Medicare supplement insurance [http://www.gomedigap.com] exists as a way to increase the protective net that many US citizens feel they need. Also known as Medigap, it refers to a number of supplemental options which are not covered by the regular Medicare scheme and are instead provided by private insurance companies. The name supplemental or Medigap is a great way of understanding the type of assistance available under these policies. As more of us are coming to realize the importance of a comprehensive medical insurance plan, the take up of supplemental insurance is rising on an annual basis.
To be eligible for a Medicare supplemental insurance plan an individual must first of all have taken up both parts A and B of the regular Medicare package. The options that are available under the guise of Medigap are only open to US citizens when they turn sixty five, also there is often a need to show proof of health before approval is granted.
The private insurers who offer the supplemental plan may require some form of screening to take place or even a physician's statement that certifies good health. It is worth noting that Medigap insurance is currently in no way compatible with other additional Medicare plans such as Medicare advantage. There are presently twelve plans available under the Medigap scheme, these are labelled A to L and administered by private sector insurers. Each plan offers consumers a different level of benefits. In basic terms the amount of cover would be equal to the premium that is paid.
Be wary of older Medicare supplemental insurance schemes as these are not so desirable today. An older plan does not give the level of benefits available from the newer policies, this is because they are still held by people who are now in old age (i. E. Above eighty) and who therefore make a greater number of claims which results in a lower profit margin for the insurer.
As Medigap plans are not in anyway sponsored by the federal government, the regulations and rules in place that govern their sale do vary on a state by state basis. Always find out information relating to what is available in your exact state as opposed to on a general nationwide basis.
It is possible to be provided a Medigap policy by your employer as a type of benefit for when you retire. This is an option that can be desirable if there is no other health insurance plan in place for when you reach retirement age.
Up until 2006, Medigap plans were available that included some level of prescription drug coverage but today this is not the case. This is because those of us that would want to have a form of cover that would pay out for medical drugs are now required to sign up for the Medicare part D option.
Always think long and hard before choosing any Medicare supplement insurance. It is worth noting that the rules and terms of the policies can fluctuate as new regulations are brought into force. What is a desirable option today may not be so worthwhile next year.
To be eligible for a Medicare supplemental insurance plan an individual must first of all have taken up both parts A and B of the regular Medicare package. The options that are available under the guise of Medigap are only open to US citizens when they turn sixty five, also there is often a need to show proof of health before approval is granted.
The private insurers who offer the supplemental plan may require some form of screening to take place or even a physician's statement that certifies good health. It is worth noting that Medigap insurance is currently in no way compatible with other additional Medicare plans such as Medicare advantage. There are presently twelve plans available under the Medigap scheme, these are labelled A to L and administered by private sector insurers. Each plan offers consumers a different level of benefits. In basic terms the amount of cover would be equal to the premium that is paid.
Be wary of older Medicare supplemental insurance schemes as these are not so desirable today. An older plan does not give the level of benefits available from the newer policies, this is because they are still held by people who are now in old age (i. E. Above eighty) and who therefore make a greater number of claims which results in a lower profit margin for the insurer.
As Medigap plans are not in anyway sponsored by the federal government, the regulations and rules in place that govern their sale do vary on a state by state basis. Always find out information relating to what is available in your exact state as opposed to on a general nationwide basis.
It is possible to be provided a Medigap policy by your employer as a type of benefit for when you retire. This is an option that can be desirable if there is no other health insurance plan in place for when you reach retirement age.
Up until 2006, Medigap plans were available that included some level of prescription drug coverage but today this is not the case. This is because those of us that would want to have a form of cover that would pay out for medical drugs are now required to sign up for the Medicare part D option.
Always think long and hard before choosing any Medicare supplement insurance. It is worth noting that the rules and terms of the policies can fluctuate as new regulations are brought into force. What is a desirable option today may not be so worthwhile next year.