Medigap policy is available to persons who are seeking extra help
(insurance coverage) with paying for services not covered by the
Original Medicare Plan. A Medigap policy fills in the "gaps" in the
Original Medicare Plan. Buying a Medigap policy is not mandatory.
Medigap policies are offered by private insurance companies who must
follow federal and state laws established to protect persons with
front of the Medigap policy must clearly identify it as "Medicare
policy must be one of ten standardized policies (Plans A – J) so
comparisons can be made easily. Each policy has a different sent of
benefits and different premiums that must be paid monthly.
policies have changed due to the Medicare Modernization Act (MMA) of
2003. Starting January 1, 2006, new Medigap policies with prescription
drugs coverage (i.e., H, I, or J) can no longer be sold.
Plans K and
L are new polices that were added in 2005 as a result of the MMA of
Two of the
standardized policies (Plans F and J) may have a high deductible option.
Additionally, any of the standardized policy may be sold as a "Medicare
SELECT" policy. Medicare SELECT policies are usually less expensive
because certain hospitals and doctors must be used.
The best time to buy a Medigap policy is during the
Medigap open enrollment period which lasts for 6 months. The enrollment
period begins on the first day of the month in which the individual is
age 65 and enrolled in Part B.