Medigap Policies – Fill the Gaps of Medicare

What are Medigap Policies?

You can get the most from Medicare by learning what Medicare covers. Finding out that Medicare won’t cover everything, Medigap policies will fill those gaps.

Medicare consists of four different parts:

• Hospital insurance – Part A (inpatient hospital care, Skilled Nursing Facility, hospice care, and some home health services.
• Medical insurance – Part B (physician services, outpatient care, durable medical equipment, and many preventive services.
• Medicare Advantage – Part C provides all Part A and Part B services and may provide prescription drug coverage and other additional benefits);
• Prescription Drug Benefit – Part D provide outpatient prescription drug coverage.

Most people get their Medicare health care coverage in one of two ways to help cover additional healthcare costs

• You can have Original Medicare plus Medicare Supplement, also known as Medigap policies which helps cover deductibles, co-pays and coinsurance that Original Medicare doesn’t pay for. This may be right for you if you want the peace of mind of not worrying about unexpected high medical bills in case of illness or accident but it requires a much higher monthly premium. You also need to enroll on a drug plan to cover your prescriptions. And dental, vision and hearing plan.
• Another way is enrolling to Medicare Advantage plans like HMO’s, PPO’s and PFFS, also known as Medicare Part C. This option combines your Part A (Hospital ins) and Part B (Medical ins). Your healthcare costs may be lower than Original Medicare Plan, and you may get extra benefits such as dental, vision and hearing. Some plans even cover for things like Fitness benefits & Prescription Drugs all in one simple and convenient plan. Medicare advantage plan may require you to pay predictable deductibles, co-pays and coinsurance but usually starts at a low to no premium per month. Most Part C plans cover prescription drugs.
• Items NOT covered by Medicare, Medicare Supplements (Medigap policies), or Medicare Advantage includes:

1. Custodial Care (Nursing Facility, Assisted Living, Home Care, Adult Day Care).

Medicare and most Medicare advantage plans only covers the first 20 days of skilled nursing care.

• Why Choose a Short-Term Care Plan?
  

  

Chances of Nursing Home Stay is very likely. 76.3 % are 6 months or less. 82.4 are 12 months or less. Most nursing home stays are short term. According to 1 2006 survey, 82.4 % of nursing home discharges stayed for 12 months or less. Unexpected illness or injury can quickly drain your savings and retirement funds. Short Term Care can help cover costly recovery expenses due to knee or hip replacements, stroke, heart attack, and accidents. Short Term Recovery Care is a smart addition to long-term care insurance. It is a good choice for those who cannot afford long-term care

2. Hospital Co-Pays and Co-insurance if you have original Medicare or Medicare Advantage Plans.

• Why Choose Hospital Indemnity?

Because accidents or serious illness can happen at any time, and the high cost of hospitalization and related expenses can be overwhelming, Hospital indemnity can help provide a safe harbor to you. It provides a cash benefit paid directly to you, which can help with your out-of-pocket expenses. It pays regardless of other coverage.

3. Dental/Vision/Hearing (Covered by select MA plans only)

• Why Choose Dental, Vision or Hearing Coverage?

Unexpected problems can be painful, inconvenient and expensive! These are affordable insurance plans that may protect your assets.

4. Final Expense – this is used to cover the costs of things specifically associated with your death.

• This could include medical bills, but it most often concerns the funeral and burial costs. That includes services, items (like a casket and hearse), or even cremation if that’s your preferred route.

5. Cancer, Heart Attack, Stroke Coverage

• Covers Out of Pocket exposure with Medicare Advantage Plans and cover expenses incurred besides treatment.

>>>Click to see Explainer Video