Medicare Gap Insurance Information & Rates All In One Place!
Medicare has been a boon to senior citizens since 1965 when it was first passed by the congress under President Lyndon Johnson. Without Medicare, few seniors would be able to afford the high health insurance premiums that must often cover more illnesses as people age. Though Medicare covers many health care expenses, it does not cover everything. One of the many Medicare gap insurance policies that are available can help to cover the shortfalls in Medicare coverage.
Medicare Gap – Need to Knows
Medicare has a coverage gaps that include deductibles for Part A & Part B portions of Medicare that are not covered. You could be responsible for not only the deductibles for also the Co-Insurance & Co-Payments left behind by original Medicare. These amounts can be a significant out-of-pocket expense for many seniors, so health insurance companies offer a variety of Medicare gap insurance plans.
Medicare Gap Coverage – Fills in the Gaps!
To fill this Medicare coverage gap, seniors can choose from private supplemental insurance that range from basic to more high-end plans that cover all expenses. To make it easier for seniors to choose, these plans are categorized from A thru N. The higher in the alphabet, the more coverage is provided. One plan, called the Medicare Select Plan, works more like a health maintenance insurance plan with a network of hospitals. Even thought there is a network, these plans can be used anywhere for emergencies. These plans typically are 30-40% cheaper then standardized plans.
Medicare Gap Insurance Plans Coverages
When choosing from among the Medicare gap coverage options, you should be aware that plans may cover only some expenses or 50 to 75 percent of expenses. Of course, the price of the plan determines the cost of premiums. However, prices can vary between companies, so consumers are advised to do some comparison-shopping. Some plans are no longer available for sale to seniors, but if you already have one of these plans, you can keep it. Plans E, H, I and J are no longer available.
Requirements for Medicare Supplement Insurance
You must have Medicare A and B in order to procure Medicare gap coverage. Medigap policies only cover one person, so your spouse will have to an additional plan. Standardized Medigap polices are guaranteed renewable even if you become ill. The insurance company cannot cancel your policy as long as the premium is paid.
Best Time To Buy A Medigap Policy
The best time to buy this type of insurance policy is during open enrollment, which begins the first day of the month in which you are 65 and are enrolled in Medicare B. This period lasts for 6 months. During this time, the private insurance company cannot charge you a higher premium because you have health problems. They cannot refuse to sell you a policy, and they cannot make you wait for the coverage. However, Medigap polices can withhold coverage for 6 months for pre-existing conditions. Seniors are encouraged to buy during the enrollment period to avoid medical underwriting practices that allow companies to deny insurance or pay a higher premium.
Medigap Provider’s helps making comparing Medicare gap plans a lot easier. We represent almost 90% of the carriers and can shop almost all of the Medicare coverage gap carriers for you.