The latest changes in Medicare supplement and the offer of better benefit
There is an eligibility criterion which you have to obey. Most of these criteria fixed by most of the insurance companies are the same. To go for a Medicare supplement plan a person is required to be enrolled in part A and B of original Medicare before they can go for a Medigap policy. A person may obtain a Medigap plan on a guaranteed issue basis during the open enrollment period, which begins within 6 months of turning 65 or enrolling in Medicare Part B at 65 or older. And also that I this period no medical screening is required. But besides open enrollment the issuing insurance company may also put forth the requirement of medical screening and also may obtain an attending physician’s statement if it is felt necessary. But the thing that should be kept in mind is that this policy is not compatible with any other forms of private medical coverage as for example a Medicare Advantage plan.
Insurance policies may vary from state to state. According to the law, the companies can offer only 12 Medicare supplement insurance plans. And these plans are named from A through L and each plan provides different sets of benefits. In 2006 it has been clearly stated that the Medigap Plans H, I, and J, cannot be sold to people with prescription to drug benefits, although there is a lax of this rule for people who already have those plans and they can keep them.
Plan M of Medicare policy’s cost sharing feature is used in this method of policy and it also makes the premium of the policy maker very low than before. According to the experts the Medigap plan M is going to reduce insurance premium rate by 15% in relation to the existing plan F, while the Medigap plan N is going to reduce it by around 30% in relation to plan F. The plan M does not cover the plan B. This plan splits the Medicare part A deductible with the insurance company 50/50. In plan N the cost sharing feature is also used and with it we can see here the co- payments method to provide 30% lower premiums than the plan F of Medigap plan.
Therefore with the introduction of these new plans and the new changes in Medigap insurance it is believed that the policy holders and the beneficiaries are going to have better profit and better medical coverage. And for these reasons it is hoped that these new plans are going to be quite popular with the beneficiaries.
Besides all these it is always better to choose your Medigap plans very carefully. The best thing that can be done in this respect is to go through all offer documents very carefully for the better choice of the Medicare supplement insurance. On the other hand it can be the most profitable option if you seek the help of some insurance agent for the better choice of your Medigap plans. This is quite helpful for the reason that they are better acquainted with the policy rules and regulations and the even the experience of the insurance agent can also be of great help for you.
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