Medigap, also referred to as Medicare supplement insurance or Medicare supplemental insurance, refers to the various private health insurance plans that supplement Medicare in the United States. Supplemental Medicare policies are designed to share in the costs not covered by Original Medicare Part A and Part B, including deductibles and coinsurance amounts.
There are similarities in coverage especially when it comes to the Medicare-covered hospital, home health and skilled nursing care, ambulance, durable medical equipment, and doctor charges. But Medigap was essentially envisioned to cover those areas where there are “gaps” in Medicare coverage. According to statistics, approximately 20% of Medicare recipients have Medigap.
Medicare Supplement Policies
Medicare supplement policies are often referred to as “Medigap” policies. Michigan residents who are not covered by employer-based insurance or any retiree health package but can afford to pay premiums can get Medigap.
One insurer participating in Medigap In Michigan is Blue Cross Blue Shield of Michigan. Blue Cross Blue Shield of Michigan has been a fixture in the Michigan insurance landscape for decades. Today, the company has participated in the Legacy Medigap plans which have been subsidized. For the past 5 years, insurance rates have been more or less frozen or price below market value. It is helpful to note however that as of January 1, 2017, new rates took effect.
Subsidizing Medigap
It is important to note that in the State of Michigan, The Michigan Medigap Subsidy program is administered by the Michigan Health Endowment Fund. It is tasked with helping to defray the costs of providing Medigap in the state. As of January 1, 2017, applications are screened (for instance, single applicants must not make more than $26,730 a year) and if the applicant is found eligible, the program pays a subsidy directly to their Medigap insurance company. This amount offsets the actual premium thus lowering it.
Learn more about Medigap plans and rates at http://emedigap-plans.com. Medigap Insurance brokers will help you compare Medigap Insurance rates and plans. To talk to an expert in Medigap coverage call toll free 888-452-7949!