What you Need to Know about Supplemental Insurance
Most Americans who have attained 65 years of age rely on Medicare insurance for their medical treatment costs. However, the insurance does not cover all of their treatment expenses, meaning that patients have to cover the out of pocket costs such as deductibles, copayments, and coinsurances. Therefore, a supplemental insurance (also called Medigap) is a type of policy that fills all gaps in the Original Medicare in addition to providing other benefits such as medical treatment while outside the country.
Medigap Plans and their Benefits
Medigap insurance provides ten standardized plans in all states except Wisconsin, Massachusetts, and Minnesota. The plans run from A through to N. The federal and state government regulates and standardizes the plans sold by the private companies. Some of the medical costs covered by all plans include:
Medical Part B coinsurance or copay
Application of Medigap Coverage
It is advisable to apply for Medigap plan during the open enrollment period that runs for six months from the date you attain 65 years of age or acquired Medicare Part B. The insurer should not deny you coverage or charge you higher premiums due to an underlying medical condition. However, you should already have Medicare Part A and Part B before application.
You should consider maintaining Supplemental insurance since re-enrollment after cancellation may be difficult. Remember that you are eligible for the coverage if you have attained 65 years or you are disabled or suffering from the end-stage renal disease.