2023-07-09 02:22:52
Medicare has offered health insurance programs for more than five decades. This insurance is available to adults 65 years of age or older, as well as other eligible individuals in specific medical situations or with a disability.
Medicare has different plans, known as Parts A, B, C, and D, that cover different needs of beneficiaries. Part A covers hospital and hospice care, as well as some skilled nursing services.
On the other hand, Part B includes doctor visits, diagnostic tests, and other services outside the hospital. Meanwhile, Part C, also known as Medicare Advantage, combines Part A, Part B, and Part D, which helps pay for prescription drugs.
In addition to these plans, there is a Medicare supplement insurance called Medigap. We explain what it consists of and what benefits it has.
Medicare and most health insurance, including Medicare Supplement Insurance (Medigap), don’t pay for long-term care. This type of care includes medical and non-medical care for people who have a chronic illness or disability.
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Medigap: what is Medicare Supplement Insurance and what benefits does it have?
According to the Medicare website, Medicare Supplement Insurance (Medigap) is additional insurance that you can buy from a private health insurance company to help pay your share of your out-of-pocket costs in Original Medicare.
You can only buy Medigap if you have Original Medicare. That means you must sign up for both Part A and Part B. According to the Medicare website, a person gets a 6-month Medigap Open Enrollment Period, which starts the first month they have Medicare Part B and are 65 years of age or older.
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During this time, you can enroll in any Medigap policy, and the insurance company can’t deny you coverage because of pre-existing health problems. After this period, you may not be able to buy a Medigap policy or it may cost more.
Medigap Benefits
Medigap policies help cover the out-of-pocket costs associated with Original Medicare, such as:
Copays Coinsurance Deductibles
Some Medigap policies also cover services that Original Medicare doesn’t cover, such as emergency medical care when you travel outside of the United States.
On the other hand, Medigap plans generally do not cover:
Long-term care (such as in a nursing home) Vision or dental care Hearing aids Eyeglasses Private duty nursing
Also, Medigap plans sold after 2005 do not include prescription drug coverage. To do this, you can enroll in another Medicare drug plan (Part D).
Here you can review a comparison chart of the benefits offered by different Medigap plans. For more information, go to Medicare official web portal or call 1-800-MEDICARE (1-800-633-4227).
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