Medicare plan is actually health insurance that an individual purchase from any privately owned business to pay the medical or health care costs that are not paid by the Original Medicare, for example, deductibles, co-installments and medical care while a person is outside the U.S. These plans don’t cover long haul care, vision care, dental care, eyeglasses, hearing aids or private nursing duties. Most plans don’t cover the prescriptions drugs as well. An individual has to pay a premium each month for the policy / plan.
Also known as Medicare supplement plans or Medigap plans, such policies are just accessible to individuals who have Medicare Part A, which helps pay for the services of hospital and Medicare Part B, which takes care of the expense for the services of a doctor. Individuals who have a Medicare Advantage plan can’t get a Medigap plan. Medicare Supplement Plans 2018 is actually quite different in as compared to a Medicare Advantage Plan. Those plans are used to get Medicare advantages while on the other hand; a Medigap policy just supplements your Original Medicare benefits.
Below are 7 things you must know about these plans.
- You must have Medicare Part A as well as Part B in order to enjoy the benefits of these plans.
- Single Medigap policy or Medicare supplement plan is purchased for just one person. If your husband/wife needs one then you both need to purchase the plans separately.
- In such case that an individual has a Medicare Advantage Plan then he/she can apply for a Medigap policy as well. Yet, that individual has to leave the Medicare Advantage Plan before the starting of Medigap policy.
- A person needs to pay the premium to private insurance organization each month for the Medigap policy. This premium is actually in addition to the Part B monthly premium that you pay to Medicare.
- Any institutionalized Medigap policy is ensured renewable regardless of whether you have any health issues. This implies that the insurance organization can’t just cancel the Medigap policy of any individual as long as he/she pays the premium each month.
- Some Medicare supplement plans sold in the past cover the prescription drugs as well. But, after January 1, 2006 medigap plans aren’t permitted to incorporate any such coverage. In case you want this coverage, you need to get the Medicare Prescription Drug Plan which is basically Part D.
- Every Medicare Prescription Drug Plan has its unique drugs coverage list. Numerous Medicare supplement plans characterize the prescription drugs by levels and every level has an alternate cost related to it. So, before any of you pick a Prescription Drug Plan, it is best to take a gander at the list of the drugs that the plan offers along with the amount they will cost you.