According to a survey conducted by the U.S. Government, it is estimated that a person on an average spends about 10% of his on medical insurances and coinsurances. The advent of industrialization leads to severe deterioration of the environment. Several Medical Schools across the globe concluded that due to this deterioration of environment it directly affects our health.
What is a Supplement Policy?
A person who is into 9 to 5 jobs always allot a fixed amount from his salary to pay the premiums of medical insurance. But many of us don’t know that all the medical bills don’t come under Original Medicare insurance; another plan called Medicare Supplement plans comes into play which covers all the expenses that Original Medicare Plan do not cover.
A person qualifies to get this Medicare Supplement plans for 2019 by visiting https://www.bestmedicaresupplementplans2019.com/benefit only if he has an Original Medicare. It is called a supplement plan because it does not provide stand-alone benefits. It just helps in supplementing the original medical cost. So if a person has an Original Medicare and Medicare Supplement plans, the Original Medicare will first pay the bills and then supplement plan will fill the cost gaps.
In some states, if a person is under 65 and has Original Medicare, he becomes ineligible for a supplement plan. A person needs to understand that Medicare Supplement plans do not cover medicinal costs or prescribed drugs. They also do not cover long-standing care and personal nursing.
Types of the Plan:
For a person to qualify for this plan, he must have medical insurance and hospital insurance. The Medicare Supplement plans is generally sold by private insurance companies. Presently there are 10 Medigap plans available categorized as A, B, C, D, F, G, K, L, M, and N. Now, each of these plans has some additional benefits over the other and depending on the money a person shell out every month, he will get the plan accordingly.
Method of Policy Pricing:
Now the private insurance agencies have a methodology of allotting the premium for each person. There are 3 ways by which these agencies do that and they are:
- Community Rated Premium: In this type, the same premium is charged to everyone irrespective of age or gender.
- Issue Age Rated Premium: In this type, the premium is charged based on the age the person is when he buys the policy.
- Attained Age Rated Premium: In this type, the premium is charged according to the present age of the policy buyer.