Medicare Supplemental Policy Flashcards
Medicare Supplement Policy (Medigap) is specifically created for
Those who are 65 and enrolled in Medicare having PART A & PART B and is eligible to Participate in Medigap Policy
Medicare in hospital
Deductible is addressed by Medical Supplemental Policy Insurance
Medigap is a Medical Supplement Policy sold by
Private Companies to cover the things that are not covered by government in medicare Part-A and Part - B
Medigap Polices don’t cover
Part - C & Part - D
As of 2010 Medigap does have how many types
10 Types of Medigap Polices
What are 10 types of Medigap polices
Characters from A-N are 10 types of Medigap Polices A, B, C, D, F, G, K, L, M, or N
These policies were standardized by the
—————— to help consumers understand and compare them and make informed buying decisions
National Association of Insurance Commissioners
(NAIC)
These standards can be found in
NAIC’s Medicare Supplement Insurance Minimum Standards Model Act
Medicare Supplement policies sometimes provide
preventative medical care benefits such as annual physical exams
A Medicare Supplement policy must NOT contain
benefits which duplicate Medicare benefits
Individuals over 65 who have just enrolled in Medicare Part B for the first time
cannot be refused a Medicare Supplement policy and cannot be rated if they apply for coverage within 6 months of Part B enrollment (in other words, Medicare Supplements must be guaranteed issue during open enrollment)
All Medicare supplement policies must be guaranteed renewable and can only be canceled by the insurer for
nonpayment of premiums
———— is included in most standard Medicare Supplement insurance policies
Hospice care
Hospice care typically offers
a family counseling benefit.
Medicare Supplement policies typically provide
foreign travel emergency health care coverage as a core benefit when you travel outside the U.S.
Coverage for Medicare Part B
excess charges is a Medicare Supplement additional benefit
Medicare Supplement Plans F and G are the only
Medicare Supplement insurance plans that cover costs known as Medicare Part B excess charges
An excess charge is the
difference between what a doctor or provider charges and the amount Medicare will pay
In general, the following six minimum standards apply to
all policies designated as Medicare Supplement Insurance
The policy must supplement
both Part A and Part B of Medicare
The policy must automatically adjust its benefits
to reflect statutory changes in Medicare
The policy must cover all expenses
not covered by Part A from the 61st to the 90th day
Furthermore, it must cover the lifetime reserve copayment and must provide
full coverage for an additional 365 days after Medicare benefits are exhausted
If the policy excludes coverage for preexisting conditions
the exclusion cannot exist for longer than six months
