People buy Medicare insurance to cover their medical care costs but Medicare Insurance cannot cover everything. Some areas, for instance the healthcare when people travel outside the United States, deductibles, etc., remain uncovered under Medicare Insurance. Thus, to cover these health expenses, people buy extra health care insurance; Medicare Gap Insurance, also known as Medigap Insurance.
Medicare Gap insurance is sold by private insurance companies. The policies of Medicare Gap Insurance can only be bought if one has original Medicare insurance. Medicare Gap Insurance pays its share after Medicare Insurance has already paid its share of the signed amount to cover the healthcare costs.
There are some points that buyers of Medicare Gap Insurance for 2018 must know:
- The consumer must buy Medicare Part A and B
- The buyer can only apply for Medicare Gap Insurance for 2018 if they have Medicare Advantage Plan, but before the Medicare Gap Insurance policy is offered, the customer is required to leave Medicare Advantage Plan
- The consumers are required to pay a monthly premium to Medicare for Part B added to the monthly premium they pay to the private companies for Medicare Gap policy.
- Only one person’s insurance is covered by Medicare Gap policy. If a family of 5 wants to apply for Medicare Gap, all of them will have to buy separate Insurances.
- Medicare Gap policy can be bought from any private company in the resident’s state if that company has a license to sell.
- Medicare Gap policy can be renewed, regardless of the person’s health conditions. The insurance company is not allowed to cancel the Medicare Gap policy if the buyer keeps paying the monthly premium
- In the past, Medicare Gap policy used to cover prescription drugs’ insurance, but after January 2006, the Medicare Gap policies, sold, did not cover prescription drugs insurance. If consumers require a prescription drug insurance, they can buy Medicare Prescription Drug Plan.
- If the buyer has a Medicare Medical Savings Account (MSA) plan, it is not allowed for the companies to sell them Medicare Gap Policy.
Medicare Gap Policy does not cover lasting insurances such as dental care, hearing aids, etc.
Medicare Part A and B cover healthcare costs, Part A covers healthcare centers’ services while Part B covers costs for doctors’ services.
The plans of Medicare Gap Insurance for 2018 are labeled from A to N. Each of these plans offer health coverage on different levels. However, the Plans E, H, I and J are no longer available to the new consumers. Some plans require higher monthly premium but offer lower expenses out of pocket, while some plans do the exact opposite. The helpful way to learn which plan to buy is to contact a quality insurance company. The company will then, consider the needs of the consumer and will help to buy a suitable plan by matching the needs.
Medicare Gap Plan A:
Out of the ten policies that are offered by the Medicare Gap Insurance for 2018, Medicare Supplemental Insurance Plan A is the basic one. Medicare Gap Part A has to be offered by all the Medicare Supplement Insurance companies but not all the insurance companies offer all the Medicare Gap policies.
Consumers are required to have Part A and B of Medicare Insurance, to purchase the Medicare Gap Insurance.
The Medicare Gap policies are controlled by the federal government, which means that the Medicare Part A will provide similar coverage to all the buyers, regardless of the company it is bought from, but the cost for the policies might vary.
Since Medicare Supplemental Plan A is a basic policy, it covers less insurance than that covered by other Medicare Gap plans. The buyers who are on a budget and those who have the medical insurance covered by a Medicare Insurance might find it useful.
Medicare Gap Plan A covers the cost of healthcare to next 365 days (a year) after the Medicare Insurance coverage ends. It also covers 20 percent of the Medicare-approved Insurance. Plan A also covers the cost of first three pints of blood.
Medicare Gap Plan B:
The medical services and the required supplies are covered by Medicare Gap Plan B. It is mostly known as conventional health insurance. The services which are covered by Plan B include visits to the doctor, laboratory tests, surgeries and common health services. It also covers the medical supplies such as wheelchairs, walkers, crutches, etc.
