Original Medicare prescription plan A and B do not cover current costs, which is why they now offer Medigap supplemental policies to fill in the gaps of those original policies. There are range of twelve different policies so it is important to make the right choice.
Policies such as Plan L cover up to 75 per cent of out patient costs, so it is important to see if you are eligible for these policies as they could help save you a lot of money. With the exception of Medicare Prescription drug plans, many insurance companies can not offer these plans, so it is important to check with your employer, union or current insurance company to see if any switches are possible.
If you have an original Plan A or B coverage, you can add a Medigap policy. If you have a Medicare Advantage Plan, you can not have and do not need a Medigap policy. You can get Part D prescription plans through these however. Medigap policies do not cover things like prescription glasses, hearing aids or private duty nursing, so it is important to check your individual needs before taking one out.
It is important to check what Medicare plans are available in your local area. Remember, Medicare policies are chosen by private insurance companies, so they will decide what they choose to offer.
Furthermore if you have a spouse or partner, they must have a separate Medigap policy, your policy will not cover their costs.
Remember all Medigap policies must have the same benefits in order to be comparable. An insurance company may charge more for the same policy or for different benefits, so it is important to check your individual needs against any policy. In some cases you must be able to get a Medigap policy regardless of health problems. In other cases, what may be on offer will vary from state to state so it is vital to check before making your choice.
There are three different ways in which a Medigap supplement will be issued. One is based on attained age, with the premiums increasing as you get older. Another is an issue age policy, based on the day in which you enrolled. Finally there are community rated policies, based on geographical area regardless of age. All policy premiums are affected by market forces, so there is no real fixed rate policy.
Like any purchase, it is important to compare and contrast what different companies can offer you. With the right choice, you can get the policy that is best for you.
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