Medigap Plans – How you can choose the right one

There are so many health insurance plans out there; it may not be easy to choose one

. With all the insurance jargon, most people do not get the full grasp of insurance. This is the reason why many people defer their choice of taking insurance or opt for plans that do not provide adequate risk coverage. Some help in choosing the right insurance plan, even if it is regarding Medicare Supplemental Plans, would be greatly appreciated but the common man.

Medicare for all

Medicare is health insurance plan administered by the government for people who are older than 65 or have end stage renal disease and require dialysis or have been receiving either social security or railroad retirement benefits on account of disability for the at least 24 months from the time of first disability payment. In the last two cases, individuals who are younger than 65 can avail Medicare benefits. Medicare however covers only about fifty per cent of healthcare costs individual might accrue. In order to provide cover for the remaining fifty per cent, an individual can opt for Medicare Supplemental Plans which are also called as Medigap plans.

Why a Medigap plan?

In the original Medicare Plan i.e. Part A and Part B, there are some deductibles, co-payments that involve some out of the pocket expenses and also coinsurances. These are essentially gaps that the Medigap plans seek to address. There are a total of 14 plans with a wide range of benefits that cater to all risks associated. An individual has plenty of choice, unlike the original Medicare plan. All individuals who are enrolled under the Medicare plan Part A and Part B can opt for Medicare Supplemental Plans within 6 months of turning 65 without a screening test. After the first 6 months, a screening test becomes mandatory.

Comparing Medicare Supplemental Plans

The Medigap plans A to N, cover varying degree of risk and fill different gaps in the original Medicare plans. Plan A for instance is the basic plan with the coverage not as extensive as other plans but the premiums are more affordable. Plan B provides everything that Plan A does and it also takes care of Medicare Part A deductibles. The benefits increase this way but the premium also increases. All plans, except A, B and K provide foreign travel emergency coverage. All plans also provide preventive care coinsurance.

Medigap Plans How you can choose the right one

By: Steve Saigh

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