If one thinks that he/she needs an extension to the original Medicare i.e Part A and Part B in Wyoming, he may opt for Medicare supplemental insurance scheme or the Medigap policy in order to lessen gap between what Medicare original provides and what is to be spent out of the pocket. This is something in addition to the original Medicare and has no exclusive existence.
It’s quite a good observation to be made that Medigap covers the gaps of parts A (hospital insurance) and B (Medical insurance) and is confined to them which means that this cannot be availed for Parts C (Medicare advantage insurance)& D (prescription drug plans) of the original Medicare, any private health insurance, Medicaid, veterans’ administration benefits or TRICARE.
Medigap policies are provided by the private players just like the Medicare Advantage insurance. The Medigap policy must be clearly identified as “Medicare supplement insurance”. There are many Medigap policies labelled as A, B, C, D, F, G, K, L, M and N to choose from. Plans E, H, I and J are obsolete. As these policies are controlled by both the state and federal laws. Benefits for all the plans are same in any option irrespective of the insurer. The differences will be in the cost, who implements the plan and the options chosen out of the ten choices. It’s better to continue with the organization already comfortable with or else the customer may compare other service providers for better options.
Open enrollment for the Medigap plans:
The eligibility for the Medigap is attained after one month of cover of the Part B of the original Medicare and it lasts for six months generally. As long as one enrolls during this, a company cannot refuse the customer to make the deal, charge more or else let him/her to wait for the cover to begin. However one has to wait for six months to avail for the pre existing ailments during the sale of the policy. A person older than 65 may check with the social security administration for any additional openings in enrollments for them.
If one does not avail the supplement during the open period, medical checks are done and the private service provider may refuse to sell the plan or else adjust the premium based on the health status.
If a person opts for a Medicare advantage plan, he/she has to cancel the Medigap plan. However the customer is offered an open enrollment period of 12 months to take the Medigap once he is rolled back to the original Medicare (parts A & B).
There are three criteria to set the premium rates for a Medigap policy:
There are other things which influence the premium such as the inflation level, geography, setback by not availing the policy when eligible for the first time and other discounts eligible if any. It’s very important to be aware of how the Medigap prices are decided before opting for it. So it is to be carefully evaluated before one opts for a policy.