It has become imperative for all people to get covered under health insurance plans as the cost of healthcare, like medicines and hospitalization, is rising day by day. Medicare health insurance provides the essential health insurance coverage to the patients. However, there are many patients who are looking for Medicare alternatives as they are not completely satisfied with the coverage provided by it. Some reasons for seeking substitutes for Medicare are given below:
- The cost of co-pays may be high with Medicare for some patients.
- The drug coverage provided by Medicare is insufficient for some patients.
- Some patients are not happy with the response they receive from the service providers of Medicare.
One very good alternative for Medicare is Medigap. Patients can get complete health insurance coverage by opting for a Medigap policy. Patients can also opt for a combined policy with Medicare and Medigap that helps them in getting benefits provided by both the policy providers.
Medigap advantage plan: a combined policy of Medicare and Medigap helps patients who are not satisfied with the amount of deductibles and co-pays offered by Medicare. Such patients can choose Medicare part C that covers a broad range of prescription medicines belonging to all major categories. Besides this, they can also get the Medigap policy. This helps patients in covering their healthcare expenses to a great extent. Patients can purchase these Medigap policies from those private insurance companies which have been approved by Medicare. By combining these policies, patients can manage the deductibles and co-pays in a better way.
Medigap option: patients also have a choice of keeping their original Medicare health insurance policy as it is. In addition to that, they can opt for the Medigap policy. This option is highly beneficial for those patients who need extensive coverage for health related costs due to any chronic disorder that necessitates huge ongoing expenditure on costly medicines and hospitalization.
However, patients should know that though the Medigap policy is regulated by Medicare, it is not considered as a government plan. The Government has formulated a standardized approach for Medigap policies. It has 11 different plans that are labeled in different alphabets. The coverage of these policies is different from that of Medicare. Patients can select a plan depending on the coverage of each plan and their requirements. The benefits provided by these plans of Medigap are mentioned below:
- The coverage of these plans is standardized and it does not change.
- There is no need for the patients to evaluate the policies every year.
- The policy ensures the patients of guaranteed renewals. However, it is essential for the patients to pay the premium regularly, for availing this facility.
- Medigap policies can be highly beneficial for those who suffer from illness that require huge expenditure.
- Patients have an option of dropping or adding policies at a later period.
- Medigap policies are accepted by all Medicare providers.
However, a Medigap policy does not cover medicines. Also, patients have to pay a premium for 2 policies if they go for this option. This option is not suitable for those who are fairly healthy as their healthcare costs are not very high. Patients are advised to check the different Medicare alternatives and compare them in terms of their benefits before they select one.