This is one of the Medicare Supplement Plans that are offered by Medical insurance companies. This should however not be confused with Medicare Part B, which is the doctor section of Medicare Coverage. Plan B is a supplemental coverage which you qualify for if you are a beneficiary of original Medicare Part A or Part B.
Benefits of Medigap Plan B
This Medicare Supplement Plan best suits individuals that
- Are generally in good health
- Don’t require regular hospital trips
- Won’t be requiring hospice care sometime in the future
This is also one of the basic supplemental plans just like its predecessor, Medigap Plan A. If you are in poor health, or are afflicted by a medical condition that requires constant care, then this is not the best plan for you and you should consider some of the other plans offered in your state of residence. It also offers some of the least benefits and beneficiaries simple get the bare minimum.
Buying Medicare Supplement Plan B
If you meet the above criteria and are confident that you state of health will not be changing abruptly anytime then you can consider buying this Medigap plan. It is always good to buy your Medigap Plan B insurance during the Open Enrollment Period. It starts when you turn 65 and it is at this time that you become eligible for Original Medicare Part B as well. Once the period starts, you have a total of 6 months to find a good insurance company that you trust, determine your premiums and register for a policy.
It is during this time that you enjoy your Medicare Guaranteed Issue Rights. This means that any company which offers Medicare Supplement Plans 2020 cannot legally deny you coverage due to your medical conditions. They can also not charge you extra under these circumstances. It is risky to apply after the period passes because insurance companies will more often than not subject you to medical underwriting. This usually results in denial of policy or charging of higher premiums for people with prior medical conditions.
Though you are allowed to switch to another Medigap plan, it never an easy task and can sometimes result in additional fees, penalties or in extreme cases, denial of coverage. So, if you are uncertain of what lies ahead, it is best not to use your Open Enrolment Period to sign up for Medigap Plan B. look at the other available options, have a talk with your doctor and your insurance provider and arrive at the best available option.
Regulation of Medicare Supplement Plans By Different States
Medicare Supplement Plans are generally regulated and governed by different laws. As such, there are some states where the Medigap Plan B may not be available for purchase. It is always good to do some prior research on the labeling procedures of your state in order to determine which policy serves which purpose. This will prevent you from signing up for the wrong policy.