Medicare Supplement Plans Discussed

If the question is asked what is health insurance? I think that anybody can give an answer. Actually health insurance is an insurance plan that pays for your medical expenses. In some cases this includes the coverage for disability or long-term nursing or custodial care. This type of insurance plans can be provided through government sponsored social insurance program, or by any private insurance company. It can both be purchased on a group basis, as for example by a firm for its employees or can also be purchased by individual customers. In each case the group or the individual need to pay certain premiums against which the health insurance concern provides protection for unexpected health care expenses. This is what that is done by the health insurance plans.

Now the question is what is Medicare Supplement Plan? To answer this we must first learn what is Medicare? Medicare is a type of health insurance plan, which is provided by the private insurance companies. The Medicare plans covers most of the health care expenses that a person may need. But the fact is that Original Medicare plans does not pay for all the medical expenses that you may be in need of. Therefore in this respect is the need of Medicare Supplement Plans. Medicare Supplement Plans are directly linked with the Original Medicare plans and pays for those costs and gaps that are left behind by the original Medicare plans. As the Medicare Supplement Plans bridges the gap between the policy coverage of the Original Medicare plans and that total Medical costs payable, the Medicare Supplement Plans are also known as the Medigap plans.

It is to be noted that one can enroll himself for a Medicare Supplement Plan only if he is having a Original Medicare plan part A and Part B. Medicare Supplement Plans or Medigap policies cannot be bought as individual policies as they can't pay for the total costs of the medical expenses. Only if you are having an Original Medicare plan you can get enrolled for a Medicare Supplement Plan.

However the Medicare Supplement Plans are sold and administered by the private insurance companies. And there are 12 standard Medigap policies ranging from A through L that are to be sold by the insurance companies. All these twelve policies have their different policy coverage. But along with that it is to be said that no matter from which company you buy you Medigap plan the company is bound to provide same policy coverage and benefits for policies under the same letter cover as provided by the others. Which means that irrespective of the companies selling them the policies under the same letter cover provided the same benefits. For example all plan C Medigap policies covers the same benefits.

Moreover, it is always better to signup for a Medigap plan within thirty days of getting the Original Medigap plan so that you can get the maximum benefits and cost redemption. However, one should seek the help of his/her insurance agent before choosing a plan as they are most aware of the coverage procedure of the insurance companies and they can also help in getting the most suitable. In most cases it is seen that buying a comprehensive plan would cost you few dollars more per month but result in saving you hundreds, may be thousands, of dollars per year in coinsurance and deductibles.

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