Things you should know about Medicare Supplement Insurance

Medicare supplement insurance, also called Medigap is a healthcare plan that covers medical expenses not covered in the original Medicare. Available with private companies, this medicare insurance type is a supplement or an alternative to the Medicare plans you get from the government. If you are wondering why go for a medigap or medical supplement insurance? Medigap was created to cover costs not entailed by Medicare. It is a great alternative to save you major costs on things not covered by Medicare such as Coinsurance, Copayments and Deductibles.

Who is this available to?

Medigap is available only to individuals who already have a Medicare Part A. In case you do not have a medicare plan, you can’t get a medigap. Another situation where you are not eligible to get a Medigap is if you already have a Medicare Advantage plan.

Things Medigap doesn’t cover

Medigap does not cover many a things such as costs of prescription drugs, along with any kind of long term care. This could include vision care, dental care, costs of eyeglasses, costs of hiring private duty nursing along with hearing aids.

Things Medigap does cover

The purpose of Medigap is to sort out cost coverage of things not covered by the original medicare. When you buy Medigap, your policy covers your medical care even when you travel outside the United States. If you go for a medigap when you have the original medicare, you get covered for various things, such as - once Medicare pays a share of your medicare-approved costs for health care then the medigap policy comes into picture and can help cover the remainder costs that were not covered in the original medicare plan. It is important to understand that a medigap only cover the gaps created by your original medicare benefits.

Do you pay a monthly premium for Medigap?

Sold by private companies, Medigap comes with a monthly premium that differs as per the plan(s) you engage in.

Some facts about Medigap you should know before buying:

• You cannot buy a Medigap if you have a Medicare Advantage Plan.
• If you buy a Plan B, its premium is paid separately from the monthly premium of your Medigap policy.
• One should not purchase a medigap policy if they already have a medicare medical savings account plan (MSA).
• You should be aware of the fact that any standardized Medigap policy is renewable. Despite the fact that you may or may not have health issues that might incur huge costs. So you don’t need to fret as the insurance company has no power on cancelling your Medigap, provided you are regular with the premium payments.

There are many things you can learn about Medigap that will help you choose the right plan. Medical insurances such as Medicaid, Tricare and FEHBP or Federal Employees Health Benefit Programs are not Medigap.  So choose widely and consult your Medigap provider for all thorough details on Medical Supplement Insurance Plans.