Medigap is a private policy provided by private companies, that covers the gap of original Medicare. i.e., this can help to pay few fields which original Medicare doesn’t cover. Here is an example of coverage from medigap plans.
Example: original Medicare does not cover for you when you are out of USA but medigap or Medicare supplement does.
FEW IMPORTANT POINTS TO REMEMBER
- Medicare is divided in part A and part B.
- You should leave your Medicare advantage plan before your medigap policy began.
- A monthly premium have to be paid to the medigap providers along with the part a premium of Medicare
- Each person, irrespective of the family relation should have a separate medigap as it is completely person specific. It provides cover to a particular person, To Whom It May Concern only.
- On none whatsoever ground or degradation of your health condition can lead to cancellation of your medigap policy as long as you pay the premium.
- Medigap policies after Jan 1, 2006 were not allowed to cover prescribed drug coverage.
- If you have a Medicare medical saving account plan, it’s illegal to sell you a medigap plan or policy.
- It doesn’t cover LTC, vision, dental, hearing or private duty nursing in general.
INSURANCE PLANS THAT ARE NOT MEDIGAP
- Medicare prescription drug plan.
- Veteran benefits
- Indian health service, Tribal & Urban Indian Health Plan.
It’s advisable not to drop the entire medigap policy at one go in case you want to switch between your existing medigap policy and the new one you want to opt for. Sometimes, you might have to pay the total enrollment penalty.