subject: Medicare Supplemental Insurance - Bridge Between Plan A And B [print this page] A Medicare supplement plan is an insurance policy, also known as Medigap that bridges the discrepancy between the original Part A and Part B coverage. This insurance helps pay some of the costs that the original medical plan will not. If you have applied for the original plan and have a Medigap policy, then your that policy and the original plan will both pay their shares of the health care costs. A policy must be clearly identified on the cover and named as "Medicare Supplemental Insurance". A plan from A through L consists of different sets of extra and basic benefits.
Selecting the Right Plan for You
It is important that you will be able to compare supplemental plans because their costs may differ. Benefits that you can enjoy from any plan from A to L is similar for all insurance providers. A Supplemental Insurance company decides what policies it wants to endorse or sell.
The policies should follow state and federal laws that protect you. To buy a policy you need both Part A and Part B.
Acquiring a Medigap Policy
In buying a supplemental insurance, you will first have to decide if insurance is the best for you to supplement the original one coverage you have. Providers have their monthly premiums set. How the companies set their prices affects how much you will pay presently and in the future.
There are factors that you should be thinking about when you buy a policy. There are three ways that a provider chooses to base their charges on:
* Attained age rated - As a person gets older, the prices instantly go up. * Community-rated - Ignoring the age of a person, the policy's cost remains the same. * Issue/age-rated - Charges are related to the age of the person at the time of purchase.
Types of Policies
Twelve policies are currently used to help someone pay the majority of the out of the pocket costs that the original plan does not cover. Supplemental plans labeled A until L offer a different set of benefits and fill gaps in coverage at varying costs. There are insurers who offer high deductible options which are supplement plans F and J.
As an insurance plan, Medigap is unique in that it offers supplementary security in case your original plan is not enough to cover your medical costs. There are instances when these costs can balloon up to a point that is beyond your expectation. With this, you can be assured that you can be covered for all the expenses that you have incurred for your medical care.
by: Edward Hayes
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