Medicare Supplement or "Medigap" help pay for the charges that Medicare usually doesn't cover. Expenses for things like deductibles and coinsurance.
Medicare Supplement plans (Medigap), are insurance policies sold by private insurance companies licensed to sell Medicare policies. They help you pay for out-of-pocket expenses for services covered by Medicare
These expenses include deductibles, coinsurance, copayments, hospital costs after Medicare pays its share, skilled nursing facility costs, and more. Some Medicare Supplement insurance plans even include coverage for medical services while traveling outside the United States.
Medicare Supplement (Medigap) pay for out-of-pocket expenses for services covered by Medicare Part A and B. These expenses, deductibles, copays, coinsurance, hospital costs after exhaust medicare covered days, skilled nursing facility expenses, etc. Some Medicare Supplement's also cover limited coverage for emergency medical services if you're outside of the United States10 million or so Medicare beneficiaries use Medigap policies to protect them from out-of-pocket medical expenses.
Medigap policies are a popular choice among Medicare beneficiaries because they can include benefits that help pay health care expenses. Original Medicare doesn't, such as:
· Medical treatment outside of the Unite States
· Choice of preferred hospitals and doctors
· No referrals needed for specialist doctors
· Many plans have zero out-of-pocket costs
· Once you're insured, you cannot be dropped for medical issues
Many people who are eligible for Medicare choose to wait to enroll because they covered by group health coverage through their employer. Once retired, they have the right to purchase Medigap policies within 63 days of losing group coverage. This is called the Medicare Supplement guaranteed issue rights you will have.
This window is of like open enrollment with Original Medicare, except the window again, 63 days — is a shorter period. The plans are limited to A, B, C, F, K, and L. Insurance companies can't deny your application for any reasons because of your guaranteed issue period.
There are other circumstances in which you have a guaranteed issue rights. These can depend on which state you reside in, so be sure to ask a licensed Medicare agent at Songer Benefits, Inc. to see what options are available for you.
If you missed your opportunity for open enrollment or guaranteed issue, don't worry! You can still apply for a Medicare supplement plan. You have to answer health questions on your application in order to be approved.