There are various kinds of payments, which are not covered by original Medicare. Few of them include deductibles, coinsurance and co-payments. In such cases, it is advisable to opt for Medicare Supplement Insurance or Medigap policies which cover such expenses.
Difference between Medicare Advantage Plan and Medigap policy
Medicare advantage plans focus on providing Medicare benefits. Medigap policies on the other hand supplement the original benefits offered by Medicare plans. While opting for Medicare supplement plans, it is important to consider few important aspects. Few of them include:
- For a Medigap policy, it is essential to have both Part A and B of Medicare plan.
- People who have Medicare Advantage plans may apply for Medigap policies, but it is important to ensure that they leave the Advantage plan before the beginning of the Medigap policy.
- Medigap policies are sold by licensed private insurance company at premiums payable monthly.
- A single Medigap policy covers only one person.
Factors to consider while buying Medigap policies
Medigap or Medicare supplement plans offer a number of benefits. However, while buying them, it is important to gather information about few important aspects. An important aspect of Medicare policies is that they do not cover expenses incurred on private – duty nursing, eyeglasses, hearing aids, dental and vision care and long term care. A lot of people mistake various types of insurance plans like Medicaid, Prescription Drug Plans and Advantage plans to be Medigap. In reality, such plans do not offer Medigap benefits.
Medigap policies offer several benefits and help to cover various types of expenses. If planning to drop a Medigap policy, it is advisable to be cautious as a penalty may be imposed in certain circumstances.
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