Medicare Supplement is known as Medigap. Comprehensive Medicare Supplement fills in the gap between what Medicare pays and what you pay out of pocket. Comprehensive Medigap coverage pays the deductible amount and any coinsurance amount you may be required to pay. Medigap coverage may even provide coverage for hospital and nursing home expenses even after your Medicare benefits have been exhausted.
You must be 65 years of age and have enrolled in Medicare Part A and Part B to qualify for Comprehensive Medicare Supplement? Every state licenses the Medigap insurance companies to offer their Medicare Supplement policies to seniors. The policies are usually standardized which makes choosing a little easier since the benefits must meet minimum requirements. You will have to complete an application for the company you are interested in but if you act during your initial Medicare Open Enrollment season, the first three months following your 65th birthday, you cannot be denied comprehensive Medicare Supplement because of any pre-existing conditions.
The Medigap policies are designed to perform as a supplement to Medicare. They provide additional benefits to the Medicare coverage. As we all know, there are usually additional expenses when we see the doctor or have a hospital stay that Medicare doesn’t cover. You are faced with the deductibles, copayments, and other items that Medicare didn’t pay for but you are on the hook for. A comprehensive Medicare Supplement plan will help with these expenses. Normally your healthcare provider whether it is the doctor or hospital, they will file the claim for you with your Medigap provider. They will wait until Medicare has paid their portion of the claim. Once this is done, they will then file the claim against your Medicare Supplement. Depending upon the coverage you have selected, you may not owe any additional amount to the health care provider. Living on a fixed income and having a Medigap policy is certainly worth the expense.