Medigap Policies That Insurance Companies Sell
Medigap is a policy carried by various private health insurance companies. There are many different policies distinguished with letters A through L. Type A involves copays to hospitals after two months and past. It reimburses for three pints of blood each time as well. It also covers a certain amount of money for preventative care. Type B covers A as well as applies $992 to the copay of Medicare for hospital stay. Type C covers B including nursing home copays after 20 days and certain physician copays. Type D will cover all of C, but not physician or outpatient hospital copays. However there is an added benefit of home recovery. Type E covers D, but excludes the benefit for home recovery. Type F covers C along with a feature paying excessive copays. Type G covers C and 80% of home recovery and excessive copays. Type H covers C, but no physician or outpatient copays. Type J includes all items from I and copays to outpatient and physician care. Types K and L differ from the rest. K pays half of Part B expenses and all hospital copays. It also covers preventative care along with Medicare’s monthly charges after $4140. Type L will pay three-quarters of Part B and all copays to hospitals. It pays out Medicare’s monthly charges exceeding $2070.
Looking for a Better Deal on a Medigap Policy?
Medigap’s open enrollment starts on the first day on the first month after a person becomes 65 and is also entitled to Medicare Part B. This means that when a person celebrates a 65th birthday on June 15, 2012, the person is seen as age 65 on June 1, 2012. However, when a person’s birthday falls on the first of the month, the person is considered to be age 65 on the first day of the previous month. For instance, celebrating a 65th birthday on June 1, 2012 means that a person is seen as 65 on May 1, 2012. Medicare accepts individuals and will issue a card which displays the date when the person is entitled to benefits. A person who has Medicare Advantage or Medicaid may not be able to qualify for Medigap.
Few Reminders Concerning Your Medigap Policy
Most Medigap policies are renewable and cannot drop individuals unless premium payments cease. It is smart to carefully consider all Medigap policies and find one that is most affordable and provides adequate coverage for individual needs. Shopping around with different insurance companies will ensure getting the best price. A person should never feel pressure when considering a Medigap policy and should fully comprehend all rights and protections which come with the plans.