Medicare/Medigap Insurance - What's the Difference?
Medicare/Medigap Insurance - What's the Difference
?Medicare is designed to cover the basic medical needs of senior citizens, so it's not meant to be comprehensive. That's where Medigap comes in. Medigap is designed to cover any gaps left by Medicare. But in order to get a firm grasp of Medicare/Medigap insurance, you must first have a solid understanding of both of these separate programs.
A main distinguishing factor in Medicare/Medigap insurance is that Medicare is free. There is no direct cost to the Medicare recipient for the insurance coverage that Medicare provides. The program is funded with taxpayer dollars, however, so if you've ever paid taxes, then you've contributed to Medicare. Medigap, on the other hand, is only available at an additional charge from the insurance provider. There are typically different levels of coverage, just as you would find with any traditional medical insurance program, and there are different charges depending on which Medigap package you choose to purchase as a supplement to your free Medicare insurance.
Another distinguishing factor in Medicare/Medigap insurance is that Medicare is administered by the federal government. The Centers for Medicare and Medicaid Services (CMS) are a component of the Department of Health and Human Services (HHS). The Social Security Administration is also involved, determining eligibility and processing premium payments. Medigap, on the other hand, is privately run, although there are government regulations involved. Medigap is offered to recipients of Medicare Parts A & B. Since these Medigap insurance packages are sold by private insurance firms to senior citizens, they are governed by the state and not by the federal government.
Whether you need Medicare/Medigap insurance depends on your situation. If you are retired and over the age of sixty-five, then you might as well take advantage of the government provision for Medicare insurance. Purchasing a Medigap package to cover any gaps left by Medicare is simple, and you can get adequate coverage at a decent price if you compare plans and pricing before you buy. If you are over sixty-five years of age, then you will likely face some health problems in the future, so it's always a good idea to have at least basic Medicare coverage, just in case. Are You Considering Breast Surgery? Get Pregnant Faster and Naturally - What Your Medic Doesn't Know An Online Medical Degree Can Offer More Options Than Ever Before Why And How To Get Medicare Supplemental Insurance After Your 65th Birthday Ask The Doctor: Best Online Medical Consultation. Knowing more about Medical Insurance Policy Compare Other Medical Insurance Policies Medicare Prescription Drug Coverage and Medigap insurance basics Medical Insurance Billing and Coding Explained Medicare Supplement Insurance Charges Can be Too Pricey For Some On Medicare Medical Malpractice Insurance: Is It Applicable For Nursing Students Too? Fee Schedule Establishes Coverage for Annual Wellness Visits for Medicare Patients Aspects Of Medicare Supplement Insurance Coverage