Medicare Supplement Insurance
Medicare supplement insurance is also known as Medigap because it is a
form of health insurance that is used in conjunction with an original
Medicare plan to cover the costs that the original program does not
cover. In other words, it supplements the coverage gaps and deductibles
not granted by the original Medicare plan.If you already have an original Medicare insurance plan, you can
purchase this supplemental plan from a private insurance company. Bear
in mind, however, that there are a number of plans that fall under the
Medigap umbrella, all offering different benefits to provide for
different needs. It is important, therefore, to do thorough research on
the different plans offered by your insurance company before signing on
the dotted line.
While different Medicare supplement insurance plans offer varying
benefits, all these plans provide the same basic benefits. These would
include paying for your stay in the hospital after the first 60 days
have been covered by the original Medicare plan. In general this
supplemental plan would cover your stay from days 61 through to 150 (if
you are required to stay for that length of time).
Take your time to determine your specific need for medical coverage
and review each proposed Medigap plan thoroughly because some plans may
provide protection against Medicare deductibles on certain medical
services. Some plans may offer coverage over travel emergencies, while
others may propose protection against charges in excess of fees not
approved or covered by your original Medicare plan. Apart from these
varying plans, the fees and premiums charged will depend on your age,
amongst other personal case-by-case factors.
Note, however, that your Medicare supplement insurance plan
may not pay for all the fees not covered under the original Medicare
plan. Instead it might cover a proportion of those fees. The percentage
covered under your personal plan will depend on the type of plan you
choose, so do your homework diligently and you will end up with an
insurance plan that is most suitable for you.
|
