Medicare Supplemental Medigap Plans
As the name goes, Medigap Medicare supplement insurance is supplement insurance for the Medicare program. Medicare is a health insurance Plan insured by the United States government. It was designed for individuals over the age of 65 years and for people with qualifying conditions such as amyotrophic lateral sclerosis and renal failure). The insurance guards against a variety of health care expenses, but leaves some gaps that Medicare Medigap supplement insurance is formulated to ensure. Gaps in Medicare insurance stem from the fact that Medicare does not insure all medical services. Health care expenses that Medicare does not pay include most hearing aids, dental care, most eyes, including eyeglasses, alternative surgery, cosmetic surgery, and experimental procedures and treatments.
Medigap insurance also helps to secure the share of medical expenses that Medicare does not pay. These are deductibles, co-insurance and reimbursement due to the fact that Medicare generally does not pay all insured medical costs and beneficiaries must pay the remainder of the bill. Normally, you can only expect Medicare to pay about 80% of your medical and hospital expenses. Medigap supplemental insurance is offered by private insurance companies that have authority to sell these Plans from the Centers for Medicare and Medicaid (CMS), a division of the US Department of Health and Human Services. CMS is responsible for administering Medicare. They also ensure that private insurance companies comply with their obligations under federal and state laws.
These private agents like www.2020medicaresupplementplans.com can sell you Medicare Supplement plans 2020 and these Plans are labeled with the letters A through N. Plan standardization is done by the CMS. Basically, all Plans offer the same minimum benefits. Plan A offers the least amount of benefits and Plan N offers maximum benefits. Standardization is done to ensure that different private insurers offer the same benefits in each Plan. The cost (premiums) of the Plans they offer is the only difference between the different insurance companies. Private insurance companies that sell Medigap Medicare supplemental insurance Plans do not need to provide all 10 Plans. However, they must offer a minimum of Plan A. They must also offer Plan C or F along with Plan A, that is, if they choose to offer more than one Medigap Plan at a time.
The Medigap open enrollment period is the best time to enroll in the Medigap Medicare supplement insurance Plan program. The reason is because federal law requiring private insurers requires you to sell any Plan that you want, even if you have a pre-existing medical condition. However, the requirement is that you must be enrolled in Medicare Part A and Part B Plans. When you purchase a Medicare Medigap supplement Plan, do not consider that the premium for Medigap will not be the same for all businesses. Hence, it is good to look around because each Plan has identical insurance features no matter which insurance company sells them.