Medicare Supplement Plan Options
Medigap, which is essentially supplemental Medicare insurance, is designed to pay for out-of-pocket expenses that may not be covered by Medicare parts A and B plans.
Among the things covered by supplement plans are things such as coinsurance, deductibles, and co-payments. It should be noted that policyholders are not able to use a Medigap policy to cover copayments, premiums, and deductibles stemming from a Medicare Advantage plan.
Medigap policies can be obtained through private insurance carriers like Medisupps.com, and as such, coverage varies among different companies. Some policies may even cover things that do not fall under traditional Medicare.
Potential purchasers should take note of the fact that Medigap policies are for single users, and therefore, spouses need to have their own coverage.
In terms of precisely what is covered under a given Medigap policy, it is necessary to review what each company offers. In terms of determining prices of this type of coverage, carriers tend to use one of a range of available methods, including:
Community Pricing Models: Under such scenarios, premiums are identical, no matter the age of the policyholder.
Issue Age-Related Pricing: This means that a policyholder’s age will be a determining factor in policy pricing. As such, purchasing such a policy as soon as possible after the age of 65 makes the most financial sense.
Attain Age-Related Pricing: Insurers will base an original premium price on an individual’s current age, though the cost will rise with the passage of time.
Medicap policy prices tend to vary by jurisdiction. Prices tend to be lower for those who purchase policies soon after reaching Medicare eligibility age. There may be discounts offered by different companies, so it pays to do some research.
Potential purchasers need to be aware that Medigap insurance does not cover dental care, private care services, nursing home assistance, hearing aids, and vision care.
Furthermore, individuals with a pre-existing condition need to know that they may need to wait up to six months after buying their Medigap plan until those concerns will be covered.
