Important Facts to Consider Before Obtaining Medigap

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Important Facts to Consider Before Obtaining Medigap

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Medigap policies are designed to assist seniors to cover the gaps that exist in original Medicare. Also referred to as Medicare Supplements, there are 10 standardized options and one high deductible plan to choose from. Each Medigap plan is represented by a letter in the alphabet. The standardized options are named Medigap Plans A, B, C, D, F, G, K, L, M, N while F stands for the high deductible option.

When it comes to choosing the right Medigap policy to suit your needs, it is important to be well aware of what each option covers. These plans are standardized by the government and the cost for each of them may vary due to a number of reasons. Something you need to keep in mind is that not all of these policies may be available in your area of residence and therefore, some initial research is essential before you make your choice.

The basic set of coverage for all Medigap policies include Medicare Parts A and B co-insurance or co-payment charges, additional hospital charges that are not included in Original medicare along with blood. While Plan A is considered to be the most basic of all Medigap policies because it only covers these core benefits, the other Medigap plans provide one or more additional benefits along with the core benefits. Additionally, keep in mind that if you enroll in a Medigap plan within the first 6 months of becoming eligible for Medicare, you are provided the addedbenefit of being able to purchase the policy of your choice at the same cost as a healthy person regardless of your particular condition.

As for the things that are not covered by Medigap policies, some of the most important vision and dental care options are most prominent. In addition, long-term care, hearing aid and private nursing are also included in the list of items that are not covered. For those who are on the lookout for prescription drug coverage and dental or vision care, you may want to consider a Medicare Advantage plan. Of course, this plan will cost more than traditional Medicare Part B due to these additional inclusions. Also referred to as Medicare Part C, this plan offers additional benefits along with the items covered under Parts A and B.

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