Medicare Supplement Insurance - Medigap
Medicare Supplement Insurance, sometimes also called "Medigap," is sold by private insurance companies and their licensed agent representatives. Medicare supplements fill in the deductible and co-pay gaps left by original Medicare.
If you chose Original Medicare (Part A and Part B) and have a Medicare Supplement policy, most, if not all of your health care claims will be covered as long as Medicare approves the charges. In addition to paying the monthly Medicare Part B premium, Medicare Supplement policies require you to pay a premium to the insurance company that issued that policy. Things that affect insurance premiums include: whether or not you smoke, sex (male or female), resident state and zip code, current health status and age.
Insurance companies are only permitted to offer consumers "standardized" Medicare Supplement policies, known as "plans". These Medicare Supplement plans all have specific benefits so that consumers can compare them easily. As of June 2010, Centers for Medicaid and Medicare Services (CMS) and the National Association of Insurance Commissions has approved 10 standardized policies; A,B,C,D,F (plus high deductible option), G,K,L,M and N. Consumers should carefully compare the various Medicare Supplement plans to determine which plan best suits their individual needs and budget. Benefits in standard plans must be the same company to company. Medicare supplement changes in 2010 now allow for companies to offer "value added" benefits like health club, vision and dental discounts.
Some companies offer additional premium discounts for addition of a spouse and automatic premium withdrawal through a checking or savings account.
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