Medicare is a basic plan that covers medical costs for those that are disabled or 65 and over. The original Medicare insurance policy was developed by the government. However, there are “gaps” in these policies. These “gaps” are things that aren’t covered by Medicare. This is why Medicare supplement insurance is available. This type of insurance comes in 12 different plans. It is designed to cover different needs according to each individual. These plans are regulated by the government. The same plans are offered in every state. Each insurance company decides which supplement plans they want to sell.
Collectively, Medicare supplement insurance is called Medigap insurance. It is a term that is used for all 12 supplemental plans. Medigap insurance is normally only available to those covered by Medicare Part A and Medicare Part B. Each person must have their own Medigap insurance policy. If you’re married, your Medigap insurance does not cover your spouse. It only covers the policy holder. Medigap is only available for those who have Medicare. It is not something that can just be bought simply because you’re of a certain age. You must meet the qualifications in order to purchase Medigap insurance.
Preexisting conditions can be excluded from Medigap coverage. However, this is only if you have been diagnosed or treated for the condition six months prior to the start date of your Medigap insurance coverage. Since it is a Medicare supplement, Medigap must cover all of your other health benefits. However, coverage as far as your preexisting health condition can be excluded for a waiting period of no more than six months. For clarification purposes, let’s say you had cancer six months before the start of your Medicare supplement insurance coverage, and you were treated and diagnosed for it. Your Medigap insurance is not going to cover it for at least six months.
If you have no preexisting conditions, your Medigap insurance coverage can make you wait no more than six months for a qualifying period. This period is used as a discovery period. Using the same example as before, if you are diagnosed with cancer in this waiting period, it may not be covered by your supplement insurance for the rest of the waiting period. If it’s discovered after the waiting period, they have to cover all diagnosing and treatments for the condition. Since Medigap works in conjunction with your Medicare insurance policy, your treatments should be well covered by all of your plans.
Dave Miller recommends this educational site for additional information on Medicare Supplement Insurance plans and instant and instant rates in your local area.