Medigap Health Insurance Plans as a supplement for Medicare

The limitations of traditional Medicare Health Insurance

Most peole feel that once they reach the age of 65, they can rely solely on the governmental Medicare program to provide for their health care needs. While it's true that Medicare goes a long way in protecting the elderly from skyrocketing medical costs, it's far from comprehensive.

Medicare has several components that range from basic hospital coverage provided by Part A of medicare right through prescription drug coverage provided by Part D. However, there are several costs associated with these health insurance plans that are not covered by medicare. For example, after your basic hospital benefits are exhausted, you need to bear the remaining costs. Also, Part B of medicare requires a co payment after a certain deductible.

Medicare also doesn't cover foreign travel emergencies, that is health care outside the United States as well as expenses from skilled nursing facilities.

Due to these limitations, and due to the fact that many elderly people require health care above and beyond traditional medicare, the government has allowed private insurers to provide certain Medigap Insurance Plans that allow those with unique needs to buy supplemental health insurance that is tailored for them.

Medigap Health Insurance Plans

Medigap insurance plans are clearly defined governmental schemes that elderly people can choose to buy when they need extra medical care that is not covered by their medicare plan. These plans range from basic care to more advanced coverage. The private health insurance companies charge a premium that is in keeping with the benefits provided.

There are twelve such plans and they are labeled from A through L. Medigap insurance plans K and L even provide for hospice care for the terminally ill. These plans have been specifically crafted to provide for the wide range of conditions that are unique to each elderly person.

In order to qualify for a medigap coverage, you need to first be enrolled in the A and B schemes of regular medicare. In addition, it is advised that you apply for the medigap policy as soon as you are eligible. If you wait too long, the company that provides you with Medigap can legally refuse to provide you with the medigap coverage you choose. It can also make you wait for an unacceptable period of time before providing you with such protection.

However, if you apply during what is called the open enrollment period, the company cannot refuse to provide you with medigap coverage or make you wait unless under special circumstances. The open enrollment period starts on the first day of the month when you have both Part B medicare coverage and are 65 or older and lasts for 6 months.

Caveats and warnings

Remember that your spouse needs to apply for Medigap coverage separately. In addition, ensure that the plan you are purchasing is a valid medicare plan. Such plans will clearly identify themselves as a medicare supplemental policy on the front page of the document. Finally, use this site to look around and explore the various firms that are offering you these services. Compare the costs and the benefits to make a good and informed decision.

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Michael Horvat is a health insurance expert and broker with HealthQuotes.com in Colorado Springs, CO. If you are searching for Colorado health insurance plans or quotes, please give Michael a call anytime at 800-345-0789.

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