Medicare Supplement Insurance, also called “Medigap”, shoulders other medical expenses that are not present in a standard Medicare policy. Medigap covers what the original Medical Care Insurance has left off in its coverage. It simply means to fill in the gaps of other costs like copayments, coinsurance, and deductibles. Listed below are basic guidelines for getting Medical Supplement Insurance.
Who Can Get Medigap Insurance?
Medigap covers only one person. Those eligible for getting Medigap are people who have Medicare Parts A and B. Also, a Medigap policy is different from a Medicare Advantage Plan. Those with Medicare Advantage insurance cannot get Medigap.
People aged 65 or older who are enrolled in Medical Care Part B can get Medigap. The only exception for those who are younger than 65 is when there is a disability.
How a Medigap Insurance Works
Medical care insurance is standardized. That is why medical supplement insurances offer plans that can cover what the medical care policy does not. Each Medigap insurance covers various types of out-of-pocket costs, so it depends on what services and policies have been bought by the insured.
Insurance Companies Have Different Prices
Payments for medical supplement insurance are offered at different prices by various agencies. However, plans usually come with a monthly premium. Insurance companies have the independence to set their premiums differently. Here are three types of pricing:
- Community-rated/no-age-rated: age is not the basis for determining the premium
- Issue-age-rated/entry-age-rated: age at the time of buying the plan is the basis to determine the premium
- Attained-age-rated: current age and as the person grows older is the basis to determine the premium
Medigap is a Renewable Policy
There is no need to worry about a medical insurance plan getting canceled without notice. Any standardized Medigap insurance is guaranteed to be renewable even if there are occurring health problems. Therefore, insurance companies cannot cancel the policy as long as the premiums are being paid.
Medigap Does Not Cover Everything.
Medicare Supplement Insurance plans cover at least 50%, at max to 100% of those who got Medical Care Part A and B, and other costs. It does not cover dental services, hearing aids, eyeglasses, eyesight problems, and care or duty personnel.
Medical Supplement Insurance is an additional policy covering what the Medical Care Plans do not have in its plan. Not everyone is eligible to get Medigap because it is a policy that works with an existing policy. Thus it is essential to get Medical Care Parts A and B to be offered a Medigap policy.
At The Modern Medicare Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we’re here to help you out. Learn more about our products and services by calling our agency at (631) 358-5793. You can also request a free quote by CLICKING HERE.