What are Medicare supplement plans?
Medicare supplement plans are known to be such a policy that is there to pay for your various health care cost which is not generally covered by your original medicare. Some of these health care costs are deductibles, coinsurance, copayments etc. This is also known as Medigap policies which are basically sold by the private companies.
More information on it
- You are supposed to purchase both the Medicare part A and part B. On the other hand, in case you already have a Medicare Advantage Plan, you are still allowed to apply for the Medigap policy but you have to leave the advantage plan just before acquiring the other one.
- You need to pay a private insurance organization some monthly premium for the acquired Medigap policy. It is also important to know that a single Medigap policy is likely to cover a single person. Hence if you are married, then you need to go for separate policies for both of you. Moreover, you are advised to buy your Medigap policy from such a company or organization that is licensed or authorized.
- There are various insurance plans available which are not Medicare supplement plans and you should know about such plans. Some of these plans are long term care insurance, union or employer plans (such as Federal Employees Health Benefits Programs), Medicare Prescription Drug Plans, Medicare Advantage Plans (such as Private Fee for Service Plan, PPO or HMO etc), Urban and Tribal Indian Health Plan, Indian Health Services etc.
Dropping your whole Medigap policy
If you want a completely new Medigap policy or drop the Medicare Supplement Plans 2018, then you are really required to be very careful about timing. You are just supposed to pay some kind of late enrollment penalty if you want to join some new Medicare plan provided one of the below described things apply:
- You want to drop your whole Medigap policy and drug coverage was never really creditable prescription drug coverage.
- On the other hand, in case you go 63+ in a row before your actual Medicare coverage begins.
You should know that Medigap policy generally does not cover various things such as private duty nursing, hearing aids, eyeglasses, dental or vision care, long-term care etc. Before you opt for the Medicare supplement plans, it is really important for you to explore all the essential information about this policy. This way you will be able to know the pros and cons of this plan. On the other hand, you will also be able to compare this plan with other medical health plan available out there.