If you policy to purchase extended health insurance in addition to Medicare, it is very important to know Medigap. Remember that Medigap is structured so that all policies of the same name offer the same insurance, regardless of the company that offers them. Your challenge, then, is to become familiar with the benefits of insurance so that you know exactly what to expect from all the available options to help you determine which one is right for you.
Here are the most common Medigap insurance benefits and what they do to meet your medical needs.
• Medicare Part-A co-insurance – It is available on all Medigap policies from A to N. Medicare insurance for Part-A co-insurance means you have to pay your share of the cost of the service you use. This applies after paying the deductibles. Assuming you have a Part A service and your coinsurance stating that you have to pay 20 percent of the fee for this service; simply put, this means that the Medigap insurance insures the rest 80 percent of the expenses.
• Part B of Medicare co-insurance: available for all Medigap policies from A to N, but with specific limitations for policies K and L. Works in the same way as co-insurance for Part A, except that it insures as the classification of Part B. Medicare. You pay the co insurance rate shown in the policy if you used a medical service in Part B, while the Medigap insurance insures the rest of the expenses.
• Blood insurance – This insurance is available for all Medigap policies from A – N, but with particular limitations for policies K and L. Every Medigap blankets have a transfusion insurance of approximately 3 pints. It implies that if a patient enrolled in Medigap needs a blood transfusion, the first three pints of blood will be paid by Medigap, and only if this is insufficient, the patient will bear the costs of the excess blood.
• Part A: Co-insurance for Hospice – Available in all Medigap policies from plan A to plan N. Works in the same way as Parts A and B of the co insurance, except that it is only for hospital care prescribed by Medigap and Medicare. If you qualify for home care, your insurer pays the remaining amount on the bill after paying your own share of the costs.
• Co insurance of healthcare facilities – Available only in Policies C to N and works as other co insurance conditions.
• Medicare deductible Part A – Available only in policies B to N. A deductible is the amount you pay before the insurance agent pays for your health care.
• Deductible for Medicare Part B – Only in Policies C and F.
• Costs for excess Medicare Part B – Medigap insurance are available only in Policies F and G.
• International Travel Emergency – available only for policy C, D, F, G, M and N.
With an understanding of these Medigap insurance points, you can select the Medigap policy that meets your needs.