Medigap Medicare Supplement

As the name suggests, Medigap Medicare supplement insurance is supplemental insurance for Medicare coverage. Medicare is a health insurance coverage provided by the government of United States for individuals above the age of 65 and for people with qualifying conditions (amyotrophic lateral sclerosis and end stage renal disease). The insurance covers a number of health care expenses but it leaves some existing gaps which Medigap Medicare supplement Insurance is formulated to fill.

The existing gaps in Medicare coverage arises from the fact that Medicare does not cover for all medical services. The health care expenses which Medicare does not pay for include majority of hearing aids, dental care, most eye care including eye glasses, alternative surgery, cosmetic surgery, and experimental procedures and treatment.

Medigap insurance also helps to cover the part of your medical costs that is not paid for by Medicare. These are the deductibles, coinsurance, and copayments which arise because typically Medicare does not pay all of the medical costs they cover and beneficiaries are required to foot the remaining part of the bill. Normally, you can only expect that Medicare will pay about 80% of your medical and hospital bills.  Go to the following site for more information

Medigap Medicare insurance is provided by private insurance companies that have the authority to sell these plans by CMS (Centers for Medicare and Medicaid) – an arm of the United States Department of Health and Human Services (DHHS). CMS is saddled with the responsibility of administration of Medicare. They also ensure that the private insurance companies are discharging their duties within the ambit of federal and state laws.

These private insurance companies are permitted to sell 10 Medigap Medicare supplement insurance plans. These plans are labeled with the letters A through N. The standardization of the plans is done by CMS. Basically, all the plans offer the same minimum benefits. Plan A offers the least benefits and the most benefits is offered by plan N. The standardization is done to makes sure that the different private insurance companies offer the same benefits under each plan. The cost (insurance premiums) of the plans they offer is the only difference between the different insurance companies.

The private insurance companies who sell the Medigap Medicare supplement insurance plans do not need to offer all 10 plans. They are however, required to offer a minimum of plan A. They are also required to offer either plan C or F, in addition to plan A, if they choose to offer more than one Medigap plan.

The open enrollment period is the best time to sign up for Medigap Medicare supplement insurance plan. This is because federal law which the private insurance companies are bound by requires them to sell to you any plan you want even if you have a pre-existing medical condition. The requirement however, is that you must have signed up for Medicare Part A and Part B.

When shopping for a Medigap Medicare Supplement insurance policy, please not that the Medigap cost will not be the same for all companies. Hence, it is good to shop around since each plan has identical coverage.