Medicare supplement plan is most commonly known as Medigap. It is an insurance policy that covers the cost for copayments, yearly deductibles, coinsurance, and other medical expenses that Medicare Part A & B does not cover, like an emergency travel expenses outside the country, or the excess from the charges of Plan B.
Medigap can be obtained through an insurance private company, and it is definitely a helpful policy for medical care services and supplies. With the Medigap policy, what will happen is the original Medicare policy will take care of the approved coverage amount for the medical care cost, and then the Medigap insurance will pay for its allotted share.
In order to qualify to have a Medicare supplement plan, you need to have first a Medicare Part A, which is a hospital insurance, and Part B, which is medical insurance. The monthly insurance premium for the Medigap is separate from the original Medicare premium, since Medigap is only an added policy to your primary insurance. To enroll in a Mutual of Omaha Medicare supplement visit www.medisupps.com
The Medigap policy is good for only one individual, it does not have beneficiaries and the insurance does not extend to a family member. The good thing is, the supplement policy is renewable, and even if you are suffering from illness, the private company cannot cancel your membership, as long as you are diligent in paying the monthly premium.
The Medicare supplement plan is surely a practical insurance policy to have, but it is wise to know that it does not handle everything that Medicare Part A and B does not cover. Medigap insurance is not responsible for a visual or dental care, eyeglasses, hearing aids, private nurses, or long term services care. This policy does not cover expenses for medical or non-medical services for individuals who cannot function on their own in a daily basis, like bathing or dressing. The coverage does not support long term services that are done at home, in an assisted living, in a community, or in a nursing home.
It is important to note that the Medicare supplement plans cannot be sold, and it is illegal to do so when you have an MSA Plan or Medicare Medical Savings Account Plan. And as of January 1, 2006, all Medigap policies purchased after that day does not include the coverage for prescription drugs anymore, unlike past practices with some Medigap policies that have prescription drugs inclusion in them.