Both state and federal governments regulate Medigap insurance policies. However, this does not mean the plans are sponsored by the governments. If you qualify for Medicare, then you may purchase these Medicare Supplement Policies from private insurance companies as well as some consumer groups. Several of the Senior Citizen organizations offers Medigap coverage. These companies and groups offer Medigap policies to plug the gaps in the Original Medicare plan coverage. It is a way to pay for medical coverage not covered completely under Medicare.
The cost of Medigap policies are held to a minimum since the policies cover only the amounts not fully covered by Medicare. Purchasing a Medigap policy makes good business sense. If you weren’t careful, you may have bought another supplemental policy that provides more coverage that what you really need. This would may the supplemental policy more expensive and the goal is to cover your needs without breaking the bank. You can call the Medicare hotline at 800-638-6833 to gather more information on Medicare Supplemental Insurance.
First thing to do is call your state insurance office to get a list of companies that are licensed to sell Medigap policies in your state. If you have questions regarding a particular company, the state insurance office usually provide answers such as whether that company has a lot of consumer complaints against them. It is not unusual for a company to have a complaint but find out how they responded and resolve the complaint. A good Medicare Supplement Insurance company will resolve the issues quickly and fairly. You can have peace of mind with the positive answer to the question “Does The Government Regulate Medigap Policies?”