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Medigap Insurance Plans are also called Medicare Supplement Insurance, they are not Medicare Advantage Plans (HIMs, PPOs). You pay a premium for it to the insurance company and it automatically renews, as long as you pay your premium, unless you purchased it before 1991. Your policy must clearly identify on the front of the policy that it is a Medicare Supplement Insurance.

You need to know that this is not part of your government coverage, it is private insurance sold through insurance companies. When you get a Medigap policy it only helps fill in the gap that your Original Medicare does not cover.

Medigap Basics – There are currently 12 different types of Medigap plans to choose, A – L. They are intentionally standardized so that you get the same benefits from any plan with one company as you get for the same plan with any other company.

If you purchase Plan F from Company One, it provides the same coverage as Plan F that you could buy from Company Six. Plan F gives you the same benefits regardless of the company who sold it to you. The only difference is the price. Prices vary greatly from one insurance company to the next, so be sure to shop around for prices.

The Reasons To Buy A Medigap Policy – Medicare pays for most of your health care, but does not pay all your claim expenses. Medigap steps in and covers those things you would have to pay out of your own pocket. These expenses are referred to as “gaps” in Medicare, and these costs can add up very quickly if you have a claim for surgery or other prolonged illness.

Covering your annual checkup, some home recovery, emergencies if traveling out of the U. S. Are some of the things Medigap policies cover, but not all plans cover these, so shop around to find out what is covered in each type of plan. If you or your husband or wife are retired and have coverage through a previous employer, it might be the case that neither of you will need to buy a Medigap policy. Ask your claims manager if you need to purchase extra coverage.

The Best Time To Buy A Medigap Policy – As soon as you are age 65, and within the open enrollment period. The reason you want to do this during the enrollment season is because no insurance company can refuse you a Medigap policy if you want one. They also cannot make conditions like a waiting period, not can they raise the price due to pre-existing conditions. Please understand that Medigap is not Medicare. These Medigap policies are for paying that money you would owe after Medicare quits paying.

One of the advantages of buying a Medigap policy during your open enrollment period is that the policy may cover your pre-existing health conditions without a waiting period. If you let your open enrollment period expire you might have to wait up to six months before it will cover your pre-existing conditions. So, when you are shopping Medigap Insurance Plans, be sure to keep all these things in mind.

When it comes to Medicare supplements, you might refer to using medigap. With the Medigap quotes, you will find the price you’re searching for. It’s very important to have medical insurance and a way to get certain medical supplements.

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This entry was posted on Tuesday, August 17th, 2010 at 9:16 am and is filed under health insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.