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MedigapMedigap insurace is sold by private insurance companies to fill the "gaps" in the Medicare Plan. Medigap policies pay some health care costs Medicare Plan doesn't cover. If you are in the Medicare Plan and have a Medigap policy, both Medicare and your Medigap policy will pay your health care costs. Medigap Insurance BenefitsMedigap policies follow Federal and State laws. For instance, The front page of your Medigap policy must clearly identify state it is "Medicare Supplement Insurance." Medigap Insurance Benefits are divided into plans A through J, each offers different benefits. Plan A covers only basic (core) benefits. Medigap Plans B through J offer extra benefits. Plan J offers the most benefits. Medigap Insurance PoliciesMedigap policies are standardized for easy comparison. Insurance companies can only sell you one of the ten standardized Medigap policies. No matter where you live (except for Massachusetts, Minnesota, and Wisconsin) Medigap policies must offer the same benefits within Medigap plans (A through J). Medigap Insurance RenewalAll standard Medigap policies are guaranteed renewable. This means that the insurance company cannot refuse to renew your Medigap policy unless you do not pay the premiums. Older >Medigap policies may allow the insurance company to refuse to renew on an individual basis. These older policies provide the least permanent coverage. Medigap Older PoliciesOlder Medigap Policies: Many federal requirements do not apply to Medigap policies sold before 1992. There is generally no requirement that you switch to one of the standard plans if you have an older Medigap policy. However, you may be required to switch if your older plan was not guaranteed renewable. Check with your state insurance department to find out what state-specific requirements are in force for you Medigap policy. Switching Medigap PoliciesEven if you are not required to convert an older policy, you may want to consider switching to one of the standardized Medigap plans. Before switching Medigap insurance plans, compare benefits and premiums, and determine if there are waiting periods for any of the benefits in the new policy. Some of the older Medigap may provide better coverage, especially for prescription drugs and extended skilled nursing care. On the other hand, older Medigap policies, which cannot be sold to new applicants, may experience greater premium increases than newer standardized policies. Medigap Free-Look" ProvisionUse the "Free-Look" Provision: Insurance companies must give you at least 30 days to review a Medigap policy. If you decide you don't want the policy, send it back to the agent or company within 30 days of receiving it and ask for a refund of all premiums you paid. Contact your state insurance department if you have a problem getting a refund. |
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