Medicare Supplement Insurance - What does it mean for you?

Medicare supplement insurance is also called Medigap insurance.

Medicare does not cover all of your healthcare expenses. The portion that Medicare does not cover have been called "gaps". Medicare supplement insurance fills in the gaps between what Medicare does pay and the out-of-pocket costs that you must pay.

The addtional costs include coinsurance, co-payments, and deductibles.

Medicare supplement insurance only cover services that Medicare considers medically necessary. The payments are usually based on the Medicare approved charge. Some Medicare supplement plans cover additional benefits like emergency care in a foreign country. Medicare does not provide that type of coverage.

There are twelve standardized Medicare supplement insurance plans that are named Medigap A through Medigap L. All health insurance companies that sell Medicare supplement insurance must offer Medigap Plan A. The insurance companies do not have to offer any additional Medigap plans.

Medicare Supplement Insurance Open Enrollment

Health insurance companies that offer Mediare supplement insurance (Medigap policies), must sell you a policy if you are at least 65 years of age and apply within six months after enrolling in Medicare Part B.

During the six month "open enrollement" a health insurance company must allow you to buy any of the Medicare supplement plans that are offered. You are entitled to buy Medicare supplement insurance even if you have health problems.

During open enrollment, you can change your mind and cancel a Medigap policy that you purchased, and by any other Medigap policy that better meets your needs.

Even though an insurance company must sell you a Medigap policy during open enrollment, they can require a six month waiting period before covering any pre-existing medical conditions that you might have. These are conditions that you received medical treatment or advice for from a physician within the previous six months.

Guaranteed Issue Right To Buy Medicare Supplement Insurance

If you lose certain types of health care coverage, you might have the right to purchase Medicare supplement insurance outside the period of open enrollment. In order to qualify for the guaranteed issue right, you have to prove that you have lost your healthcare coverage.

Typically, the guaranteed issue right is valid for 63 days from the time coverage ends or from the date of notice that your coverage will end. Insurance companies can not place any restrictions like pre-existing conditions or waiting periods on these Mediare supplement policies.

When you are comparing Medicare supplement insurance plans between different insurance companies, be aware that rates and policies can vary. Some of the price differences are due to your age, the area of the state that you live, your gender, whether you smoke, and whether you have to select a medical service that is within a network.

It is quick and easy to shop for Medicare supplement insurance on the internet. There are respected companies and organizations like AARP, Humana, and SecureHorizons that offer Medicare supplement insurance. Remember to compare rates and policies before you buy Medicare supplement insurance.

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The official U.S. Government Medicare Web site is Medicare.gov.