Applying for Medigap Health Plan is a wise decision
Medicare Supplement Plans are the supplementary insurance policies that help in bridging the gap that is left behind the original Medicare policy. Actually the fact is that the original Medicare policy covers almost all the medical costs that you may be in need of. But besides that there still remains some gap between their policy coverage and the original cost payable. Therefore there is the need of having a Medicare Supplement Plan, which would help you to get cleared of your medical bills completely.
Medigap insurance is designed to fill in the gaps of health coverage where Medicare falls short. While Medigap is heavily regulated by state and federal laws, the Medigap insurance policies are sold through private insurance companies. There are several different ratings that apply to Medigap policies and determine how much premiums cost through the various insurance agencies across the country.
Before you fully commit to signing up for a particular Medigap policy, it pays to know about the different Medigap insurance ratings. For those seniors seeking additional medical coverage that supplements Medicare, Medigap is a good choice. However, the way Medigap is structured appeals to a wide variety of applicants. Once you learn about Medigap ratings, you can choose the best plan for you.
In order to be eligible for a Medigap plan, an individual must meet several important criteria. First, he or she must be enrolled in part A and B of Medicare in order to enroll in a Medigap plan. An open enrollment period exists in which an individual may enroll in a Medigap plan on a guaranteed issue basis-this period begins when a person is within 6 months of reaching the age of 65 or enrolling in a Medicare Part B plan at 65 or older. People who receive Medicare prior to the age of 65 are also eligible to participate in an open enrollment period of six months; for these individuals, this period begins on the day after enrollment in a Medicare Part B plan. Open enrollment rights can be used on more than one occasion during an open enrollment period; one Medigap policy, for example, can freely be cancelled and replaced with another policy during an open enrollment period. A waiting period of up to six months may apply to individuals with preexisting conditions before a Medigap plan can be accessed.
If you are in relatively good health, it’s best to purchase small amounts of coverage to supplement your Medicare plan in the beginning, to help offset doctor’s visits and your standard Medicare co-payment. If you require any changes in your policy, you may implement those during your insurance company’s annual open enrollment period. This way, you aren’t overpaying for supplement coverage that you won’t use. However, if you are ailing in health, and require medical care that is substantially more than what your Medicare coverage alone allows, it’s best to purchase higher levels of coverage on a Medigap plan, which can potentially save you thousands of dollars on medical costs.
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