Medigap – Medicare Supplemental Insurance Program
Medicare Supplemental Insurance or Medigap is a health insurance policy designed to supplement the original Medicare insurance. Medigap is provided by private health insurance companies but managed by Medicare. Medigap helps insure some of the health care costs not insured by Original Medicare (“holes” such as co-pay, co-insurance, and deductibles) and some benefits not insured by Medicare. If you have both Medigap and an original Medicare, Medicare will pay your share of the Medicare approved amounts for Insured Medical Expenses and then the Medigap payment.
Each Medigap policy must comply with federal laws and state laws. Medigap strategies are standardized and labeled with the letters A-L. Each policy must provide the same basic benefits irrespective of which Health Insurance Company sells them. The only difference is the price offered by each provider. Policy A provides core and basic benefits, while eleven other policies provide basic benefits and some additional benefits. Policy A offers the following benefits:
• To reserve a co insurance for the duration of the hospital lifetime Part A for days 91 to 150
• Hospital co insurance Part A for days 61 to 90
• 365 days of lifetime admission under Medicare insurance
• 3 pint of blood of Part A and B that can be derived
• 20% Part B co insurance
Now, the rest guidelines (B to L) provide another combination of the following benefits:
• Part A deductible at the hospital
• Part A Co insurance for nursing insurance for 21 to 100 days
• Emergency insurance for trips abroad
• partial deductible
• Preventive medical assistance
• recreation at home
If you purchase a Medigap policy, you must have Medicare Part A and Medicare Part B. You must pay a premium for Medicare Part B and the Medigap policy.
However, it should be noted that many benefits not insured by a Medigap include the following:
• nursing assistance
• Prescription drug costs which exceed $ 3,000 per year
• vision care
• Specialized assistance after 100 days
• dental care
Note that policies E, H, I and J are no longer sold (since 2012). But if you already have one, you can continue to receive benefits.
Medicare has many shortcomings and does not fund all the necessary health services. If you are in the original Medicare policy, you can purchase Medicare Supplemental Insurance, also called Medigap Insurance. This is a health insurance that pays for some of the costs of the initial Medicare program and for a cure that does not insure. Medigap insurance policies are sold by private insurance companies. According to the law, Medigap’s standard insurance policies are those offered by insurance companies. There are 11 standard policies called A-N. The policies offer a unique set of benefits that fill several “holes” in insurance and Medicare prices.
You should study all policies of Medigap before you pitch your tent on the best policy for you. Irrespective of which insurance company provides a particular policy, each policy with similar letter insures the same features. For instance, all Policy C policies offer the same benefits regardless of which company sells the policy. Prices may vary, however. The 11 standard Medigap standards insure basic benefits, but each has additional benefits that vary by policy.
None of the standard Medigap policies include:
• Long-term care for washing, dressing, eating or going to the bathroom
• visual or dental care
• hearing aids
• prescription drugs
• nursing care