Medigap policy is a supplement policy to your Original Medicare policy. To buy a Medicare Advantage plans policy you should already have part A and part B of the original medicare policy. The Medigap policy is aimed at retirement age adults. It covers almost all of your out-of-pocket health care services. It is a cheaper alternative to the Medical Advantage plan and makes health coverage much more affordable.
One of the most basic rules is that you cannot have both Medicare advantage and a Medigap plan. You can choose only one of them. However you can switch between them at a later period, but that is a multi-tier and a tedious process and you stand a chance to lose your guaranteed issue rights.
So what does Medigap covers? Here is a summarised list to make your task easier and your research worthwhile!
➔ Part A Medicare deductible
➔ Part B Medicare deductible
➔ Part A Medicare hospital costs and coinsurances
➔ Part B Medicare hospital costs and coinsurances
➔ Blood (up to first three pints)
➔ Travel emergency (foreign)
➔ Coinsurance of a skilled nursing facility
➔ Part A Hospice care copayment or coinsurance
➔ Medicare cover if you are travelling outside of the U.S.
However, there are certain things a Medigap does not cover. They are
➔ Vision care
➔ Dental care
➔ Transportation costs
➔ Skilled nursing
➔ Part D of Medicare (Prescription drugs)
➔ Hearing aids
➔ Medicare part C
➔ Long-term care
There are various Medicare Advantage plans which might suit your need more than the others. The most popular Medigap plan is plan C which covers almost all of your out-of-pocket and over the top expenses. It is one of the most widely adopted plans. However, it does not cover excess charges. If an excess charge is a big deal for you or in your county you might refer to Plan F or Plan G which covers all of the excess costs as well. The Medigap plans differ in cost and services. Different companies have different plans formulated for their customers. Before deciding on any plan you should first make a checklist of your needs and do your research properly, to understand the difference in benefits and cost value provided by various plans.