If health is a concern to you and you cannot get past the fact of what will happen if you couldn’t afford to get all the medical costs, then to ease your worries, the best course of action that needs to be taken is to get Medicare as soon as possible. But here’s a catch too. Medicare does not cover all your medical expenses. The extra costs which mainly are doctor’s fees, nursing facilities, and ambulance cost etc. do not fall under the actual Medicare. These costs may seem an extra burden to people who frequent hospitals. To help you with these problems, there are private companies who sell the best Medicare supplement plans that cover and take care of all the extra costs that might seem overwhelming and can pose problems.
Medicare supplement plans, most commonly known as Medigap are the policies that are not covered by your original Medicare and can help you pay all the extra costs that you need to cover. Popular in the States, your Medicare policies effectively come into existence at the first month when you turn 65. You cannot avail a medigap plan unless and until you have enrolled for the Part A and Part B of the original Medicare policies.
Knowing your Medicare supplement plans
Being a senior citizen has its perks. If you are 65 or older, and you are new to Medicare Plan B, you automatically become eligible for open enrollment in medigap. This starts on Day 1 of the month when you turn 65 and can last up to 6 months straight. It is imperative for you to know that your medigap policies are renewable and you do not need to purchase a new one unless you are in need of it.
Know the monthly premiums
Your monthly premiums keep your Medicare supplement plans on the go. No insurer can cancel or stop your medigap policies for any reason as long as you keep paying your premiums. However, you should also keep in mind that a single medigap policy can cover only one person and not others. Your medigap policy covers for you and not you’re family or relative or anyone else.
It should also be kept in mind that a medigap is not the same as Medicare Advantage plans. You cannot have both working together. You can only take advantage of one of these policies because they cannot be kept together.