Introduction: The Medical Supplement Plan is a type of supplementary insurance which bridges the gap between the actual hospital bills and the insured amount under the Original Medicare Plan. The Original Medicare consists of two parts which cover both hospital and medical bills.
When can the Medigap Plan come in handy? If a person suffering from terminal illness and is lying on a hospital bed for more than 60 days, the Part A of Original Medicare no longer provides coverage. The patient’s family needs to bear the copayments and deductibles. This amount may at times quite a handful one and the Medigap comes into the scenario.
Eligibility: There are certain eligibility criteria to get covered under the Medical Supplement Plan and they are as follow:
- The person must be covered under a valid Original Medicare Plan.
- He should at least be 65 years of age though in some states of The United States people less than 65 can also come under coverage.
- The person must not hold a Medical Advantage Plan while purchasing Medigap.
- There is a fixed period every year when a person can buy the Medical Supplement Plan and it is known as Medical Supplement Enrollment Period.
- If a person wishes to protect his family under the Medigap, he needs to buy this plan individually. One Medigap protects one person at a time.
Categories: Since the 2019 Medical Supplement Plan is sold by private owned insurance agencies, they have categorized the plan into 10 categories with each having a different benefit over the other. The Plan F is the most widely used plan as it provides complete but the premium rate is quite high which makes it a clear favorite to become obsolete. The Plan G is very steadily gaining popularity and it is believed to replace Plan F very soon. The Plan G does not provide complete coverage to a patient but its low premium rate makes it a very popular choice among insurer.
The premium rate may also vary due to the location and age of the insurer even though the person is getting the standardized benefits. The age factor is one of the prime factors while calculating the premium amount.
Time to Purchase: The Medical Supplement Plan can be purchased by a person within a fixed time allowed by the agency known as the Medical Supplement Enrollment Period. This period begins on the first day of the month the person turns 65 and lasts for a period of about 6 months.