Medicare supplement plans are insurance policies, also known as Medigap policy, which is mainly looked over by private organisations. It helps in some extra medical cost coverage that normal medical insurances do not agree to cover. The extra medical costs include copayments, coinsurances, and deductibles.
There is some other medical care coverage as well which an original Medicare would not cover your medical cost coverage when you are flying out of the country. They do not provide cost coverage internationally unlike Medigap policy which provides these kinds of benefits regarding your medical cost.
Important points to be noted before applying for Medicare supplement plans:
- You must be a part of Medicare Part A and Part B.
- Even if you already have a Medicare Advantage Plan, you can sign up for Medigap policies, only if you leave the former plan. You cannot be a part of both the plans at the same time.
- You need a pay a certain amount of monthly premium to the private insurance company for your Medigap Policy along with the monthly premium for Part B that you pay for
- A Medigap policy is only applicable to one person at a time. If you and your family want this insurance, each of you needs to purchase separate insurance policies.
- You can purchase your Medigap policy from any authorized and licensed insurance company from your own state.
- If you pay your premium regularly, then no insurance company can terminate your Medigap policy under no ground. It is renewable as long as you are paying for it even though you have health problems.
- If you want prescription drug coverage, then you need to sign up for a different plan Medicare Prescription Drug Plan.
- If you have a Medicare Medical Savings Account, then you are legit to own a Medigap Policy, and it would be illegal to sell you one.
The following insurance plans do not fall under Medicare Supplement Plans:
- Medicare Advantage
- Medicare prescription drug plans.
- Employers’ or any kind of unions’ plans.
- Veterans’ benefits.
- Long-term care policies.
- Any sort of tribal health care plans.
The policy is eligible no matter your age
Comparing Medigap plans for 2019 assures to provide insurance coverage irrespective of age and any kind of illness or fatal health history. No insurance company can deny you your medical coverage plan on any ground of medical history or age.