Medigap insurance is designed to cover what Medicare does not. Medicare gap insurance is purchased from a private insurance company, not from the federal government. Moreover, you have your choice of buying from twelve separate standardized Medigap policies. This means that your coverage will be the same from whom ever you buy the policy from. This standardization protects the buyer, and keeps confusion regarding these policies to a minimum.
While the benefits of gap insurance are identical with each insurance carrier, cost is not. This makes it important for you to shop around for the best deal. As a general rule you need to have Medicare Part A and Part B to buy the additional coverage. Naturally, you must pay a premium for this extra coverage. If you keep paying your premium the policy is guaranteed to be renewed.
It is important to know that you and your spouse must each purchase separate Medicare gap policies. Medicare gap insurance also does not cover long-term care, does not offer dental or vision coverage, and does not pay for hearing aids. In addition a Medigap policy will not cover private nurses that care for you in your home.
Most people do not realize that not all states carry all Medicare gap insurance converges. It is essential that you know what policies are covered in your particular state. It is also to your advantage to buy gap insurance during open enrollment. This period starts on the first month you turn 65 years of age, and enroll in Medicare Part B. This period of enrollment lasts for six months. During this period insurance companies are not allowed to deny you coverage, and they cannot postpone your coverage.
If you wait and try to buy gap insurance after your enrollment period insurance companies are allowed to deny you coverage. Should they decide to cover you they can charge you more for the policy. As you can see it is to your advantage to buy gap insurance before your enrollment expires. There are certain circumstances where you can avoid these penalties. It is best to consult with a trusted health adviser knowledgeable in Medicare and Medicare gap insurance.
As a general rule your insurance company cannot drop your coverage. However, if you bought your policy before 1992 your renewal might not be guaranteed. Should that happen you do have the right to purchase a new Medicare gap policy. Furthermore, if you do not pay your Medicare gap insurance policy premiums they do have the right to cancel your coverage.
In brief, it is recommended that you register for your Medicare gap policy during the enrollment time-frame. This will certainly reduce any difficulties later. Obtain expert advice from a trusted health adviser who is well versed in both Medicare and Medigap insurance.
How Does a Medigap Policy Work? A Guide To Medicare Supplemental Insurance How To Find The Right Way to Supplement Medicare Benefits For Seniors, Why Should You Enroll In Medicare Part D? Mortgage PMT Protection
0 comments:
Post a Comment