How you can get a Medigap Insurance plan

The Medigap offerings or the Medicare supplement plans have been standardized by the Centers of Medicare and Medicaid Services (CMS) in 1992. Though Medigap policies were also available prior to that but the seniors possessing the plans prior to 1992 are still under non-standard plans. But these plans are no longer eligible for the new plans. It is to be mentioned that the Medigap or the Medicare supplemental Insurance Plans are sold by the private insurance companies and there are no government sponsorship behind them. And for that reason the insurance policies may vary from state to state. According to the law, the companies can offer only 12 Medicare supplement insurance plans. And these plans are named from A through L and each plan provides different sets of benefits. In 2006 it has been clearly stated that the Medigap Plans H, I, and J, cannot be sold to people with prescription to drug benefits, although there is a lax of this rule for people who already have those plans and they can keep them.

You must have Medicare Part A and Part B to buy a Medigap policy. Plans E, H, I, and J will no longer be for sale after May 31, 2010. Effective June 1, 2010, there will be two new Medigap Plans offered—Plans M and N. In addition, benefits for Plans A, B, C, D, F, and G will change. You pay the private insurance company a monthly premium for your Medigap policy in addition to the monthly Part B premium that you pay to Medicare. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you each will have to buy separate Medigap Insurance Plan. If you want to drop your Medigap policy, contact your insurance company to cancel the policy. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medigap policy as long as you pay the premium.

Many experts recommend using a financial planner or some other qualified professional to help you choose a good Medigap plan. You might want to talk to the health care providers you are currently using. The best time to buy a Medigap Insurance Plan is the Medigap open enrollment period. This period lasts for 6 months and begins on the first day of the month in which you are both 65 and older and enrolled in Medicare Part B. But besides open enrollment the issuing insurance company may also put forth the requirement of medical screening and also may obtain an attending physician's statement if it is felt necessary. But the thing that should be kept in mind is that this policy is not compatible with any other forms of private medical coverage as for example a Medicare Advantage plan. And all the Medicare Supplement Insurance Companies have to follow the law and orders set by the government yet they may vary their Medigap Premiums according to their whim.