Medicare Supplement Insurance For 2011 Rates
A Medicare supplement insurance [http://www.gomedigap.com/] policy also known as medigap is a health insurance policy offered by private insurance companies regulated by the Federal government designed to cover the "gaps" in Original Medicare insurance.
That means that a medigap policy will help to pay some of the costs of health care that is not covered by your Medicare policy including co-payments, deductibles and co-insurance payments. The way it works in Medicare pays for its share of any Medicare covered service then medigap steps in and pays its share of any Medicare covered service and any amount left over if any is left for you to pay. This can be a huge help when it comes to some of the more expensive medical services you may need such as hospital coverage that lasts longer than 60 days.
Federal Guidelines
Medigap policies have to follow rules laid down by Federal and state laws that were created to protect you. One such law is that all medigap policies are standardized and identified by the letters A through N and each policy must offer the same benefits designated by its letter no matter which insurance company offers it. What that means is that if you want a particular medigap plan all insurance companies must offer it as the exact same coverage with price being the only difference.
What medigap does not cover
Medigap insurance coverage does not cover dental care, long term care, eyeglasses and vision care, private duty nursing care and hearing aides.
Medigap does not cover prescription drugs. For a prescription drug plan you will need to enroll in Medicare Part D.
What medigap does cover
The coverage for medigap varies from policy to policy so for you to clearly understand what each policy covers you will need to ask your insurance agent. Medigap was designed to cover some of the health care costs that Medicare does not and to help defray the out of pocket costs associated with your Medicare plan including co-payments, deductibles and co-insurance costs.
When should you buy medigap coverage
Although you can purchase medigap insurance at any time after you are enrolled in Medicare Part A and B there is a 6 month window of opportunity when it is best to do so. The window is called your open enrollment and is 3 months before your 65 birthday and 3 months after your birthday. The reason this is the best time is that the insurance companies are not allowed to use medical underwriting for you during this time period. That means that the company cannot refuse to sell you a policy, charge more because of any health issues and make you wait for your coverage to begin unless for some preexisting health issues.
If you purchase your medigap or Medicare supplemental insurance coverage within the open enrollment window then no matter what your health condition the insurance company must sell you your policy for the exact same amount they would sell it to someone in perfect health. That alone can be a huge savings.
That means that a medigap policy will help to pay some of the costs of health care that is not covered by your Medicare policy including co-payments, deductibles and co-insurance payments. The way it works in Medicare pays for its share of any Medicare covered service then medigap steps in and pays its share of any Medicare covered service and any amount left over if any is left for you to pay. This can be a huge help when it comes to some of the more expensive medical services you may need such as hospital coverage that lasts longer than 60 days.
Federal Guidelines
Medigap policies have to follow rules laid down by Federal and state laws that were created to protect you. One such law is that all medigap policies are standardized and identified by the letters A through N and each policy must offer the same benefits designated by its letter no matter which insurance company offers it. What that means is that if you want a particular medigap plan all insurance companies must offer it as the exact same coverage with price being the only difference.
What medigap does not cover
Medigap insurance coverage does not cover dental care, long term care, eyeglasses and vision care, private duty nursing care and hearing aides.
Medigap does not cover prescription drugs. For a prescription drug plan you will need to enroll in Medicare Part D.
What medigap does cover
The coverage for medigap varies from policy to policy so for you to clearly understand what each policy covers you will need to ask your insurance agent. Medigap was designed to cover some of the health care costs that Medicare does not and to help defray the out of pocket costs associated with your Medicare plan including co-payments, deductibles and co-insurance costs.
When should you buy medigap coverage
Although you can purchase medigap insurance at any time after you are enrolled in Medicare Part A and B there is a 6 month window of opportunity when it is best to do so. The window is called your open enrollment and is 3 months before your 65 birthday and 3 months after your birthday. The reason this is the best time is that the insurance companies are not allowed to use medical underwriting for you during this time period. That means that the company cannot refuse to sell you a policy, charge more because of any health issues and make you wait for your coverage to begin unless for some preexisting health issues.
If you purchase your medigap or Medicare supplemental insurance coverage within the open enrollment window then no matter what your health condition the insurance company must sell you your policy for the exact same amount they would sell it to someone in perfect health. That alone can be a huge savings.
Source...