The medical care standard is improving with every passing day but the cost to afford that is also increasing exponentially. Now, a person who is employed may get covered by his or her company but what about the senior citizens who have taken retirement from work. But with age, several age-related diseases start creeping in.
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Now, almost everyone is covered by some medical insurance. But there are different medical insurances that many people are not aware of. There is a medical insurance called Original Medicare which covers the hospital and medical expenses, yet there are certain expenses which are not covered by the Original Medicare. This is where Medicare Supplement plans come into play.
There are certain expenses that are not covered under the normal Original Medicare. In other words, there still remains a financial gap between Original Medicare and hospital bills. There are many scenarios where people have gone broke to pay that extra amount.
Criteria to become Eligible:
This Medicare Supplement plans comes in handy. They cover that bridge between the medical bill and Original Medicare insurance. There are certain criteria that a person needs to fulfill to come under the Medigap Insurance. We will try cover as many points as possible in this article:
- A person must have an Original Medicare Insurance. The Medicare Supplement plans are just a supplementary insurance and not a stand-alone one.
- A person must be at least 65 years of age. There are some states where a person can come under this plan but consult a policymaker before buying.
- If you are under the Medical Advantage Plan, you cannot have Medigap Plan during that period.
- The price or premium of this plan is different for each private insurance company. But mostly it is based on the age of the person.
- The Medical Supplement Plan Covers only one person at a time. So, if you want to have Medigap plan both for your wife and yourself, you need to buy separately.
Time to buy:
Now, the question comes when to buy them. There is a period known as the Medigap Open Enrollment Period. This period lasts for 6 months from the first day of the month the person turns 65 or older. There are many plans that come under Medigap Insurance provided by different private agencies. They are categorized into 10 types.