Unlike the Medicare Insurance policy, the Medigap policy is not government sponsored. It was formulated by a private company to fulfill the shortcomings of the Medicare policy. The benefits of the policy are offered by non government agencies. Medigap is also called Medicare Supplement Insurance as it attempts to fill the voids left unfilled by the Medicare policy. To get a Medigap policy you must first be insured under the Medicare policy. It offers twelve plans named A to L. These plans are combo plans that offer extra benefits in addition to those that are offered by your Medicare policy.browse this site
Other than these twelve plans the Medigap policy offers one more plan under it, it is Medicare SELECT. It is relatively cheaper when compared to the twelve plans and hence also has its own limitations. If you are insured under the Medicare Advantage Plan then you cannot have the Medigap plans and if someone offers to sell it to you then it is illegal. The plans offered under this policy are the same in all the states except for three; they are Massachusetts, Minnesota and Wisconsin. As on June 1st, 2010 plans E, H, I and J are not available, instead two new plans have been added, they are M and N.
Now the coverage offered by the twelve plans. The following are the basic benefits offered by the twelve plans. Plans A through J have many common benefits. Under these plans your co-payments under Medicare part A and insurance coverage are covered for 365 more days after your Medicare benefits expire. 20 percent of your Medicare approved expenses under part B are covered or the co-payments are paid for the outpatient services consume by you. The plans also cover the first three pints of blood every year. The plan K covers coinsurance of part A for extra 365 days once the policy expires. It covers half of: hospital expenses shared between the Medicare and Medigap policy, first three pints of blood every year and co-payments under part B policy. The plan K offers 100 percent coverage of coinsurance for preventive services falling under part B. The plan L covers three fourth of the total expenses that fall under plan K. apart from these the plan L offers you coverage for 365 days after your policy part A expires.