Expensive Medigap :

If you have had a medical situation recently, and you underwent treatment for the same but your health insurance does not cover entire expenditure of your treatment, you may well be in a quandary.

If you have had a medical situation recently, and you underwent treatment for the same but your health insurance does not cover entire expenditure of your treatment, you may well be in a quandary. Managing these extra costs of medicines and other hospital expenses is not simple. If you had taken a supplemental Medicare insurance policy earlier, you would not have faced this situation. The supplemental Medicare insurance policies help you get rid of the extra medical costs. There are large gaps in your original health care policy since it does not cover all your health care requirements. You must have understood by now, even if you already have a health care insurance policy, you still need to buy a supplemental Medicare insurance policy.

Medicare Supplemental Insurance Plans are created solely with the aim of covering gaps left by original Medicare. These plans are created, sold and managed by private insurance companies to cover extra medical expenses not covered under the health plans taken by people. There are 12 Medicare Supplemental Insurance Plans available in the market. Each of these policies has provision of different cover benefits for the buyers.

If you have just enrolled yourself in Medicare part B, you should buy Medicare Supplemental Insurance within the first six months itself. After this period, you may have to undergo medical screening and even after that the insurance companies may or may not accept you.

Even if you are paying a high premium to your insurance company, you will not be getting anything extra. The benefits as well as claim filing stipulations for all companies are almost identical. In some cases, insurance companies suggest their plans are better because you won?t have to file claim forms. The truth is the requirement of filling a form arises only if your doctor doesn?t do it for you. In that case, you will have to fill forms irrespective of which company you have bought Medicare Supplemental Insurance policy from. Also, premiums for Medicare Supplemental Insurance policies increase every year on January 1st, since these have to be adjusted with Medicare (and inflation) every year.

The premiums for Medicare Supplemental Insurance policies depend on various methods:-

1. If the premium is rated by the community you live in, everyone in the community (in the same geographic area) may have to pay the same premium.

2. Premiums are also determined by your age when you bought Medicare Supplemental Insurance Policy.

3. The lowest premiums are charged from those people who are over the age of 65. The premiums increase with your age, either every year or other periods as determined by your Medicare Supplemental Insurance company.

The cost of Medicare select policies is usually less but they also include high deductibles. To avail complete insurance benefits, you may have to consult specific doctors to get treatment. In an emergency, however, you are allowed to go to any hospital or visit any doctor. These plans cost less because you will be treated by physicians on the select list. These physicians agree to treat Medicare patients at a reduced fee.

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