Medicare Supplement (Medigap) Plans, how do they work?
Medicare Original, Part A and Part B, pay for health-care supplies and services, but does not cover for everything, means not everything is paid. That is the reason you need to consider acquiring Medicare Supplement Plans that is also called Medigap. The Medicare Supplement Plans are to be bought from private insurance companies and they help in paying the medical and hospital costs that the Original Medicare fails to cover, such as the yearly deductibles, coinsurance and copayments.
The Medicare Supplement Plans pay for few services such as emergency travel coverage overseas and this is not paid by the Original Medicare. In fact, the Medicare Supplement also pays for Part B excess charges. Basically, this policy helps in filling all the gaps of Original Medicare coverage.
How do Medigap plans work?
Medigap plans work is to supplement the benefits of Original Medicare and this is the reason that they are referred to as Medicare Supplement Plans. There is a need to get enrolled with the Original Medicare to be eligible to enjoy the coverage offered by Medigap. There is a need to have Original Medicare enrolled to have the medical and hospital coverage. The Medicare Supplement Plans are not for providing stand alone benefits.
Based on the state you live, you must get Medicare Supplement coverage in case your age is under 65 and possess Medicare due to disability, amyotrophic lateral sclerosis or end-stage renal disease. Most states do not give Medigap coverage for under 65. If you have Original Medicare and you are not 65, check with the insurance department of your state to find out if you have the eligibility to get enrolled in Medicare Supplement plans.
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Bear in mind, Medicare Supplement Plans exclude (Part D) prescription drug coverage, so in case you need assistance with the medication costs, you must get it as a stand-alone enroll as Medicare Drug Prescription Plan. Apart from this, you cannot use the Medicare Supplement plan to pay for the costs of Medicare Advantage Plan, though it can be used in covering the Original Medicare.
If you have Medicare Supplement plans and Original Medicare, the first will be paid by the Original Medicare and the gaps will be filled by your Medigap policy. For example, you have an ambulance bill of $5,000 and you have already paid the deductible Medicare Part B yearly. Medicare Part B takes care by paying 80% ambulance bill. Having a Medicare Supplement plan covering Part B costs of copayments and coinsurance, then your Medigap policy pays the balance 20% coinsurance of your ambulance bill.