If you are a frequent visitor to hospitals or doctors, you probably are well aware that Original Insurance does not cover certain expenses and that goes from your pocket. An original Medical Insurance consists of two parts. The first part or Part A covers all the hospital bills and Part B covers all the medical bills. Now, there are certain expenses called as copayments and coinsurances that this insurance does not cover.
The Coverage provided:
The Medicare Supplement plans helps to cover such expenses. The work of this plan is to bridge the gap between the Original Insurance and actual medical expense. These Plans are sold by private agencies, unlike Original Insurance which is sold by government bodies.
The Medicare Supplement plans are alphabetically divided into 10 categories. Though, nowadays E, H, I and J are no longer sold. Each of this plan has some advantage over the other and based on this the price is allotted. A person while purchasing the Medigap plan must know that this is not a stand-alone insurance.
A person must have a valid Original Insurance in place before purchasing Medicare Supplement plans. But if a person has a valid Medical Advantage Plan, he cannot purchase the supplement plan. Either he needs to let the advantage plan run its validity or he needs to cancel the advantage plan and then purchase Medicare Supplement plans.
The work of a Medicare Supplement plans is only to cover the excess amount which the original insurance does not cover. It no way enhances the original insurance. The supplement plan does not cover the expense of prescribed drugs.
We will try to cover all the benefit a person will get if he purchases the F type Medigap plan:
- Medicare Part A and Part B deductibles.
- The excess expense in Part B
- Skilled Nurse facility coinsurances
- Since this plan is eligible outside the boundaries of the states, it provides foreign travel emergency care up to 80% of the approved cost.
There is a period known as the medical supplement enrollment period. During this period a person must buy the Medigap plan. This period begins on the first day of the month the person turns 65 or more and it lasts for a period of about 6 months. But some pre-existing health conditions may prevent a person from purchasing such a policy and that varies from company to company.