Medicare Supplement Insurance is sometimes referred to as Medigap or Medigap Insurance. Medicare Supplement or Medigap plans fill the gaps in Original Medicare program. Medigap Insurance should not be confused with Medicare Advantage because that is a separate program.
Medigap plans will be affected by the changes taking place in June of 2010 so you should learn about these changes now.
The National Association of Insurance Commissioners suggested the new changes to Medicare Supplement Insurance. Consumers will be protected by these new changes. Duplicate coverage will be eliminated and additional coverage will be offered.
The current supplemental Medicare plans have been in existence since the early 1990s and have become outdated. Many of the existing plans offered coverage from which the consumer received no benefit. The National Association of Insurance Commissioners NAIC felt that it was time for change.
Following is a list of the new Changes:
1. Plan E, Plan I and Plan J are being eliminated.
2. Plan G will be modified. The Home Care benefit will be removed and excess charges covered at 100%.
3. Lower cost Plan M and Plan N will be released. Co-pays will be included in these new plans.
4. Companies offering Plan A must also offer Plan C and Plan F.
5. A hospice benefit will be included in all new plans being released.
These changes wiil have an impact on all plans currently being offered. Originally many people thought this was not the case. The new plans will be created and the old plans will be closed.
The old higher rates will be gone and new lower rates will be available. This competion is good for the consumer. Hospice benefits will be in all new plans and this is the reason for changes.
Changes taking place should benifit most consumers enrolling in Medicare for the first time. People with health problems may very well have to remain in the old plans. This means only older and sicker people will be in the old plans and cost will be on the rise.
Senior should begin researching their available options as soon as possible. A good idea would be to contact their current Medicare Supplement agent or locate a new agent on the Internet. Simply go to Google or Yahoo to find a new agent.