Thursday, July 19, 2012

Ensuring You Have The Coverage You Need

Purchasing health care coverage is one of the most daunting tasks.  Navigating through health insurance companies, choosing coverage and ensure you have received the best coverage at the best price, with the best service.  This is all a bit overwhelming.  It doesn’t get any easier dealing with Medigap supplement insurance plans either. There are a number of policies to choose from and a variety of private insurance companies willing to sell you the coverage.  This makes it all the more frustrating when seeking out coverage that makes since to fill in the gaps left by your Medicare Part A and Part B coverage. 

Medicare is government sponsored insurance for seniors who are eligible and have reached the age of sixty-five.  You can also become eligible for Medicare if you are under sixty-five and become permanently disabled.  The one issue that arises with Medicare coverage is that it does not cover everything.  To fill in these holes the government has come up with supplemental insurance policies that can be purchased on an individual basis.  These plans are meant to fill in the gaps that Medicare Part A, hospital insurance, and Medicare Part B, medical insurance, leave behind.

Medigap is the policies that are put into place to fill in the gaps in health care expenses left behind by Medicare.  Medigap plans are private and are offered by a variety if insurance companies. These policies pay for the minor details that add up quickly for seniors living on a set income.  Items such as co-pays, hospital stays and deductibles are not covered with Medicare. What happens in an ideal situation is that Medicare covers a majority of the expenses and your Medigap policy kicks into effect to cover what is left over.  This alleviates the out of pocket stress.  

One thing to remember with Medigap policies is that they are strictly regulated by state and federal laws that are designed to protect individual Medicare users.  There are a variety of Medigap plans to choose from and each is designated by a letter of the alphabet.  Don’t be fooled.  The plan coverage is the same no matter who sells the insurance.  Medigap Supplement Plan G is the same through company A, B or C.  The difference comes in the cost of the insurance to you.  

It is important to remember when comparing Medigap plans that the less expensive a plan has fewer benefits and higher out-of-pocket costs.  More expensive plans include extra benefits, like coverage for routine checkups, deductibles and at-home care services.  There are several sources online that allow you to compare Medigap plans and rates without giving personal information.  This tool is valuable especially during the introductory phases of enrolling in Medicare. 

Having health insurance coverage is a must to avoid becoming indebted to medical facilities.  Health insurance, including Medicare and Medigap supplemental plans alleviate the need to put off doctors visits or necessary surgeries until you can financially afford them.  With coverage there is no need to worry about catastrophes.  You are covered.  Medigap ensure the same thing to Medicare holders.  The gaps are nothing to worry about when you have purchased insurance to fill in the holes left behind. 

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