Medigap or Medicare Supplement plans is insurance policies sold by private insurance agencies which fill the expense gap between the sum covered by the Original Medicare and the actual hospital bill. A layman may not be aware that there are certain expenses called copayments and coinsurances. These additional operating expenses are covered by the supplementary insurance.
It is absolutely necessary to have a hospital insurance and medicinal insurance to be eligible for Medicare Supplement plans. A person must understand that it is not a standalone insurance rather it just covers the gap. The question can come in people’s mind why buy such an expensive plan which cannot operate alone.
Briefing a Medigap Plan:
We will try to make it easier for everyone to understand. A Medicare will pay all the Medicare-approved amounts for a covered amount. Then the remaining amount is paid by Medicare Supplement plans. A Medigap is quite different from the Medicare Advantage Plan. This plan helps to get Medicare benefits but Medigap just covers the amount not covered under the Original Medicare.
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A person who is not aware of the existence of such a policy may not know how to buy them and when to buy them. These policies are sold by private insurance agencies and they have separate pricing policy for these insurances. But the more important question is when to buy them. There is a period known as Medicare Supplement plans Open Enrollment Period. When a person turns 65 or more than that, starting from that day it is valid for 6 months and has an Original Medicare plan. But there are some states which allow people less than 65 years of age to have a Medigap plan.
Presently there are 10 types of Medigap Plans. They are categorized into A, B, C, D, F, G, K, L, M, N and each of them has separate pricing policy depending on the age. Now each of this plan has some advantages over the other and provides some added benefits. For Example, people under the category of C, D, F, G gets the complete cover on skilled nursing facility care. The Plan F in some agencies have a very high- deductible plan. In other words, the person who gets insured under this category may need to shell out a good amount before they get anything.
Difference between Medigap and other insurances:
There are few people who know about the Medicare Supplement plans but often ends up confusing it with Medicare Advantage Plan or Medicare Prescription Drug Plan. The Medigap only fills the gap that Orginal Medicare does not pay.