How Can I Augment My Medicare Insurance Benefits?
Medicare insurance benefits can be augmented by obtaining a medicare supplemental insurance policy from a health insurance provider in your state.
Medical Supplemental Insurance
This type of insurance is also know as Medigap. The purpose of this insurance is to cover the costs that medicare insurance benefits do not pay. These include copayments, coinsurance, and deductibles. Costs that Medicate does not cover are known as gaps. A medicare supplemental insurance policy will pay its share of health care costs after original medicare pays its share. Many types of policies are available for medicare supplemental insurance.
Standardized Medigap Plans
All insurance companies that sell Medigap policies must offer Plan A. If other plans are offered by the insurance company, then Plan C or Plan F must be offered. Plan D and Plan G may also be provided by an insurance company. Your state may not have all Medigap plans available.
Individuals need to have already be enrolled in Medicare Part A and Part B to be eligible to purchase a medicare supplemental insurance policy. A monthly premium needs to be paid for your Medigap policy and for Medicare insurance benefits for Part B.
A Medigap policy can be purchased from any licensed insurance company in your state. Each policy is guaranteed for renewal regardless of your health status. If you pay the premium each month, then your policy cannot be canceled by your insurance company.
There is an open enrollment that is available for your to buy a medicare supplemental insurance policy that lasts six months. The enrollment period will start on the first day of the month when you attain age 65 and have enrolled in Medicare Part B. Insurance companies are not allowed to do any type of medical underwriting during this enrollment period.