What is Medicare supplement plan
Medicare provides a supplement plan also known as Medigap is a private insurance plan that covers extra coverage for the services that other Medicare plans do not cover. There are costs that arise due to copayment, coinsurance and deductibles policies of the Medicare. It is also necessary to people who want to travel out of U.S. Medicare supplement plans will cover medication cost that may happen away from the U.S.
Where can you buy Medicare supplement plan
Medicare supplements are offered by private insurance companies. You will pay the monthly premiums to the private company provider and not Medicare. Insurance companies have different charges, you will need to shop around for a company that suits your pocket. Premiums vary with insurance company provider, however, the services are standardized. The cost for acquiring Medigap will be affected by age of the applicant, insurance company, the type of services you have applied and your location.
Difference between Medigap and Medicare advantage plans 2019
The main difference between Medigap and Medicare Advantage plan is that medicate advantage is an alternative way to get original Medicare covers. While Medigap works alongside or to supplement Medicare covers.
While you can only be attended by specific doctors in the Medicare networks with your Medicare advantage plan, Medigap allows you to choose your preferred medical practitioner and a hospital of your choice. Medigap helps you with unexpected costs you might incur, It lowers your cost of service.
When can I enroll for Medigap
Medicare advantage plans for 2019 can be found at https://www.medicareadvantageplans2019.orgcovers are open for purchase 60 days from the time you hit 65-year-old .you can buy Medigap at the same price as for a normal healthy person if you already have part B plan or within months of applying part B plan. it is not guaranteed to get the cover if you apply any other time. If at one point you drop your Medigap policy, chances are you will never get it back.
You are eligible to buy Medigap if you have part A and part B Medicare plans. You will no need to but Medigap if you already have Medicare Advantage plan. The current Medigap covers do not cover drug prescriptions. You will, therefore, need to have an extra Medicare prescription drug plan for the drugs. This policy came into place recently in 2016.
Medigap covers one person only and not as a family.Iif you need Medigap for you and your spouse, you will need to buy two covers. You can buy Medigap insurance policy from any company licensed to provide Medigap insurance. Unlike other private company policies, your Medigap insurance covers are eligible to be renewed yearly. No insurance company can cancel the policy due to health problems as long as you pay your premiums.