Medicare Supplement Plans are made available to you by the private companies. You can visit any private company in order to get these plans. It is not at all necessary that you have to buy the Medigap policy from the same company from which you bought the Medicare Advantage Plan. However, it is advisable to do so because if you buy it from the same company, then less paperwork and background checks would be needed which ultimately will reduce your stress.
Points to remember
There are few points which you should keep in mind in the context of enjoying the benefits of the Medigap policies. Here are some of the important points:-
- As mentioned already you should first purchase Medicare Part A and Part B for purchasing Medigap policy.
- If you have the Medicare Advantage Plan, then you can buy Medicare Supplement Plans, but you should make it a point that you leave the Benefit Plan before Medigap policy originates into effect otherwise you will be paying for some same benefits that are common between the two plans.
- You will have to pay a monthly premium to the private company, and this premium amount is in addition to the premium amount which you have to pay for Part B of the Medicare plan.
- One Medigap policy is for a single person so for any of your family members you will have to purchase another policy.
- Your Medigap policy will be renewed at the end of the expiration period even if you are diagnosed with some ailments.
- No insurance company will be able to sell you Medicare Supplement Plans if you hold a Medical Saving Account Plan. If they sell you such a plan, it will be regarded as illegal.
How to know whether you need Medigap policy or not?
This is a dilemma faced by most of the people. They are in confusion whether or not they should buy a supplement plan. In order to clear your doubt you must think about certain points which are as follows:-
- Why are you going to Medicare plan? You need to answer this question to understand your own needs. Once you figure out the extent of your needs, you will be able to make a more informed decision.
- Does your original Medicare unable to cover those needs? After identifying your needs, you need to analyse whether or not the original Medicare plans cover them or not. If not then you should definitely go for Medicare Supplement Plans.
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