Medigap

October 09, 2012 878 No of hits
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Medigap

Medigap, a private health insurance that is designed to cover the medical expenses that are not or only partially covered by the original Medicare, is a key source for supplemental insurance for Medicare beneficiaries. It is also known as Medicare supplement insurance in the United States. There are 12 standard Medigap policies with names of the alphabet A through L; example Medigap Plan A, Medigap Plan B, etc. There is no difference in benefit packets offered by different insurance companies because the benefit packets are all set by the federal government, which facilitates packet comparison and reduces the likelihood that the benefit packets will change from year to year. In 2012, Medicare Part A has a $1,156 deductible per benefit period for inpatient hospital care and 20% coinsurance for outpatient and physician care. Medicare does not have a limit on out of pocket expenses.

A person must be enrolled in Medicare Part A and B to be eligible for Medicare supplemental insurance. No medical screening is required if a person obtains a Medigap plan during the Medicare open enrollment period when they first turn 65. During open enrollment, medical underwriting cannot be used and a policy cannot be refused, cannot charge you more for the policy, and they cannot use "pre-existing conditions" to make you wait 6 months for benefits. If you do not purchase a policy during open enrollment, you are not guaranteed to qualify based on medical underwriting requirements. If you are later diagnosed with a pre-existing condition, you may have to wait the 6 months in order for benefits to take place. You may be denied coverage or charged more for a policy.

Medicare does not subsidize any costs associated with a Medigap plan. Medigap policy prices may vary depending on which state you live in, your health, and which policy you choose. Medigap policies for spouses must be purchased separately. You may purchase a Medigap policy from any insurance company that's licensed in your state.

Medigap policies do not cover long-term care, dental care, eyeglasses, hearing aids, prescriptions, or private nursing care.

According to America's Health Insurance Plans, Center for Policy and Research, the most popular plan is Medigap Plan F with 51% of the beneficiaries and second most popular was Plan C has 14%. Plans F and C pay 100% of deductibles and coinsurance that is not paid by Medicare.

Tags:   Medigap   Medicare   Medicare supplement insurance  

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Medigap
Medigap
Created on : November 06, 2012

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Medigap, a private health insurance that is designed to cover the medical expenses that are not or only partially covered by the original Medicare, is a key source for supplemental insurance for Medicare beneficiaries. It is also known as Medicare supplement insurance in the United States. There...

By: Richard Martine Created 75 months ago

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