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Medigap is a supplemental health insurance offered by private insurance companies. Medigap policies abide by Federal and State Laws for the protection of its beneficiaries. It aims to fill the “gaps” in a person’s Medicare coverage.

Medigap supplemental insurance aims to help beneficiaries by taking the remaining hospital cost difference of what Medicare can no longer cover. It is recommended to get Medigap insurance to ease a beneficiary’s burden of paying for other additional charges that his original Medicare coverage does not include. Examples of these are hospital coinsurance payments, skilled nursing facility coinsurance payments, hospital services beyond 150 days per spell of illness or other balances in excess of approved Medicare coverage. On top of this, if doctors do not accept Medicare for full payment of their services, Medigap insurance can be used to cover the remaining charges.
To be entitled to acquire Medigap insurance, one must be enrolled in Medicare parts A and B prior to Medigap application. There are twelve (12) different standardized Medigap policies (Plans A to L) that a beneficiary may avail. It is important that proper evaluation of one’s health needs and budget limitations be done before taking any of these Medigap insurance policies.

Benefits are the same for all insurance companies but with regards to cost, prices differ per company. The factor to consider should lay not only on the cost but the efficient and sensible services an insurance company can provide especially later on when the health care assistance if going to be needed. Comparison of services each insurance company offers should be made in order to choose the best one that the beneficiary needs.

Related Posts

1. How to Choose a Medigap Insurance Company?
2. Factors Affecting Medigap Cost

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