SHOULD YOU BUY MEDIGAP?
Many people are still in doubt whether they should be spending for Medicare Supplement Plans. The fact that such plans are being sold and being purchased by many people should be reason enough to accept that they are needed.
The Medigap policies will cover those areas which the original Medicare doesn’t cover. It is, therefore, better sense to purchase a Medigap policy.
ADVANTAGES OF MEDICARE SUPPLEMENT PLANS
Once you have crossed the age of 65 you can get an Original Medicare health expenses coverage policy. There are two parts to it. Hospital insurance is covered under Part A. Other services like doctor visits, certain vaccinations and screenings and durable medical equipment are covered under Part B.
Both these parts are burdened with annual deductibles, copayments, and coinsurance. When you purchase Medigap, these costs can be offset. Some plans pay for the deductible amount in Part A.
If you need to buy regularly, expensive medicines which are covered by Medicare, only 80% gets paid by the Original Medicare Part B. The balance 20% comes from your pocket. Some Medicare Supplement Plans pay for the full 20%, but all the plans cover at least part of the cost.
There is a period of six months from the date of your turning 65, which is called the Medicare Supplement Open Enrollment period. In this period your Part B will still be valid. If you purchase a Medigap policy during this period, the insurance company cannot charge you a higher price, whatever your health condition is.
The best Medigap plans in 2019 pay you for visiting any doctor who is participating in Medicare. The only exception is the Medicare Select policy where you are required to take the service of only doctors and hospitals that are in their network.
Insurance companies selling Medigap policies cannot refuse to renew the policies even if you have developed any new medical condition. The only requirement is that you should be paying the premiums regularly.
There are ten different standardized Medigap policies that are being sold. All these ten plans are governed by the law. In most states, all the plans sold by different companies offer almost the same benefits. This is a very important aspect for you to compare and buy from the company you think is the best.
In conclusion, we can say that buying Medicare Supplement Plans certainly has benefits. You need to choose the plan that you think is best for you.