What is Medigap?
* Policies sold by private companies
* Fill the gaps in Original Medicare - Deductibles, coinsurance, copayments
* Standardized plans in all but three States
Minnesota, Massachusetts, Wisconsin
* All plans of same letter have same coverage
Only costs are differenr
Why get Supplemental Medicare Insurance?
With the Original Medicare Plan, you are left with many gaps in your coverage. If you do not seek a Supplemental Medicare Health Insurance plan, you may be left without coverage in the case of an accident or an illness. The Original Medicare Plan will provide coverage in many areas but will not cover all of the services and supplies that you need. Additional coverage is available. These additional plans are called Supplemental Medicare Plans or Medigap Plans.
Medigap and Supplemental Medicare Health Insurance Plans are government approved plans that provide health coverage in certain areas that the Original Medicare Plan does not cover. These plans offer many options and different plans to extend various types of coverage.
What is Medicare Advantage (Part C)
* Health plan options approved by Medicare
* Run by private companies
* Medicare pays amount for each member's care
* Another way to get Medicare coverage
* Part of the Medicare program
* May have to use network doctors or hospitals
Medicare is health insurance for three groups of people:
* Those who are age 65 and older
* People under age 65 with certain disabilities who are entitled to Social Security disability or Railroad Retirement benefits for 24 months. The 24-month Medicare waiting period does not apply to people disabled by Amyotrophic Lateral Sclerosis (ALS, known as Lou Gehrig’s Disease). People with ALS get Medicare the first month they are entitled to disability benefits. This provision became effective on July 1, 2001.
* People of any age who have End-Stage Renal Disease (ESRD; permanent kidney failure requiring dialysis or a transplant)
Medicare has four parts:
Part A is Hospital Insurance
Part B is Medical Insurance
Part C is Medicare Advantage which are plans like HMOs and PPOs
Part D is Medicare Prescription Drug Coverage