The Original Medicare Plan fails to provide complete coverage of all the expenses incurred during a hospital stay. An Original Medicare Plan consists of two parts. The part A deals with the hospital stay bills and part B deals with all the medicinal expenses. But this plan fails to provide complete coverage. The Medical Supplement Plan comes into handy during such situations.
The Medical Supplement Plan or Medigap bridges the gap between the hospital bill and the money covered by an Original Medicare Plan. It is just a supplement plan which provides the additional protection to a patient. So, a person must have an Original Medicare before he can have Medigap Plan. They cannot provide protection all by itself.
The Medical Supplement Plan is also individualistic in nature. In other words, if a married wants to buy a Medigap both for his spouse and himself; he needs to buy two plans. One plan can protect one person at a time. The Medigap is generally an additional insurance service provided to the people who are in their mid-60. These people since no longer in service face severe financial difficulty while paying that additional money from their own pocket.
The Medigap Plan is sold by privately owned companies. Each company has some different policy when it comes to pricing their product. But due to so much competition in these private companies, the price remains competitive. The price of the policy is quite affordable nowadays. There are many factors that are taken into consideration while calculating the price of a policy. Generally, the age of the person is taken into consideration.
There are some companies who do not consider the age or gender of a person while calculating the premium or price of the policy. There are some companies who consider the age of the insurer when the person is buying the insurance and there are some companies who evaluate the premium every year. They consider the current age of the insured person.
Mostly, a person who has a valid Original Medicare qualifies to own a Medical Supplement Plan but in some cases, pre-existing medical conditions may hinder the process of owning a Medigap. The Medigap does not provide coverage when it comes to coverage of expenses for Type D prescribed drugs. They also fail to provide coverage in long-term medical care. But they provide coverage even if the person is treated in foreign soil