MEDIGAP INSURANCE Meaning and
Definition
-
Medigap insurance, also known as Medicare Supplement Insurance, is a type of private health insurance policy that helps fill the gaps in coverage left by Original Medicare. It is designed to complement the benefits provided by Medicare, which includes Part A (hospital insurance) and Part B (medical insurance). Medigap policies are sold by various private insurance companies and must adhere to certain state and federal regulations.
Medigap insurance offers additional coverage for various healthcare costs such as copayments, coinsurance, and deductibles that are not covered by Medicare. It provides beneficiaries with financial protection against high out-of-pocket expenses when seeking medical care. These policies can cover a range of services, including preventive care, hospital stays, skilled nursing facility care, and even emergency care during foreign travel.
Since Medigap policies are standardized, meaning they must adhere to certain federal requirements, each policy must provide the same basic benefits, regardless of the insurance company offering it. However, the cost and customer service quality may vary among insurance providers.
To enroll in a Medigap policy, one must already be enrolled in both Medicare Part A and Part B. It is essential to enroll during the initial open enrollment period, which begins on the first day of the month you turn 65 and are enrolled in Part B. During this time, individuals have the guaranteed right to purchase any Medigap policy sold in their state, regardless of pre-existing conditions. After this initial period, applicants may still be eligible but could be subjected to medical underwriting, potentially resulting in higher premiums or denial of coverage for certain health conditions.
Common Misspellings for MEDIGAP INSURANCE
- nedigap insurance
- kedigap insurance
- jedigap insurance
- mwdigap insurance
- msdigap insurance
- mddigap insurance
- mrdigap insurance
- m4digap insurance
- m3digap insurance
- mesigap insurance
- mexigap insurance
- mecigap insurance
- mefigap insurance
- merigap insurance
- meeigap insurance
- medugap insurance
- medjgap insurance
- medkgap insurance
- medogap insurance
- med9gap insurance
Etymology of MEDIGAP INSURANCE
The term "Medigap Insurance" is a combination of two words: "Medi" and "gap".
1. "Medi": The prefix "medi" is derived from the word "medical", which refers to anything related to medicine or health. It comes from the Latin word "medicus", meaning "physician" or "healing".
2. "Gap": In this context, "gap" refers to the coverage gaps in the original Medicare insurance program. This term signifies the out-of-pocket expenses that Medicare beneficiaries are responsible for paying, as Medicare alone does not cover all medical costs.
Therefore, "Medigap Insurance" is a term used to describe private health insurance plans that are designed to fill the coverage gaps or pay costs not covered by the original Medicare program. The policies are meant to supplement Medicare coverage and reduce or eliminate out-of-pocket expenses for beneficiaries.
