Medigap is certainly the most popular kind of health insurance around. It provides you great coverage with even better premium payment options. Policies are taken as a supplementary policy over the usual Medicare policy and are called Medicare supplement plans. Medicare supplement plans fill in the gaps left by Medicare in your medical bills and provide an extra layer of protection against any kind of problems in the future. Medigap policies are generally taken by the seniors to ensure that they do not have to bear huge out of pocket expenses. Without this policy by your side, you would definitely have to stick to the lower coverage being provided to you by Medicare. However, with Medigap, those gaps can be covered too and you would be able to pay for all your medical expenses without having to worry about anything. The Medigap policy is very popular amongst seniors. Let’s dig into the reasons why this has happened.
The first reason why Medigap is so popular is that it is a very genuine policy that is governed by the rules of the federal government. This means that you get many ways in which the coverage would actually be diverted towards the real cause or providing protection and not for getting the premium out of your pocket. Due to the federal rules being imposed on these policies, it is likely that you would not be getting any vast differences in the policy that is being offered to you or anyone else of your age. The Medigap policy has 10 plans that are marked as Plans A to N. All these plans have different coverage options and you can chose whichever one you like.
Although Medigap is provided by private insurance companies, they do not have the right to make changes as per their wish. All the 10 Medigap insurance policies are very standard and universal. If you are getting coverage for 100% Medicare benefits for Medicare supplement plans in North Carolina, you would be getting the same benefits and same coverage for Medicare supplement plans in Arizona. Therefore, you have to make sure that there is nothing that can stop you from getting the benefits that the federal government has decided for you. You would always have to focus on the fact that you are getting the best kind of coverage only. This is also why Medigap is so popular. There is no discrimination at all.
With Medigap you get to enjoy the benefits of an open enrollment period. This six months period starts as soon as you become eligible for Medigap. During this period, you can get any kind of coverage from any company that you like and they cannot deny you coverage on the basis of your age, pre-existing conditions or general status of health. Plus, you don’t need to submit a medical underwriting for the same. This is one of the best features that have made Medigap such an affordable and likeable policy. There is simply no way in which you would be denied coverage.
If you have not been able to get any kind of health coverage till date because of your health, age or pre-existing conditions, then you can get them under the Medigap policies. No insurance company has the right to charge you a heavier premium for the specific health conditions you have. If you would have gone to a normal insurance company before you became eligible for the Medigap policy, then you would either be denied coverage or forced to pay a very heavy premium. Thus, it is always in your favor to get a great Medigap policy.
If you have guaranteed issue rights, then too you would be getting the same benefits as the open enrolment period. These rights would also make your application undeniable by any of the insurance companies that you have chosen. Here too, you cannot be charged an extra premium for the health issues that you are suffering from. Moreover, you will also not be asked to submit a medical underwriting for the same. This has made Medigap a wonderful coverage option for the seniors.
However, the seniors have always been worried about the fact that the company might deny or discontinue their coverage as soon as the open enrolment period is over or when they deem it feasible. You don’t have to be worried about that as well. Once you have become a part of any of the Medigap policies, you will be getting the guaranteed renewable rights. It is because of these rights that your coverage would continue for a lifetime. The insurance company is bound to renew your coverage every year. It can only discontinue your coverage when you have not paid your premiums on time. This is also one of the reasons why Medigap is so popular.