New Modified Concept Of Medigap Insurance Plans

Medigap Health Insurance Plan is also termed as Supplemental Medicare Insurance Plans

because the said plan is designed to supplement the coverage of Original Medicare health insurance plan and bridge the cap of coverage. In reality the policy holders of Medigap insurance plan enjoys some extra health care costs, which are not covered by normal Medicare policies and enjoys better scale of facilities from health insurance companies in terms of compensation and disbursement. However it is to be remembered that a Medicare policy never pays any cost to get Medigap plan and while in requirement, Medicare policy pays its share in terms of disbursement and Medigap policy pays its own share for the benefits of the beneficiary in accordance to his/her pre-decided policy plan.

A Medicare policy is solely different from a Medigap policy because Medicare insurance helps the policy holder to enjoy medicare benefits but Medigap policy used to supplement the Medical benefits covered by Medicare policy. However, Medigap policies are stringently regulated by Federal and state laws and the said policies are clearly defined as Medicare supplement insurance plans.

Medicare supplement insurance plans were initially introduced in the year 1992 and since then the planes remain unchanged since a long period of time. After the initial standardization of Medigap insurance plans, total 12 types of policy plans were made available in market to be sold by privet insurance companies only. These plans were denoted by A to level L and each of these plans contain some benefits different from each other.

Due to requirement of intricate situations some major change and incorporations in Medigap insurance plans were on the cards. According latest amendment of regulating Federal laws controlling Medigap insurance plans detail has incorporated the Part-D program is the existing health coverage plan [D stands for Drug program] and have introduced the new coverage plan of Medicare Advantage Plans. The latest changes in Medigap Insurance plans have become effective from 1st June, 2010 with the specific changes which are jotted down below.

Hospice Part A in Medigap insurance policy stands for outpatient prescription drug and respite care coinsurance for in patients; according to new amendment of Medigap policies the Hospice part-A will be covered by Basic benefit coverage of Medigap plans. Plan K of Medigap insurance plan will take care of 50% of these costs and plan L will cover 75% of this cost.

Some new Medigap insurance coverage plans are being in use and these plans are Plan M and Plan N. The health plan D and G respectively will enjoy different benefits on the policies issued after 1st June 2010 onward than the old existing policies on Plan D and G. Plan E,I, H, and J will no more be sold but the existing policy holders will enjoy the liberty to retail their policy plans.

Medicare Supplement Insurance Companies should make plan A available and alternatively, either plan E or plan F should be available for each insurance selling companies for the benefit of the policy holders. Plan K, L, and plan N will attract lower policy premium if the policy holder pays a share of premium on Part B coinsurance and co payments.

by: William Richards

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