So much confusion surrounds Medicare and the different supplemental Medigap supplemental plans. It is hard to look at the information coming in and decipher what it means to your health care coverage. In terms understood by many it breaks down to this; Medicare part A and Medicare part B. From here it is up to the individual to decide if a Medigap supplemental insurance policy is needed. These plans are paid for by the individual and are for easing the out of pocket amount paid each year in deductibles, copayments and coinsurance plans.
The gap between what is covered and not covered by Medicare is Medigap. Here is one of the many tricky parts. Medigap only can be purchased along with an original Medicare plan, part A or part B. That is correct, reread the last statement. Medigap supplemental insurance plans are not available with Medicare part C, part D, private health insurance, Medicaid, TRICARE or Veterans’ Admin benefits.
Purchasing Medigap supplement insurance is just as tricky as figuring out if you can buy it. The one thing that stays true no matter where you purchase the insurance from is that because it is regulated by the laws of the state and Federal government the benefits available are the same to everyone. Although the coverage remains the same no matter the provider there are differences amongst the insurance companies themselves. The differences will be in price, administrators of the plan and the available Medigap options.
Medigap refers to the Medigap Insurance Plans that fill in the holes left with traditional Medicare Part A and Part B. Medigap Supplemental Policies are identified using a letter of the alphabet. It is insurance that is sold through private insurance companies. Something to be aware of however is that the government has standardized each Medigap Plan. This is important because although the health insurance companies may have a different price on the plan the coverage and benefits you receive are the exact same from company to company.
This makes comparing policies a bit easier because you know that no matter what the Medigap Plan is going to be the same no matter where it is purchased. The decision really comes down to a company and price you are willing to purchase the insurance from and which plan out of the available plans fills in the holes left by Medicare that you need filled in.
When looking into insurance companies to purchase a Medigap policy from make sure to compare the rates of several companies. It is important to note that some insurance companies add in a clause that the premiums will or will not rise with age. Many plans increase rates with inflation however it is best to find a company whom has a reasonable price for their coverage, good service and a clause that the premiums will not raise because of the participants age bracket. Otherwise the limited income you are living on could need to feed a higher Medigap premium in the future.
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