Once you have retired from a job, there are a lot of things that are essential for leading a comfortable, secure and a tension free life
. One such issue is to address health care concerns. This means that you should pay a lot of care and attention to Medicare plans in order to ensure proper health care in the event of a medical emergency in the near future.
Need for Medigap
Though Medicare plans help in handling emergency medical situations, they still do not cover the entire component of your medical bills. This means that there is still a great deal of money that you will have to pay out of your pocket. It also means that you will have to do something to bridge the gap. Well, if you are looking to bridge the gap, then it is wise to invest in Medigap Plans in order to bridge the difference between your actual medical bills and the coverage on your Medicare policy. These plans are also known as Medicare Supplement plans and help you in meeting the entire medical expenditure. These plans are a very good option in case of a medical emergency.
Eligibility Criteria
Medigap plans have certain eligibility criteria that need to be fulfilled by an individual. One of the most important criteria is that you should already be having a Medicare policy under Part A and Part B. Medigap plans are not sold individually. This is because they are supplement plans to the main Medicare policies. This means that if you switch to another plan like the Medicare Advantage, you will not be able to enjoy the benefits of Medigap plans. If you want to enjoy the full benefits of Medigap plans, you will have to revert back to your original Medicare plan.
Standardization of Medigap Plans
Medigap plans are sold and administered only by private health insurance companies since the Medicare Supplement plans were standardized in the year 1992. Currently there are more than ten Medigap plans being sold and administered by these private health insurance companies. There are more plans on the anvil and it is expected that these plans will bring in more benefits to existing Medicare and Medigap policy holders.