Get The Fullest Profit On Medicare Investments With Medigap Policies

There are 12 Medigap plans, labeled A through L

. Of these plans offered before the 2006 changes took effect, only H, I and J offered prescription drug coverage. The three plans feature a deductible as well as coinsurance to cover 50 percent of the drug benefit. Each of the plans also had a payment cap for the drug benefit, with the J plan's cap set higher than either H plan or I plan. If you were enrolled in one of these three plans before 2006, you are eligible to keep it. Anyone enrolling in Medigap after 2006 cannot get prescription drug coverage through Medigap.

If you have a Medigap policy that includes drug coverage (obtained before 2006) you have several choices. You can keep the Medigap plan and decline to enroll in the Medicare Part D drug benefit. Another option is to drop your existing Medigap insurance plan and sign up for another Medigap plan that doesn't offer prescription drug coverage. Then you would be eligible to enroll in the Medicare Part D.

It is however advised that you should go through the policy statements carefully before deciding to choose one best fit for you. And for the concern of the policyholders it can be said that the all the plans with the same letter cover, no matter which insurance company sells it must cover the same benefits. As for example it can be said that all Plan E policies have the same benefit coverage irrespective of the insurance company selling it. However, it should be kept in mind that the amount of premium can vary with company. Thus it is clear that the Medigap policies helps you a lot to pay for the part of the medical bill that is excluded from your original Medicare coverage. But the thing you should know is to choose the right plan that would suit you the best. Therefore please read the offer documents carefully before choosing the one for you.

Besides that there is one thing to be noted that to get enrolled for the Medicare supplement plans it is essential for a person to be a beneficiary of the Medicare Original part A and part B plans. Besides that there are also some other factors to be kept well in mind. One of these is that the Medigap plans are only supplementary insurance plans to the Original Medicare and therefore these plans should always accompany with the Original Medicare plans. In fact the point is that if a person being a beneficiary of the Medicare supplement plans switches over to any other plan then he would no longer be able to use the benefits of these policies unless he switches back the Original Medicare.

Besides that though the Medigap policies are sold and administered by the private health insurance companies only but still no individual insurance company can change the benefits of any Medigap plan. This means that if you purchase any Medigap policy from any company you are sure to get the same benefits as are provided by the other companies for the same plan. But in this respect it is essential to note that the insurance companies are free to fix the premium chargers for the Medigap plans on their own.

by: William Richards

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