Medicare is a medical insurance program meant for seniors who are at least 65 years old, those younger than 65 but who may have a disability, and also individuals who have been diagnosed with End-Stage Renal Disease (kidney failure). In the year 2003, the Medicare Modernization Act reinstated the Medicare + Choice program with Medicare Advantage (MA), or Medicare Part C. Medicare Advantage Plans offer added benefits that are not covered under the original Medicare. A Medicare Advantage Planis a kind of Medicare health plan provided by a private company that contracts with Medicare to give you a package of benefits inclusive of Part A and Part B benefits. Some categories of the MA Plans are Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service Plans, Special Needs Plans, and Medicare Medical Savings Account Plans. A Medicare supplement insurance or Medigap, offered by private companies assists in handling some of the health care costs that is not covered by the Original Medicare. Some examples of such costs are copayments, coinsurance and deductibles. Besides, several Medigap policies also include coverage for services not included in the Original Medicare. One of these is the cost of medical care while travelling outside the U.S. Medicare Advantage Plan is just an approach to receive Medicare benefits, while a Medigap policy or Medicare Supplement Insurancecomplements your Original Medicare benefits. The following 8 aspects of Medigap throw significant light on Medigap policies 1. You must qualify for Medicare Part A and Part B. 2. If you are a Medicare Advantage Plan beneficiary you are eligible to apply for a Medigap policy, but prior to the initiation of your Medigap policy you must leave the Medicare Advantage Plan. 3. Monthly premium has to be paid to the private insurance company in against your Medigap policy apart from the monthly Part B premium that one pays to Medicare. 4. A Medigap policy is good only for one individual. Separate policies are required for married couple if both need Medigap coverage. 5. Medigap policy can be bought from any insurance company that's certified in a state to sell one. 6. Medigap policies sold after January 1, 2006 are not permitted to consist of prescription drug coverage. For prescription drug coverage one needs to join a Medicare Prescription Drug Plan (Part D). 7. Medigap policy can be renewed and this implies that the insurance company cannot revoke your Medigap policy until you are paying the premium. 8. It's illegal for anyone to sell you a Medigap policy if you have a In contrast to the conventional Medicare, the benefits provided by the Medicare Advantage plans or Medigap policies are based on where you live. When choosing between the two one should consider plans available in an area and that which most suit your requirements. If you would like help understanding benefits of Medicare Plans provided by Medigap4seniors that provide you a package of benefits inclusive of Part A and Part B benefits! Please visit us @ Medigap4seniors.com or E-mail @ joe@cmsinsurancemarketing.com. You may call us @ 888.502.5553.
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