The development in the field of medicine and healthcare field resulted in a gradual rise in the expense of the healthcare service. The poor lifestyle and environment conditions of the present further aggravated the scenario. Every day we come across an unknown virus being discovered which has claimed the life of a person.
Generally, we are all mostly covered by some medical insurance. If a person is working for some organization, they primarily fund all the expenses. They also cover the amount which is not covered under Original Medicare Plan, but what will happen to a retired a person. An Original Medicare Care comprises of two parts:
Part A: The hospital expenses.
Part B: The medical expenses.
Benefits of medical Supplement Plan:
But the problem is if a person suffering from chronic disease; he spends more than 60 days in the hospital; there are certain expenses the insurance will not cover completely. The patient’s family needs arranging for the copayments. A person who is no longer in service may find it difficult to arrange that money. This is where Medical Supplement Plan comes to the rescue.
The Medical Supplement Plan or Medigap covers all the copayments and coinsurances that the Original Medicare Plan do not cover. But one must understand that Medigap is just a supplement insurance and cannot perform exclusively. A person must have a valid Original Medicare Plan to avail the benefits of Medical Supplement Plan.
Criteria one must meet: There are some criteria a person must meet to qualify for purchasing a Medigap:
- He must be covered under a valid Original Medicare Plan.
- He must be 65 years or more to become a valid owner of Medigap. Though, in some parts of the United States people, less than 65 years can also come under this plan.
- There is a period known as the Medical Supplement Enrollment Period which lasts for about 6 months every year. That is the period when a person can purchase a Medical Supplement Plan.
The Medigap are not insurances provide by the government rather they are sold by private owned insurance agencies. They have divided the plan into 10 categories and named alphabetically. Each of these plans retains some benefits over the other and accordingly the premium or price of the policy is charged. The Plan F remain the most widely preferred plan, but experts believe that by 2020 it will be scrapped and replaced by Plan G. The premium of Plan G is much less than the Plan F which makes it a very attractive option for the people.