We already know that health insurance should help us out when it comes to medical expenses. A lot of people will require more medical attention than others, especially those men and women who have reached a certain age. With this, it is important to have a back up plan in case medical help will be needed. Medicare is one such example of the insurance that aims to cover for expenses as necessary.
Medicare was enacted by the US government in the 1960’s as a means of providing medical benefits and support for retirees, or those who are above the age of 65. Medicare has certain provisions of which medical treatments are to be covered, such as hospital stays, x-rays, tests, medications, and others. There are specific parts in which the benefits are explained in detail. However, because Medicare is provided by the government, it can have some imposed limits as to what can be covered, so as a lot more people can be taken care of.
Because of some limitations of the Medicare insurance program, private insurance companies in the United States offer these Medicare clients an alternative, and that is Medigap insurance. Just as the name implies, Medigap bridges the gaps in the coverage which Medicare can not take care of, due to certain limitations.
Medigap is only made available to current policy holders of Medicare. They may apply three months before and three months after their 65th birthday, with not medical check up needed. Also, the insurer must be enrolled in Medicare Part A and B in order to be eligible for Medigap. There are also some private companies that give their retiring employees Medigap insurance. The terms and conditions for the sale and purchase of Medigap is different in each state.
Medigap benefits are labeled A to L, with each package covering only specific aspects of medical treatments that an insurer might need. Some examples are for hospital stays, physician fees, foreign travel emergencies, preventive care, prescription drugs, skilled care, and others. You may look at several other websites that can provide more detailed information about Medicare and Medigap as insurance options for people ages 65 and older.
Your Medigap policy generally fits together with Medicare Part A and Part B. You still have to pay the premiums for Medicare Part B, Medigap does not replace that, it’s in addition to it. The premium for Medigap is paid directly to the insurance company. Also, please be aware that your Medigap policy is not going to cover your spouse, each of you will need to have separate coverage with individual Medigap policies.
Comparing Medigap insurance policies is easy. Each insurance company must include standardized benefits allowing the purchaser to compare related items in the policy and be able to identify the best deal at a glance. Web services such as InsuranceDesk.com make it easy for you to compare costs among numerous insurance companies. When you enter your information, you will receive quotes from several local insurance agents, allowing you to simply choose the best plan at the best price.
By: Earl Cronin
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