Medigap is an extra medical insurance plan that you purchase from a private company to pay for costs not originally covered by Original Medicare such as deductibles, copayments, and medical care when you travel outside the United States. However, Medigap policies do not cover long term medical care, hearing aids, dental care, eyeglasses, vision care, private duty nursing, and most plans do not also cover prescription drug benefits. If you are a regular user of the healthcare system, it would be ideal to buy a Medigap plan as it would save you costs in the long run.
Be Educated On All Medigap Plans
Before choosing the right Medigap plan, you must be well informed about your choices. 10 Medigap benefits (A, B, C, D, F, G, K, L, M, and N) have been designed by the government with each varying slightly in their coverage. You can make Medigap comparisons using medicare.gov. There you would find all the details you need in a single chart. Your choice of Medigap policy should not be affected by the alphabet designations as government regulations ensure there is a standard design for any plan despite the insurer covering it.
Items To Look For In Medigap Coverage
So what are the differences among the Medigap Policies? How do they compare? While some cover more costs, others are high deductible, and still others demand higher cost sharing. To decide on the best Medigap policy for you, you must weigh your options so you can look out for the plan that best fits your needs and one that you can reasonably afford. It would be ideal to focus on a plan that covers more big-ticket items. These items include:
- Covering the coinsurance of your hospital stays or stays in a specialized nursing facility after a hospital stay
- 20% of your share of doctor visit costs
- 20% of your share of costs involved in lab tests
- The deductible involved any time you are admitted into a hospital.
There are other items covered under the different plans you must consider before making your choice. Medigap Plan F is more popular today as it is considered the most comprehensive plan. However, Plan F has two plans – with one having a high deductible. So it is important to consider each option carefully before making a decision.
Pricing System Of A Medigap Plan
Remember that prescription drug benefits are not covered under Medigap policies. Also worthy of note is the pricing system. There are three pricing systems which determining the cost of a Medigap plan. They include:
Issue-age Rated – This plan is based on the age of the individual when the first plan is bought. The younger the individual is, the lower the initial premium. Any increment in premium charges in future will not be as a result of advancing age.
Community Rated – This pricing system does not consider the age of an individual.
Attained-age Rated – Although this premium is initially based on an individual’s age, it could increase as the person gets older.
Finally, before you sign any agreements with a company and agent selling a Medigap policy, ensure you contact the local insurance department of your state to ensure the company is licensed and they have a clean complaint record. Also note that changing a Medigap policy can be a really daunting task. Consider your options very carefully and ensure it does not only cover your current needs, but even your potential future needs.
Learn more about Medigap plans and rates at http://emedigap-plans.com. Medigap Insurance brokers will help you compare Medigap Insurance rates and plans. To talk to an expert in Medigap coverage call toll free 888-452-7949!