Medicare supplements plan acts as a supplement to your health insurance. They cover your extra, out of the pocket expenses which Original Medicare doesn’t cover. The healthcare expenses covered by Medicare supplement plans or Medigap policies are coinsurances, copayments, deductibles etc. These kinds of supplementary health care policies play a very important role along with Medicare policies. The Original Medicare policies pay its portion of the insurance at first, and then whatever expense is left, that is covered by the Medigap policies. All the private insurance companies are licensed and authorized to sell Medigap policies.
Major reasons to enrol in Medicare supplement plans:
- Save yourself from paying huge medical bills:
If you have to buy costly medical supplies and medicines regularly, then you must be burdened with the huge amount of bills. If you are a part of Part B health insurance plan, then 80% of your expenses will be borne by the government and remaining 20% will be borne by you. Medigap policies help you take care of this remaining 20% as well.
- Get your medical bills covered when in abroad as well:
If you are flying abroad to some other countries due to any reason, then also if something happens there, Medigap policies will take care of it which other insurance do not cover.
- All the policies are renewable after a certain period:
No matter what policy you choose, it will be renewed automatically every year as long as you are paying your premium. No insurance company can cut you off of your insurance plan no matter what health issues you have.
- Different kinds of plans:
There are 12 different Medigap plans from Plan A to Plan L. The plans cover most of the expenses have a higher premium, on the hand the plans covering lesser expenses has lesser premiums.
- Standardized policies:
All the 12 different plans of Medigap policies are standardized according to law and order of the federal government. The benefits provided are same for each and every plan. This is an important thing to note while comparing plans.
- Switch to other plans conveniently within a period:
You can switch to other plans of Medigap policies if you want. When the coverage of the other plans starts, you are given 30 days to decide whether or not you want to continue with your old plan or dismiss the old and start this new plan as your health insurance.