If you look around to shop for the Medicare Supplement Plans then there is a lot to consider. You need to make sure that you understand what your personal needs are and what your budget is. Also make sure that you do your research about the private insurance companies that are offering the Medigap policies. The company should be rated high.
The Medigap plans are not like your traditional health insurance plans. These do not offer you any sort of health benefits. These plans are designed to cover the expenses that you will have to pay when you go to take the benefits of your Medicare plan.
The original Medicare plan that you have could include additional costs like:
- Medicare deductibles
- Additional hospital costs after the Medicare days are over
- Skilled hospital and nursing facilities
How do the Medigap policies work?
When you buy the Medicare Supplement Plans you will have to pay a monthly premium towards the insurance plan. The plan in return pays out the expenses that would be incurred out of your pocket. So when you are ill and have to meet a doctor you are saved from paying the coinsurance that your original Medicare requires you to pay. The Medigap plan will take care of this payment.
Medicare advantage plan
Apart from the Medigap plans you could also consider buying the Medicare advantage plan. This too helps you with the Medicare costs. The plan offers you the additional health cover that your original Medicare plan does not offer to you.
The Medigap plans will not cover part D which is the prescription drug coverage. So you would have to keep that in mind and buy a separate part D plan if you wish to.
Medical supplement special enrollment
There is no annual enrolment period when it comes to the Medigap plans. It is thus important that you know when to apply for this plan. If you are new to this or if your current coverage is about to expire the you could benefit from the special enrollment plan. This is also known as the guarantee issue period.
This time is the best time to apply for the plan because here you will get a guarantee that you will definitely get coverage and also may be a better price.
Will I qualify for the same?
To know whether you will qualify for the special enrollment period you will have to meet the following criteria:
- New to Medicare
- Recently lost the employee welfare coverage
- Recently lost the Medicare advantage coverage
- Recently lost the supplement coverage.