Understanding Medigap Plans

For many people, today, having a health insurance is already a necessity. Depending on the kind of policy and coverage that will best apply to you, you actually have so many to choose from.

One of the most common health insurance is the Medicare, and the same as any other policies, there are certain restrictions and conditions or situations that cannot be covered by it. Therefore, when you are in a certain medical situation, what cannot be covered by your insurance will have to be paid by cash not unless you have a supplemental insurance like  this service to cover it up for you.

One of the supplemental insurance that is accepted by Medicare is Medigap. It is sold by private insurance providers to Medicare policyholders to supplement it. The case here is, when you get hospitalized Medicare will pay for the charges that it has approved, and what is left unpaid by Medicare will be taken cared of by Medigap.

To understand a little about Medigap, here is a few information that you need to know. Of course, you will have to get the full details about Medigap in order to fully grasp the idea of what it is and if you are eligible to get one.

To qualify for a Medigap insurance, it is a must that a policyholder is enrolled with a Medicare insurance which has both Medicare Part A which is the hospital insurance and the Part B which is the medical insurance. Those that have Medicare Advantage Plan needs to terminate such plan before a Medigap plan begins. Note that aside from the premium that you will be paying for Medicare, you will also have, of course, to pay the premium required for Medigap. And you have to continue paying such premium else it is canceled.

You can get or buy a Medigap insurance from any private insurance that is duly licensed to sell in your state now! This insurance is individualized, meaning only one person can be a policyholder, ad if any other member of the family wishes to get one, it will be another policy which is separate.

Note also that even Medigap has limitations to its coverage and this insurance does not cover long-term care for cases likes private-duty nursing, vision or dental care, hearing aids, and eyeglasses. The new Medigap policy now, however, includes already the option for prescription drug coverage as compared to the old policy.

These are the basics that you need to know about Medigap. Make sure that if you are interested in this, you discuss all the details with a right Medigap representative in order for you to fully understand its terms and conditions.


     

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