Things you need to know about Medicare Supplement Plans

What are Medicare Supplement Plans?

Medicare Supplement Plans are considered to be such policies that pay for some health care costs of a patient that are not covered by the original Medicare. There are various private insurance companies that sell Medicare Supplement plan or Medigap. There are some Medigap that is likely to work when you are in a foreign soil. This insurance basically pays some share or part of Medicare approved amount for the covered health costs.

More on Medigap

  • You are supposed to have both the Medicare Part A as well as Part B.
  • In case you already have the Medicare Advantage Plan, you are still allowed to apply for the Medigap policy. In this circumstance, you are just required to leave Medicare Advantage Plan before the Medigap policies begin.
  • AARP Medicare supplement Plans 2019
  • You are supposed to pay a specific insurance company a monthly or quarterly premium for the Medigap policy. This monthly premium is required to be paid in addition to monthly Part B premium which you are to pay to the Medicare.
  • Each and every person is required to have Medigap policy separately. In case, you along with your spouse want the Medigap coverage then you are supposed to have two policies in total.
  • There are plenty of private insurance companies that provide such policies. You are allowed to go for any of the insurance companies as per your need and convenience.
  • The standardized Medicare Supplement Plans are guaranteed to be renewable in spite of your health problems. It simply means as long as you keep paying for the premium the insurance company cannot just cancel the Medigap policy.
  • Few Medical Supplement Plans are generally sold in past cover prescription drugs. Since 2006, the Medigap is not used to give coverage for the prescription drugs. In case you want to avail the drug coverage facility then you can go for the Medicare Prescription Drug Plan specifically.
  • It is regarded as illegal to sell Medigap policy if one holding Medicare Medical Savings Account plans.

Dropping Medigap Policy

If you want to drop the entire Medigap policy in order to avail a completely new Medigap policy, then you are allowed to do it in the most efficient way. If you decide to drop the entire Medicare Supplement Plans, then you have to be careful about timing. In some cases, you may have to pay the late enrollment penalty for joining a completely new Medicare Drug Plan.