Medigap plans, also known as Medicare supplement insurance plans are those which cover costs for healthcare that is not provided for in an individual's Medicare.
A considerable number of people who have Medicare opt for Medigap plans to cover the rest of their healthcare costs. They are premium based and the cost of the premium may vary from the company you have purchased the plan from, your place of residence, the type of plan you have opted for etc. Read on to find out more.
What is Medigap?
Supplement healthcare plans that will account for healthcare costs that are not covered by your origit healthcare plans are called Medigap Plans 2021. These are provided by private insurance firms.
Why is Medigap necessary?
The original Medicare plans cover about 80% of an individual's healthcare costs. So, how does one pay for the other 20%? This is why you need Medigap Plans 2021. After your original Medicare plans which is either Medicare A or B, the costs that are not covered by it are accounted for by Medigap Plans 2021. The coverages that these insurances provide are revised every year and your monthly premiums are based on the company you purcht it from, the place you live and the type of plan you pick.
Who can buy Medigap plans?
Medigap Plans are available for those who have original Medicare which includes Plan A and Plan B. If you have Medicare Advantage then you can't buy a Medigap plan.
Medigap plans provide coverage for only one person so spouses cannot be covered under the same plan.
Any person who is under the age of 65 and has original Medicare coverage doesn't need to buy a Medigap plan.
What are the cost of Medigap plans?
The cost of 2021 Medigap Plans varies according to age, location and the type of plan that has been chosen by the individual. Monthly premiums depend on the insurance companies. The different ways in which these monthly premiums are set are:
- If the monthly premium is community-rated then it is same for anyone who buys that insurance policy. Everyone pays the equal amount of money as premium.
- Some insurance companies set their premiums based on the age of the buyer. Younger buyers have lower premiums and the amount does not increase with age.
- Some premiums may be attained age-related. In this case, the monthly premiums increase as the person ages.
You must remember to compare the prices of insurance policies before you commit yourself to one.
Does Medigap cover all healthcare costs?
Whatever is not covered by your original Medicare plan is covered by Medigap Plans 2021. But there are some costs that you have to pay out of pocket even if you have both an original Medicare and a Medigap plan. These costs are
- Dental care
- Hearing aids
- Prescription drugs
- Prescription glasses and all other eye care services
- Long-term medical care
- Private nursing nursing care
Things to keep in mind if you wish to enroll yourself into a Medigap Plans for 2021
- Check whether you are eligible to opt for a Medigap plan or not.
- Compare costs of premiums and the issues covered under Medigap plans from various companies before making your choice.
- Keep a check of the important deadlines that you must enroll yourself by if you wish to opt for Medigap Plans 2021.
To Conclude
Medigap plans are useful to ensure safety and less hassle if you fall sick. While it might appear that enrolling into such a plan is hard but it's less hassle than suffering with money troubles while you are sick.