Medicare Gap Plan C:
Plan C for Medicare Gap Insurance for 2018 is very different than other plans. The plan focuses on senior citizens. Plan B is designed for the senior citizens, considering their needs, whereas Plan C covers more costs for healthcare services than other plans.
Several services are covered in Medicare Supplemental Insurance Plan C. Medicare Gap Plan C covers basic policies. For extra hospital costs, it covers coinsurance for Part A, covers coinsurance for Medicare Part B, covers first three pints of blood, covers copayment for Part B excluding the preventative services, coinsurance for proficient and professional nursing and emergency healthcare expenses for particular foreign travel.
Medicare Gap Plan D:
Medicare Gap Insurance for 2018 Plan D gives coverage of the cost of healthcare to next 365 days (a year) after the Medicare Insurance coverage ends, covers coinsurance for Medicare Part A, three pints of blood when needed for an emergency situation or a medical process, covers deductible for Medicare Part A. It also covers healthcare expenses for foreign travel but only up to a specified limit.
By law, Medicare Gap policies are available to all the new subscribers of Medicare Insurance. The consumers can be enrolled without examination of their medical states if they enroll within six months of their 65th birthday. Generally, a person is also enrolled in Medicare Part B at the same time. This time period is known as open enrollment. During an open enrollment, the consumer will not be kept unaware from any policy neither will they be charged extra because of their medical state.
Medicare Gap Plan F:
Medicare Supplemental Insurance Plan F covers the costs for healthcare services that are not covered by Medicare, which are; coverage of the cost of healthcare to next 365 days (a year) after the Medicare Insurance coverage is used up, coverage of copayment of the medical services that are approved by Medicare excluding the 20 percent of the Medicare Part B, that is required to be paid by the insurance holder. Medicare Insurance covers the expense of the blood except the first three, whereas Plan F covers the first three points.
Proficient nursing facilities are also covered in Plan F. The basic requirements for any buyer’s overseas emergency are also covered in the plan. Plan F also covers for deductible costs for hospital services in Medicare Part A.
Medicare Gap Plan G:
Medicare Gap Insurance Plan G gives coverage of the cost of healthcare to next 365 days (a year) after the Medicare Insurance coverage has been used up, covers coinsurance for Medicare Part A, first three pints of blood.
It also covers the deductible costs for Medicare Part A, 80 percent of excess charged from Medicare Part B, along with limited coverage of healthcare costs for overseas emergency healthcare services, coinsurance for a professional nursing facility that is generally supposed to be paid by the buyer from 21st day to 100th day.
Medicare Gap Plan K:
Plan K of Medicare Gap Insurance for 2018 gives coverage of the cost of healthcare to next 365 days (a year) after the Medicare Insurance coverage has been used up, covers coinsurance for Medicare Part A, first three pints of blood. It also covers the deductible costs for Medicare Part A. Medicare Gap Plan K does not cover any copayments and deductibles for Medicare Part B, medicinal drugs, or hearing tests.
Medicare Gap Plan L:
Medicare Gap Insurance for 2018 Plan L gives coverage of coinsurance for Medicare Part A, first three pints of blood. It also covers the deductible costs for Medicare Part A and proficient nursing facilities. Plan L does not cover any deductibles’ costs that are not already covered in Medicare Part B.
Medicare Gap Plan M:
Medicare Gap Insurance for 2018 Plan M covers all the basic Medicare policies covered by Plan A. It also covers 50 percent of the hospital deductible for Medicare Part A – a hundred percent coverage of copayments for visitation to the doctors or emergency rooms, coverage for proficient nursing facilities along with that of overseas emergency healthcare expenses.
Medicare Gap Plan N:
Medicare Gap Insurance for 2018 Plan N provides coverage of the cost of healthcare to next 365 days (a year) after the Medicare Insurance coverage has been used up, covers coinsurance for Medicare Part A, first three pints of blood. It also covers the deductible costs for Medicare Part A. It also covers emergency travel healthcare services’ costs.
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