Medicare supplement insurance, also called Medigap insurance, is just what it says that it is, it is a supplement that fills in the gaps that Medicare does not pay. Medicare is a law that was put into place for eligible American citizens to have assistance in the paying of their medical bills. While Medicare, also called Original Medicare, itself is designed to pay the bulk of those costs for doctor and hospital care, there are some significant gaps that are left for the individual to pay.
Medicare covers hospital care with its Part A coverage, and it covers doctors care with Part B. In order to qualify for Medicare, people must have paid into the program for at least 40 quarters and qualify for Social Security. If that is the case, a person qualifies for free Part A and Part B, but they have to pay a premium each month.
At present Original Medicare has deductibles and co-payments that have to be paid to hospitals and doctors before any Medicare takes over. Medicare Supplement Insurance plans pick up and pay some or all of these gaps, depending on the plan.
Currently, there are ten different plans that are sold by private insurance companies that are designed to fill in the gaps in Original Medicare. They are labeled as plans A, B, C, D, F, G, K, L, M, and N. They all have the same coverage as determined by the letter distinction, but are priced differently depending upon the region of the country in which they are sold.
The plan that covers the most, and is thus relatively the most expensive, is Plan F. Plan F covers all of the gaps that most people will encounter, and is very convenient for those who have it.
The next most comprehensive plan is Medicare supplement Plan G. This Medicare part G does everything that Plan F does but does not cover the Medicare Part B deductible.
All people who turn age 65 and have enough qualified quarters where they paid into social security and medicare, qualify for benefits. Some people will qualify prior to age 65 if they disabled and can’t work under the definitions supplied by Social Security.
There are no medical qualifications required in order to satisfy eligibility, so no pre-existing conditions are required for a person’s eligibility, so everyone gets the coverage regardless of their prior and current health situation. This is only good for the 6-month open enrollment period that lasts from the month when a person turns age 65 and for the next five months.
Medicare supplement coverage is a very popular plan because you are not restricted to any particular area of the country, and you can receive coverage anywhere in the United States by any medical practitioner who accepts Medicare.
It is a very comforting feeling to receive such a broad range of medical care, including specialist doctors and hospitals without having to worry about being stuck with a huge doctor and hospital bill.
There is separate prescription coverage available because Medicare Supplement policies do not cover prescriptions. All of the eligible plans are available on www.medicare.gov, where you can search and compare plans and prices in your geographical area.
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