Medigap is the short version used for Medicare Supplemental Plans, which helps in paying some of the health care costs which an original Medicare plan doesn’t cover, such as Deductibles, Coinsurance, Copayments, etc.
Private companies mainly sell Medigap policies, its different from the Medicare Advantage Plan since it just supplements your original Medicare benefit. Some might even provide you coverage which an original plan won’t, for instance, while traveling outside the US.
Few Essential Things You Might Know About Medigap Plans
- To avail it you must have Medicare Part A as well as Part B
- In case you have a Medicare Advantage Plan, you can still apply for Medigap policy. But, remember to leave the Medicare Advantage Plan before you start with your Medigap policy.
- For this policy, you need to pay a monthly premium to the private insurance company. You have to pay this premium in addition to the monthly Part B’s premium which you are paying for Medicare.
- Medicare Supplement Plan covers only one person, in case you want it for your spouse or parents, you need to buy separate policies.
- One can quickly obtain the policy from any of the licensed insurance company in your state.
- You can easily renew the policy even if you are facing any health issues. It simply states even the insurance company cant cancel it from their end, as long as you are paying the premium.
- There are few policies which even cover the cost of your prescription drugs in some states, but you need to check it with your Plan to make sure whether or not its included in your Medigap plan.
- If you have a Medicare Medical Savings Account Plan, it’s not legal to buy a Medigap policy.
What is not covered in the Medigap policies?
Generally, Medigap policies don’t cover hearing aids, long term care, eyeglasses, dental or vision care, or any private care nursing.
There are other plans as well which are not Medigap plans but might confuse you for the same. Be aware of them and don’t let anyone fool you with these plans with the name of Medigap plan.
- Medicare Prescription Drug Plans
- Medicare Advantage Plans
- Veterans’ Benefits
- Employer or union plans which also include FEHBP (Federal Employees Health Benefits Program)
- Indian Health Service, Urban, and Tribal Indian Health Plans
- Long-term care insurance policies.
In case you decide to end your 2020 Aetna Medicare supplement policy, you need to be careful about the time. When you have understood this article, it will be easier for you to make your choice. You should be aware that some states may be more expensive than others. Also, some people with a complicated medical history may find it difficult to get a plan. However, there are still plans that will suit them like the Plan F. You have the right to choose the plan that will cover your needs medically.