These policies are typically referred to as Medigap plans. These plans are marketed to Medicare holders that need extra coverage. The plan itself covers the ‘gaps’ that exist in the Medicare plans. These plans work with Medicare in covering the expenses for medical procedures. they each pay their own share of the expenses and then a bill is sent to the individual to cover.
These policies are listed as plans A through L. Each different plan covers some basic medical care and procedures as well ass extra coverage for things that are not covered at all. Medigap policies have the requirement that one must pay a monthly premium as well. If the individual seeking the policy is married, they also need to keep in mind that their spouse must purchase their won Medigap policy.
Another issue that should be kept in mind with Medigap policies, is that it is wiser to purchase a supplemental coverage within the first six months of being on Medicare Part B. This is when the insurers cannot deny the individual because of a preexistent health issue. Many insurance companies will tell the individual that they have better plans and better coverages. This is not true. The Medigap program is a national one and the coverage is the same no matter who one attains the policy from. The only difference may be the amount of the premium one is required to pay.
Three main factors are how premiums are based for each individual. The first is the community where the individual lives. Everyone in a specific region pays the same amount for their coverage. Another factor is the age the individual is when they acquire the policy. The younger one is, the lower the premiums.