Protecting yourself and your loved one with health insurance is essential, and there are lots of packages and options to consider.
Some people choose to go a step further with the help of supplemental health care coverage, which offers additional protection on top of what a standard plan includes.
Known as Medigap, this type of cover is increasingly popular, so here is a look at what it is, what is included and how you can take advantage of additional insurance yourself.
What is Medigap?
When you are looking to find a suitable Medicare plan, you might believe that the basic level of cover which is included across the board is not adequate for your needs.
This is where Medigap comes into play, letting you account for any inadequacies that you perceive in a Medicare policy with the help of private insurance providers.
In essence, this not only allows you to make claims in more healthcare scenarios, but should also reduce the amount owed in others. This should prevent you from being left out of pocket compared with if you just stuck with an entry level Medicare plan.
What do Medigap plans cover?
The type of coverage offered by Medigap insurance policies varies depending on the type of plan you select, of which there are a total of 12 different options that have been officially recognized by the government.
Because of this, you should research prospective plans closely to get a full idea of what is covered. It is better to talk about what is not covered by Medigap policies; specifically, things like long-term care for chronic illnesses, prescription drugs, as well as elements like dental treatments and optician services, are usually not included in such a plan.
Things that are included across the majority of plans are the costs of blood transfusions, the hospital costs incurred for an emergency visit, and the use of hospice services where relevant. Some plans also cover overseas medical costs that you incur while travelling, usually up to about 80% of the total bill.
How much can Medigap plans cost?
Medigap plans are purely supplemental, not a replacement for Medicare, so the cost needs to be calculated in addition to the existing insurance premiums you are already paying.
Once again, the price will also vary depending on the plan you pick, as well as your own circumstances, medical history and preferences. Your age also comes into play; those under 65 may either be ineligible for Medigap insurance, or might have to fork out more for the privilege.
Can I get an extension if I don’t use my plan?
With all of the variables involved, individual eligibility for plan extensions and exceptions can vary wildly on a case-by-case basis.
It is also worth noting that different states have different rules regarding Medigap plans and how they can be used.
How can I get help paying for Medigap?
Medigap premiums have to be covered by the customer, as this is an additional service that is not factored into Medicare itself, even if it operates alongside it.
If paying is a problem, you may be eligible for other forms of health insurance, such as via your employer.
How do I choose a plan?
Be sure to shop around for Medigap plans that are available in your area, as this market can be competitive. Prices may vary, but so long as the plan in question sticks to the government-approved standards, it should give you identical coverage regardless of the provider.
Also keep your own requirements in mind when looking for a plan, so that you can find the perfect package for you.
