Information about Medicare Supplement Insurance
Medicare supplement insurance, also called Medigap, can be bought from private companies. This helps to pay part of the costs of health care, which cannot be covered by the original Medicare. These costs can include deductibles, copayments and coinsurance. There are certain policies for Medigap that provide coverage for the services that are not covered by the original Medicare, and these can include medical care when you are traveling outside the United States.
If you have the Original Medicare, you can purchase a Medicare Supplement Insurance policy, and Medicare will pay its part of the amount that is Medicare-approved for the covered costs of health care. The Medigap will also pay its part. Medigap policies are different and you should have Parts A and B of Medicare.
When you have Medicare Supplement Insurance, you will pay a monthly premium to the private insurance company for the Medigap policy. The policy usually covers an individual only. If your spouse and yourself want to get coverage, you can purchase individual policies. It is from any insurance company that you purchase your Medigap policy, which has the license to sell.
Even if you are experiencing health problems, any standardized Medigap policy is renewable. This is to mean that an insurance company cannot cancel the Medigap policy you have provided you pay premiums. There are some policies that have been sold in the past, and these tend to cater for prescription drugs. However, those policies that were sold after January 1, 2006 do not provide coverage for prescription drugs. Joining a Medicare Prescription Drug Plan will allow you to get coverage for prescription drugs.
Medicare Insurance policies do not cover dental or vision care, eyeglasses, hearing aids, private-duty nursing and long-term care. If you want to drop your policy, you should be careful on the timing. You might decide to go for a different policy under Medigap or choose to switch to the Medicare Advantage Plan that will provide you with coverage for prescription drugs.
If you drop your Medical Supplement Insurance policy, and the coverage for drugs was not creditable coverage for prescription drugs, you can go 63 days and even more before your drug coverage starts. When you join new drug plans, you will be required to pay penalties for late enrollment. To make the right decision on the policies that will work best for you and your family, you should contact the private insurance to advise you accordingly.
