Us offers so many Medicare supplement and insurance policies that are given by so many private organizations that helps the company to pay some of the heath costs that the Medicare fails to cover such as co-insurance, co- payments, deductible. Some of the Medicare policies also fail to take account of your medical needs when you travel outside US. If you are having the original policy of Medicare, it will pay its part of the Medicare approved amount for covering the cost of health care. A Medicare supplement insurance plan is different than that of the Medicare advantage plan. These plans are made to obtain the advantages that Medicare offers while the policy only offer supplements to your real Medicare advantages.
There are few things that you must know about the Medicare insurance policy:
- You need to have Medicate part A and part B.
- If you are having Medicare advantage plan, you can go for Medigap policy but you have to leave the Medicare advantage policy before the new policy begins.
- You need to pay monthly premium to the private insurance company for your Medigap policy along with monthly part B premium that you need to pay to Medicare.
- You have to buy separate policies if you are going to apply both for you and your spouse.
- You can get Medigap policy from any of the insurance companies that are licensed in your state.
- Any of the standard policy provided by Medigap can be renewed even if you have health issues. This means that the insurance company has no right to cancel your policy as long as you keep paying the premium.
- Some of the Medigap policies that are sold in the past take account of the prescription drug coverage. If you need prescription drug coverage, you can join the Medicare prescription drug plan that is covered in Plan D.
- It is not legal to sell the policy if you have a Medicare saving account plan.
Medicare policies don’t actually take account of everything. They don’t cover long term care, vision, dental care, hearing aids, eye care or any kind of private nursing care. There are some other kinds of Medicare supplement insurance that is given in US which includes Medicare advantage plans, prescription drug plans, Medical aids, union plans, and many health benefits. It also includes veteran benefits, long term care plans, urban or Indian health plans, etc.
If you are thinking about dropping your entire Medigap policy, you just need to remain careful about the time that is given to you. You can have a different Medigap policy or you can decide to switch to a Medicare advantage plan that provides you with prescription drug coverage and many more. If you drop the complete medigap policy and the drug coverage that was not worthy prescription drug coverage or you go more than 63 days prior to getting the new Medicare supplement, you will be required to pay a late enrollment fee at the time you join a new Medicare drug plan. For more information go to : http://www.medicaresupplementfinder.net/