|
Inside this Article
Med Gap Health
Insurance
|
Sponsored
Links
|
Private insurance
companies offer 10 types of FFS med gap
plans (A through J), classified according to the
benefits they cover.
Each plan level provides
additional benefits, but for additional cost.
|
Health
Insurance -Med gap A plans
cover Part A co
payments for long hospital stays and Part B coinsurance
costs (eg, 20% of Medicare’s allowed fees for
medical equipment and physicians’ services).
Health
Insurance -Med gap B plans
cover Part A and Part
B coinsurance plus the Part A deductible ($912
per benefit period).
J plans, the
highest-level plans, are the most comprehensive. They cover
coinsurance, deductibles, care in foreign
countries, preventive services, and some of the cost
of medications.
Less expensive plans
that provide med gap coverage have high
deductibles (F and J plans only). Other less expensive
plans cover the services of only selected physicians
and hospitals ("Medicare SELECT" policies). Med
gap policies do not cover long-term care, dental
care, eyeglasses, hearing aids, or private-duty
nursing. Check with your state insurance department
for Med gap premium information.
In addition, beginning
January 1, 2006, companies will be allowed to offer
two new Med gap policies–plans K and L. Plan
K will cover 50% of Medicare Part A and Part B
cost sharing (no coverage for Medicare Part B
deductible), 100% of cost sharing for preventive
benefits, all hospital coinsurance, and 1 year
of additional hospital coverage. Plan K also provides
a $4000 annual limit on total out-of-pocket
expenses under Medicare Part A and Part B. Plan L is
similar to plan K but covers 75% of Medicare
Part A and Part B cost sharing and provides a $2000
annual limit on total out-of-pocket expenses.
Health
Insurance -How do you get med
gap coverage?
Within 6 months of your
initial enrollment in Medicare Part B, you can
purchase any med gap policy on the market at
advertised prices.
You cannot be turned
down or charged higher premiums during this initial
"open enrollment" period. After the 6-month
open enrollment period, med gap insurers can either
refuse to insure you or charge you higher premiums
because of past or current health problems.
Some states allow
Medicare beneficiaries to purchase medias policies at
any time.
Sponsored
Links
|
