Basic Information On Medigap Plans A through L
Medigap plans which are also commonly known as Medicare Supplement Plans are basically a form of additional health insurance policies which deal with the discrepancies pf Medicare plans. Even though Medicare plans cover the costs of a wide range of medical care facilities, they still fail to entirely cover the costs of deductibles, co-payments and co-insurance. Therefore Medigap plans have been designed by various private insurance companies to cover the expenses that are not taken care of by the Medicare plans.
The Medigap plans for each state are standardized and fall under the jurisdiction of Federal and State Laws, which ensures that the beneficiary does not face any harassment. These plans can be used only by people who are already covered under a Medicare plan. Moreover, the applicants need to apply individually meaning that a person and his spouse will have to purchase two separate policies.
There are generally 12 different standardized Medigap policies that are available and are known as Medigap Plans A through L. Each of these policies despite being the same fore various insurance companies, offer a unique combination of basic and additional benefits. However the decision about which policy an insurance company might want to sell and at what price is entirely in the hands of the individual companies.
The policies under Medigap Plans are generally divided into two broad sections. While plans A to J provide more benefits, their premium costs are quite high. However, the out of pocket expenses of these policies are extremely low. Plans K through L form the other section of Medigap policies, which despite having lower premium rates come for higher out of pocket expenses.
A person selecting any of the policies under the Medigap plans should compare the benefits of the various plans as well as their quotes and then choose according to their coverage needs and budget.