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What is Medigap Insurance?A Medigap insurance policy (also called “Medicare Supplement Insurance”) is a private Medicare health insurance plan that is designed to supplement Original Medicare. Meaning it helps pay some of the health care costs (“gaps”) that Original Medicare doesn’t cover (like copayments, coinsurance and deductibles).If you are in Original Medicare and you have a Medigap policy, Medicare will pay its share of the Medicare approved amounts for covered health care costs. Then your Medigap insurance plan pays its share.(Note: Medicare doesn’t pay any of the cost for you to get a Medigap insurance policy.) All Medigap insurance policies must follow federal and state laws designed to protect you and it must be clearly identified as “Medicare Supplement Insurance.” Medigap companies can only sell you a “standardized” Medigap insurance policy identified by letters A thru N. Each standardized Medigap insurance policy must offer the basic benefits, no matter what insurance company sells it. Cost and customer service are usually the only differences between Medigap insurance policies sold by different New and Innovative Medigap Insurance Benefitsinsurance policies or certificates with new or innovative benefits in addition to the standardized benefits provided in a Medigap insurance policy or certificate that otherwise complies with the applicable standard. The new or innovative Medigap benefits shall include only benefits that are appropriate to Medicare supplement insurance, are new or innovative, are not otherwise available and are cost-effective. Approval of new or innovative Medigap benefits must not adversely impact the goal of Medicare supplement standardization. New or innovative Medigap insurance benefits shall not include an outpatient prescription drug benefit. New or innovative Medigap insurance benefits shall not be used to change or reduce benefits, including a change of any cost-sharing provision, in any standardized plan. In Massachusetts, Minnesota and Wisconsin, Medigap policies are standardized in a different way. Medigap is Medicare Supplement InsuranceOften time’s people ask, what is Medigap? This is simply the term given to describe all Medicare supplement plans or Medicare supplemental insurance policies. Medicare supplement insurance was standardized in the early 1990′s and each plan is assigned a letter. There are currently 10 letter plans and one additional high deductible plan. The plans are all labeled with one of the following letters; Plan A, B, C, D, F, G, K, L, M, N or high deductible F. Regardless of which company you purchase your Medicare Supplement from, all similarly lettered Medicare supplement plans do the “exact” same thing. There is one “big” difference though, and that is “price”! When you shop online for Medicare supplement insurance with MedigapInsuranceNow.com, we provide you with the top 10 options in your state and let you, the consumer, choose the plan which best suits your needs. If you prefer, you may also reach a friendly, licensed MedigapInsuranceNow agent at 1-888-347-3020. Top 10 Writers of Medigap Insurance
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