To be exact, Medigap plans cover costs which are not covered in your normal medical policy. The costs included herein are copayments, coinsurance and deductibles. These policies are sold worldwide by private players in the market.
Things to know about Medicare Supplement Plans or Medigap
- First and foremost, you need to be enrolled in Medicare Part A and B to be able to purchase Medigap.
- Medicare Advantage plans are aimed at securing medicare facilities. These are not to be mixed with Medigap.
- You need to pay an additional premium for your Medigap policy. This is in addition to the premium; you pay for general Mediclaim policy.
- Medigap policies cover a single person. There is no group scheme or floater scheme for these plans. You need to purchase separate plans for each member of your family.
- You can purchase a Medigap plan from any private player.
- You cannot have Medicare Advantage Plan and Medicare together.
- A Medigap policy is renewable and no company can deny you a renewal, even if you are ill.
Medicare Supplement Plans cover many things but not everything
These do not cover aesthetic surgery, dental treatment, accessories for hearing and such other things. You will have to bear the charges for these. No insurance company will ever bear these charges.
Medigap plans are standardized across all states in the U.S. There are ten different plans to choose from, ranging from A to N. The pricing of these plans depends on the features each one offers.
The approximate cost of these plans ranges from $1,813 to $2,052, depending upon the demographics of the applicant. Plans C, D and F costs range from $72 to $414. Enroll in a 2019 supplement plan here https://www.bestmedicaresupplementplans2019.com/
Medicare supplement Plans F, G and N are to look out for. Plan F benefits are listed below.
It covers Medicare Part A coinsurance and hospitalization costs upto an extended period of a year after exhaustion of general Mediclaim. It covers hospice care, deductibles, copayments, blood, nurse’s care charges and foreign travel emergency costs as well. This is a plan with high deductible, hence monthly premium is low.
Medigap Plan G covers all of the benefits offered by Plan F, except Part B deductibles. Both of these cover Part B extras.
Then we come to Plan N. It is a plan which offers similar benefits as offered by Plan F, with the exception of Part B deductibles and excess charges.
So, now you are in a good position to decide which plan suits your medicare needs.