Illinois Medicare Supplement – Medigap Options
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Illinois Medicare Supplement policies, also known as Medigap were developed as a way to help senior citizens pay for the medical expenses not covered by standard Medicare Part A and B. These are offered by private health insurance companies and help pay for expenses such as copayments, coinsurance and deductibles. In some cases, Medicare will pay an approved amount in some areas and the Medigap policy will cover its share. Medigap policies are not the same as Medicare Advantage Plans and are not part of the Medicare system, whereas Medicare Advantage plans are. Medigap policies are standardized, unlike Medicare Advantage plans.
They are basically the same across the country, regardless of region, with a few exceptions. These policies must adhere to Federal and state laws and be identified as Medicare Supplement insurance policies are denoted by letters A through L. The primary difference between policies is the premiums, which are not standardized. In addition, not all must be offered in all states. Illinois Medicare Supplement policy providers do offer all twelve options. Some providers have competitive rates and others do not. So, it will be worth your time to get quotes from several companies before making your decision.
Basic benefits for Illinois Medicare Supplement polices include coinsurance for up to 150 hospitalization days and full payment for 365 additional days. There is also coinsurance for physicians and excess charges above and beyond Medicare’s approved amount for Part B plans. For beneficiaries who are traveling out of the country, there is emergency care coverage for up to two months of each trip after the deductible has been paid. There are also policies that have high deductible options. Many overlap in coverage, so you may find that it is best to sit down with your Illinois Medigap provider to discuss which will be best for you.
Illinois Medicare Supplement policies cover the same doctors and hospitals that the original Medicare program does. The only exception is the Select plan, which has lower premiums, but specifies the care facilities that qualify for coverage. Many insurance companies in Illinois that currently offer Medicare Advantage plans are planning to discontinue their contracts due to planned reimbursement cuts. Current policy holders must find new coverage, and this will most likely translate to more Medicare Supplement beneficiaries. In many cases this means greater stability and lower cost policies and some insurers are offering guaranteed issue for all ages.
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