The need of Medigap plans for a secured future

Author: William Richards

Author: William Richards

The name Medicare supplement plans itself suggests that it is something related to Medicare insurance plans. Many of us may have the question in mind about what these Medicare supplement plans actually are. To answer this question in short it can be said that Medicare supplement plans are supplementary insurance plans which have the purpose of bridging the gap between the Original Medicare policy coverage and the actual medical bill payable. The fact is that the Original Medicare does not pay for all of the medical costs that you may need to pay. Therefore, to pay for all these unpaid costs there is the need to have Medicare supplement plans along with the original Medicare. Because of the fact that these plans bridge the gap between the original Medicare and the actual bill payable these plans are also known as the Medigap policies. Moreover, the main thing that should be kept in mind in relation to the Medicare supplement plans is that these are only supplementary plans along with the original Medicare and therefore cannot be sold separately. Not only that is important but also you should remember that to get the benefits of the Medicare supplement insurance plans you should stay in the Original Medicare. If anyone switches over to Medicare Advantage plan or any other such plan then he can no more get the benefits of the Medicare supplement insurance plans unless he switches back to the original Medicare plans. Thus the main thing that should be kept in mind is that the Medicare supplement plans are only supplementary plans to the Medicare Original and therefore there is no chance you can get the benefits of these plans without being under the Original Medicare plans.

Moreover, the most basic eligibility criteria of the Medicare Supplement Plans is that a person must be enrolled in part A and B of the Original Medicare to get enrolled to Medicare Supplement Plans. There is an advantage when one is under the open enrollment period. This begins within six months of turning 65 or enrolling in part B at the age of 65 or older, a person may obtain a Medicare Supplement Plan on a guaranteed issue basis. The enrollment under guaranteed issue basis means that the person may not need to go through a medical screening for the enrollment. Other than the advantage of the open enrollment the insurance company from whom you are going to purchase the Medigap plans may ask for medical screening and also may require obtaining an attending physicians statement if necessary.

However, these Medigap plans are sold and administered by the private insurance companies only. But besides that there are some rules that should be followed by these insurance companies alike. As for example no company can change the policy coverage of any particular plan. This means that when you want to purchase a Medigap plan, suppose plan C, each and every company should provide all the benefits of the plan C. Therefore, whenever you want to purchase a Medigap plan you can be sure that you shall get all the benefits of the plan may it be purchased from any company. But you should also remember that the premium rates of the policies may vary from company to company.About the Author:

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