What Is Medicare Supplemental Insurance?
Medicare Supplement insurance, or Medigap, is health insurance sold by insurance companies to help fill the gaps in the original Medicare feeforservice program. Medigap insurance policies pay most, if not all of the original Medicare plan coinsurance amounts, and may provide coverage for the original plan deductibles. Medigap insurance is sold in one of ten standardized policies. The ten plan types must be labeled with the letters A through J. Some of the ten standard plans pay for services not covered by Medicare, such as outpatient prescription drugs, or emergency medical care while traveling outside the United States. All standard Medigap policies are guaranteed renewable. This means that the insurance company must allow you to renew your Medigap policy unless you do not pay the premiums.
Other Health Insurance FAQs
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Q:
What Is Individual Health Insurance?
A: Individual health insurance is health insurance that insures you in the event that you become injured or acquire an illness. Individual health insurance is a prudent … More -
Q:
What Is Credit Insurance?
A: Credit life insurance pays in the event of the debtor`s death. Credit accident & health (or disability) insurance covers loan payments due while the debtor is ill … More -
Q:
What Is An Agent?
A: An agent is a licensed representative of an insurance company who solicits, negotiates, or effects contracts of insurance and provides service to the policyholder for … More -
Q:
What Is An Application?
A: An application is a signed statement of facts requested by the insurance company on the basis of which the company decides whether or not to issue the coverage. The … More -
Q:
What Is An Assignment?
A: An assignment is the signed authorization by the policyholder for the insurance company to pay benefits directly to the hospital, doctor, or other provider. -
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What Is A Beneficiary?
A: A beneficiary is the person designated or provided for by the policy terms to receive the proceeds upon the death of the insured. -
Q:
What Are Benefits?
A: Benefits are the dollar amount payable by the insurance company to the claimant, assignee, or beneficiary under the policy. -
Q:
What Is A Claim?
A: A claim is a demand to the insurance company for payment of benefits under the insurance contract. -
Q:
What Is Cobra?
A: COBRA is a federal law that regulates group health insurance. If you lose your job and you worked for an employer who has more than 20 employees, you may be able to … More -
Q:
What Is A Co-Insurance Or Co-Payment?
A: This is your share of the bill that must be paid after you have met the deductible amount. This is usually 20% or 30% of the costs up to a specific … More
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Medicare and Emergency Treatment
Medicare and Emergency Treatment
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