There are many health related services and medical supply costs that are not covered by Medicare.
These omissions are called "gaps" and now you can sign up for an insurance policy that will take care of these "gaps.
" Such an insurance policy is called a Medigap policy and takes care of expenses such as co-payments, coinsurance and other deductibles which can add up to a lot of money especially if you are hospitalized or under constant nursing care.
The cost of Medigap is not paid by Medicare.
This plan is completely voluntary and hence the beneficiary meets all the costs.
The monthly or quarterly premiums are completely their responsibility.
Once Medicare pays for the approved medical bills incurred, the items left out would then be catered for by Medigap according to one's policy.
All policies issued under this plan have to be labeled as Medicare Supplement Insurance and are provided by private insurance companies.
The state and Federal laws however, do cover the consumer rights and these private insurance companies must abide by them.
The cost of Medigap insurance that you have will depend on the plan that you pick.
The good news is that all these coverages are standardized by law irrespective of who the insurer is.
Medigap plan "C" issued by company "X" will have the same benefits as Medigap plan "C" issued by company "Y".
This is the reason that these insurance plans are standardized using letters for each.
The plans are lettered A through L and each defines a set of benefits.
This means that each comes at a different cost.
The cost of Medigap plans is the lowest at plan "A" and increases all the way up to plan "L".
The most popular are plans "C" to "F", which cover most medical expenses and are also cheaper than "G" to "L".
Even though the benefits covered by each plan are regulated, Medicare does not regulate the cost of Medigap that each private insurance company charges for a particular plan so you will definitely find differences in the pricing of the medical coverage.
Medigap plans however cover the following basic costs.
1 - Hospital Inpatient Care - This covers Medicare part A coinsurance.
It does not include the Part A annual deductible.
It is good for a year after your Medicare cover expires.
2 - Hospital Medical Costs - This covers Medicare Part B coinsurance.
This does not include the Part B annual deductible.
It covers up to 20% of what was approved for you by your Medicare coverage.
3 - Blood - Covers up to 3 pints of blood for you each year.
You also get other additional costs catered for depending on your Medigap plan including: Annual Deductibles Skilled Nursing Costs Emergency travel care when in foreign countries Home based medical care Preventative care - not covered by Medicare Doctor excess charges - This refers to the costs that a doctor not participating in Medicare can charge you.
Although Medigap might appear a luxury to some, it is a product worth investing in as it works to complement Medicare and can save financial disaster in the case of a long standing medical situation.
These omissions are called "gaps" and now you can sign up for an insurance policy that will take care of these "gaps.
" Such an insurance policy is called a Medigap policy and takes care of expenses such as co-payments, coinsurance and other deductibles which can add up to a lot of money especially if you are hospitalized or under constant nursing care.
The cost of Medigap is not paid by Medicare.
This plan is completely voluntary and hence the beneficiary meets all the costs.
The monthly or quarterly premiums are completely their responsibility.
Once Medicare pays for the approved medical bills incurred, the items left out would then be catered for by Medigap according to one's policy.
All policies issued under this plan have to be labeled as Medicare Supplement Insurance and are provided by private insurance companies.
The state and Federal laws however, do cover the consumer rights and these private insurance companies must abide by them.
The cost of Medigap insurance that you have will depend on the plan that you pick.
The good news is that all these coverages are standardized by law irrespective of who the insurer is.
Medigap plan "C" issued by company "X" will have the same benefits as Medigap plan "C" issued by company "Y".
This is the reason that these insurance plans are standardized using letters for each.
The plans are lettered A through L and each defines a set of benefits.
This means that each comes at a different cost.
The cost of Medigap plans is the lowest at plan "A" and increases all the way up to plan "L".
The most popular are plans "C" to "F", which cover most medical expenses and are also cheaper than "G" to "L".
Even though the benefits covered by each plan are regulated, Medicare does not regulate the cost of Medigap that each private insurance company charges for a particular plan so you will definitely find differences in the pricing of the medical coverage.
Medigap plans however cover the following basic costs.
1 - Hospital Inpatient Care - This covers Medicare part A coinsurance.
It does not include the Part A annual deductible.
It is good for a year after your Medicare cover expires.
2 - Hospital Medical Costs - This covers Medicare Part B coinsurance.
This does not include the Part B annual deductible.
It covers up to 20% of what was approved for you by your Medicare coverage.
3 - Blood - Covers up to 3 pints of blood for you each year.
You also get other additional costs catered for depending on your Medigap plan including: Annual Deductibles Skilled Nursing Costs Emergency travel care when in foreign countries Home based medical care Preventative care - not covered by Medicare Doctor excess charges - This refers to the costs that a doctor not participating in Medicare can charge you.
Although Medigap might appear a luxury to some, it is a product worth investing in as it works to complement Medicare and can save financial disaster in the case of a long standing medical situation.
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