Medicare Supplement Insurance also known as Medigap is an insurance, which is sold by private companies, that will help you pay some of your heath care costs that Original Medicare does not cover. Deductibles, copayments, and coinsurance are some of the costs Medigap can cover.
Some polices under Medigap will also offer individuals coverage for services that the Original Medicare plans does not cover such as medical care when you travel outside of the U.S. If someone already has Original Medicare coverage and they buy a Medigap policy, Medicare w ill for a share of Medicare-approved amounts for their covered heath care costs and then you pay for your Medigap policy it shares.
Medigap polices are different from that of a Medicare Advantage Plan, those plans are ways to receive Medicare benefits, whereas Medicare Supplement policies will only supplement Original Medicare Benefits.
Medicare Supplement Insurance polices generally do not cover long-term care, private-duty nursing, eyeglasses, hearing aids, or dental care.
If someone wants to drop their whole Medigap plan, they will need to pay attention to the timing. For example, they may wish to choose a different Medigap policy (not just the old Medigap policy without the prescription drug coverage) or may wish to switch to a Medicare Advantage plan that will cover prescription drug coverage.
If someone drops a Medigap plan entirely, and he drug coverage was not creditable or he or she goes more than 63 days before the new Medicare coverage starts, you will pay a late enrollment penalty for the Medicare Prescription Drug Plan, but only if you enroll in one.
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