Read this to understand what Medigap policy is all about

Medicare supplement plans 2022 simply refer to Medicare Supplement Insurance (Medigap) policy. This is the kind of medical insurance cover that is provided by private companies to citizens of the United States who need it for purposes of filling gaps in the Original Medicare. Medicare is usually structured in a manner that it covers much of the cost that people incur for their health care services and supplies, but it doesn’t cover everything and that is where Medigap comes in. Like stated above, this kind of medical insurance is usually provided to people by private companies. Medigap policies will therefore help you to pay for expenses such as copayments, deductibles, and coinsurance costs which are not covered under the original Medicare.

Some Medigap policies will go a step further to pay for costs such as emergency foreign travel expenses. People who don’t want to stress themselves with medical bills usually opt for Medigap policies. You should read on to understand Medigap better.

Understanding Medigap better

It is important for you to understand that Medigap doesn’t cover your share of the medical cost when you are using other kinds of medical insurance policies other than Medicare. Therefore, when you are using union group health coverage, TRICARE, Medicaid, stand-alone Medicare drug plans, and Medicare Advantage Plans, you cannot have Medigap paying for your cost of the medical bill; Medigap is specific to Medicare.

When you use Medigap policies, you cannot have Medigap pay for Medicare’s part of the medical bill. Instead, Medigap will pay its part of the cost while Medicare will pay its own. You also can’t have Medicare paying the cost of buying a Medigap policy. Some people tend to confuse Medicare policies with Medicare Advantage plans. Medicare policy is a way of helping you to pay for the costs that are not covered under your Original Medicare while Medicare Advantage Plans simply refer to another way of getting your Part A and B benefits.

Generally speaking, insurance companies can’t sell a person a Medigap policy if they already have coverage via Medicaid or Medicare Advantage Plan. There are Federal and state laws put in place to protect individuals against insurance companies by requiring them to clearly identify Medigap policies as Medicare Supplement Insurance.

Medigap policies are usually standardized and are labeled by letters from A to N for ease of identification.

What Medigap policies don’t cover

In general, Medigap doesn’t cover long-term care that you often get at a nursing home. It also doesn’t cover private-duty nursing, hearing aids, vision care, and dental care. If you need the kind of care mentioned above, you will have to use other policies or cover the cost from your own pocket.  Insurance companies only sell standardized Medigap policy. Since there are several Medigap policies and they all have different benefits, you should do a comparison before you make your choice.

 In conclusion

In conclusion, insurance companies that sell Medigap policies often don’t sell each and every Medigap policy out there. They tend to specialize in the policies they offer.

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