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Shedding Light on Medicare and the Health Insurance Plan

Medicare Part D | Medigap govMost U.S citizens are aware that the original Medicare is part of the Federal government’s health insurance plan to cover senior citizens, those who are 55 years and older. As you can see, this plan has been working and can only work for citizens within that age range. As such, a big segment of the population was left out to seek health insurance from private companies.

In the new health insurance Marketplace

citizens already covered by Medicare are not affected.

In fact, Medicare or supplemental health insurance plans are not part of the new health insurance Exchange. However, it is advisable keep your Medicare or sign up for a supplemental plan if you do not have one now.

It is therefore important to emphasize that the new health insurance Marketplace is designed to suit the needs of American citizens who currently do not have any insurance health. If you already have a health insurance cover through Medicare, then you are safe. However, you can choose to supplement your coverage by buying a supplemental plan from private companies. A supplemental plan (Medigap) will strengthen your Medicare cover and you can be able to afford some of your healthcare needs, which original Medicare does not cover. Such costs may include, but not limited to, medical care when you travel outside the country, deductibles and copayments. With a Medigap policy in addition to your original Medicare cover, you can find it easier paying for your health insurance coverage, as each policy will pay for its share of the coverage.

Although Medicare supplemental plans are available from private companies at any time, the best period to buy them is during the open enrollment period, which lasts six months from the time you hit 65 years of age. During this period, you can buy the policy at a flat rate price, regardless of your health status. Buying after that period can result in complications from the companies selling such policies, especially if you have health problems. It is also important to understand that the supplemental plan (Medigap) is different from the Medical advantage plan, which is just a means to get more Medicare benefits.

When going through Medicare and supplemental processes, it is important to familiarize yourself with some of the basic facts, which include the following:

  • Medicare part A and B are compulsory, you must have it.

  • Medicare Advantage Plan holders can enroll for Medigap policy. However, they should surrender the Advantage plan before the Medigap policy starts working.

  • If you have both Medicare and Medigap policies, you pay premiums separately for each policy.

  • Medigap policy only covers one person. For instance, if you need a policy for your spouse, you will need to pay for it separately.

  • Medicare part D is meant to cover prescription drug expenses. It works mainly through private plan or through the Medicare Advantage plan to cater for outpatient drug prescriptions.

  • You can buy Medigap policy from any licensed insurance company that operates in your state.

Medicare Supplemental Health Insurance Plans | Medigap | Medicare and the Health Insurance Marketplace

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