A Medigap insurance plan is a type of Medicare supplement insurance sold exclusively by private organizations. Its primary function is to cover medical expenses not included in Medicare. The plan is usually sold to Medicare beneficiaries who are entitled to receive a regular Medicare benefit based on their age, income, and health. There are different premium rates, benefits, and options available for Medicare supplement plans 2022. Some of these links on this site may also connect you to additional information websites.
Medigap Plan L (Medigap Low Deductible) – This plan provides low cost coverage for the items listed above, as well as some prescription and hearing aids. The Medicare Parts A and B portion of this plan do not cover the services or costs listed under Part A, therefore Medicare does not pay any benefits at all for it. Part D pays what Medicare does for prescriptions, vision care, and durable medical equipment. Plans L and M are the lowest premiums available for Medigap benefits.
Medicare supplement Insurance Plan R (Medigap Retirement) – This type of plan allows the senior to combine the coverage of Medicare and insurance from private or supplementary sources. Medicare supplement Insurance Plan R also offers a choice of premium payments, which are tied to a predetermined index, rather than being a flat premium monthly rate. Some of these options include an inflation adjustment factor, and the option to invest the monies in a variety of investments. Unlike most other medical insurance plans, Medicare supplement Insurance Plans R does not cover the same items as Medicare Part A.
Medicare Advantage Plans – There are several Medicare Advantage Plans available to you; please note that not all plans are offered in all areas. Please visit a website that offers the information on Medicare Advantage Plans. Please, also note that the prices quoted are intended for people with present coverage. It is highly recommended that you research some Medigap insurance plans before making a selection. The prices quoted may offer great savings but if the coverage is not correct or if you don’t have the best coverage, you will be paying the price without benefits.
Please, also remember that the costs of the Medigap plans change every year, so it is best to make sure you have the current rates. If you want the latest information about the changing rates, you should get online. Many websites will provide the latest news as well as information on the best time to select a plan. Some insurance companies will even offer discounts if you purchase your Medigap insurance plan when there is good health in order.
In addition to the basic information listed above, it is important to find out the service area for a particular Medigap insurance plan. If you travel a lot, consider contacting your insurance companies directly and asking questions regarding the various plans available. For instance, do you know if your service area includes any international airports? If you do, you may want to purchase a supplemental policy that covers travelers to specific countries.