The Medicare insurance is indeed a blessing for senior citizens and those who are suffering from the ESRD but sadly it does not cover everything. This is why the people who qualified for the Medicare insurance should think about the Medicare supplement insurance or Medigap.
What is Medicare supplement insurance?
The policy of Medicare supplement insurance will pay those costs of health care which does not cover the Medicare insurance. The main examples of these costs are:
Deductibles: The cost which patient bear before the claim of insurance starts. This amount has been set by the insurance company.
Coinsurance: This is the percentage of costs which you pay after paying deductibles. The percentage is usually more than 20%.
Copayments: This is the cost which has been paid by the patient before receiving any health services from the physician.
That’s not it, there are many other small expenses which has not been covered by the Medicare insurance and looks small if we look them individually but made a big sum at the end. One of the most common examples of these types of expenses is the travel cost which you have to pay to reach to the doctor. No Medicare insurance covers such type of costs but the Medicare Supplement Insurance.
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Difference between MedicareAdvantage and Medigap:
The main difference between both of them is the time. Basically, the Medicare Advantage plan will allow you to secure Medicare benefits at first place. On other hands, the Medigap will cover those costs which you already have. A person cannot have both of them at a time and have to sacrifice with one of them.
Moving from Medicare advantage to Medicare supplement insurance does not require the complex paperwork and time. A person can move to the Medigap on the very next day when he/she has canceled the Medicare Advantage policy.
Why must one need the Medicare supplement insurance?
Most of us have the fixed income: The expenses which have not been covered by the Medicare Insurance are very high most of the time. At the time of need, the senior people cannot afford them without having the Medicare supplement insurance because they are usually on a fixed income. The Medigap policy will allow you to pay all those expenses. There are different plans and you must choose the one which fit your requirement most.
Protection against saving: The Medicare supplement insurance can protect your retirement saving by providing claim against the health care cost. It does not be canceled by the insurance company as long as you pay the premium amount. It does not matter that how many time you have claimed the costs of your health with Medigap. There is no maximum which means that you can frequently claim the amount,
Receive claims everywhere: It does not matter that at what part of the world you have moved, the Medigap policy will cover all the expenses. There is hardly any other health-related insurance option available for the American people in the United States of America.