Catastrophe Insurance Jobs

Posted on February 09, 2012 by Admin
Catastrophe Insurance Jobs

Catastrophe Insurance Jobs

Georgia Medigap plans are the easiest way to avoid the catastrophic costs associated with only Medicare coverage. Medicare A and B, by themselves, provide good coverage; however, there are some ‘gaps’ in that coverage that can only be filled by Medigap plans, which are designed to go with Medicare.

To be eligible for a Medigap plan, one must have Medicare A and B and live in an area in which the particular company offers coverage. These plans are offered through private companies, which have to follow the standardized plans chart but can set their own rates. Because the plans are standardized, it is easy to compare rates/companies. A Plan F, for example, with one company is the exact same as a Plan F with another. Companies have to sell plans off of the standardized coverage chart.

Below, is a discussion of some of the potentially catastrophic costs that can be avoided through a Medigap plan:

  • Nearly all Medigap plans fill in the 20% that Medicare doesn’t pay at the doctor and hospital. With only Medicare coverage, on the other hand, the policy holder is responsible for paying the Medicare deductibles, plus the 20% with no maximum out of pocket limit. This lack of a maximum out of pocket limit on Medicare is the most risk incurred for people with only Medicare coverage. With the rising costs of healthcare, this unlimited 20% could be an enormous number. Medigap plans eliminate that uncertainty and allow you to avoid that unlimited expense.
  • Many Medigap plans also cover the Medicare Parts A and B deductibles. For 2010, the Medicare Part A deductible, which is the hospital deductible, is $1,100 per benefit period, while the Medicare Part B deductible, which is the doctor’s office/services deductible, is $155/year. Medigap plans B, C, D, F, G and N cover the Part A deductible in full, while plans C and F cover the Part B deductible in full.
  • Additionally, Medigap plans usually cover the 20% not covered by Medicare at skilled nursing facilities. All of the plans, with the exception of plans A and B, cover some or all of this 20% “gap” in Medicare. Plans K and L just cover 50% and 75%, respectively.
  • They also cover foreign travel emergencies, which is something not typically covered by Medicare at all. Not all plans cover this benefit, but plans C, D, F, G, M and N do cover it. Obviously, this is not a benefit that is used by everyone or frequently used by anyone; however, it is an added feature that typical Medicare-only coverage doesn’t provide.

Another factor that impact the allure of Medigap plans are the flexibility aspect of the plans. These plans can be used at any doctor or hospital that takes Medicare, regardless of which life insurance agent sold the plan. Also, the plans are portable across state lines. In other words, if the plan holder lives in Georgia but is visiting relatives in Tennessee, then coverage is still the same way as it would be if still in Georgia. The benefits are national and can be used anywhere, nationally.