Is Medigap Insurance The Same As A Medicare Supplement?

For those who are not familiar with Medigap insurance, this is a Medicare supplementary insurance provided by private insurers. This insurance helps individuals pay for some of the healthcare costs that Medicare does not like deductibles, co-insurance, and co-payments. On a vital side note and to avoid any consternation, Medigap supplements and Medicare supplements are the same thing, so it’s important to understand this when you first start exploring the problem.

If you are eligible for Medicare for the first time, you should be relieved and excited that there are credible health insurance that are not expensive. But Medicare is not free and it is your responsibility to cover part of the cost of Medicare services.

To control part of these costs, insurance companies offer additional policies known as Medigap insurance. It is named Medigap because it’s a way to fill some of the Medicare gaps. Some initial confusion is the result of not having an understanding of Medicare gaps. The gaps are not gaps in the services covered, but the expenses which are your responsibility.

A Medigap policy supplements Medicare by paying out part of your expenses. And that’s why Medigap is also known as a Medicare coverage or Medicare supplement.

It is also important to note that Medicare supplement plan G for 2019 is not the same as a Medicare Advantage Plan. Medicare supplements and Medicare Advantage plans are two different types of plans.

The first step in determining the right Medicare plan choice for you is having an understanding how Medigap work. Being familiar with the following facts, you can compare and shop for plans.

There are 10 standardized plans to choose from.

The Medigap Open Enrollment period is the best time to buy. If you have guaranteed emission rights, Medical underwriting is not used. For other times, medical underwriting applies. You will not be subjected to annual registration deadlines. There is no Part D in Medigap plans. Premiums can vary for the same plan from one company to another. Plans can’t be canceled unless the premiums are not paid

With standardization, you can choose a plan that suits your budget. The amount of expenditure in a plan determines the premium. If you are outside the open registry or have no guaranteed emission rights, there are lots other factors that can affect your cost as well. These include: gender, where you reside, age, alcohol and your total health.

The best time to purchase a Medicare supplement plan is during the Open Enrollment period. It begins when you first qualify for Medicare. The enrollment lasts for about 6 months. Within this time, an insurance company must sell to you any of the policies that it offers. It will not keep you waiting for coverage, and will not charge you more due to existing health challenges.

When you start the process of purchasing a Medicare Plan, keep in mind that the terms Medicare Supplement and Medigap Insurance are used interchangeably. Once you’ve overcome all the ambiguity about the definitions, you can start comparing plans and finding your best plan option.