Medicare was devised by the United States Congress and signed by the President to help all the people of the United States with their health expenses. It is a medical health plan to help the retired citizens and other people as well. The plan was basic to start with and then, little by little, more was added to make it the plan it is today.
After a while, many plans were added and called Medicare supplement plans or Medigap. Each plan is different and are designated by the letters A-N. These plans are all standardized and are the same no matter which insurance company you get them from. The difference will be in the monthly premiums and determined by where you live. There can be a considerable difference in premiums and one must look carefully at all the plans, being they are all different, to see which one will meet your health needs. Then you will need to look at each insurance company to see who will offer the best premiums to add to your monthly budget.
Medicare supplement plans were devised to help pay your medical expenses. Medicare will only pay 80% of the medical expenses one incurs for their medical problem. The remaining 20% will be your responsibility, unless you have a Medigap policy. These supplement plans are a good investment for the senior to help with that extra expense. The plans are varied, so one needs to examine the plans to see what will be the greater benefit for you.
Medicare supplement plans are not group plans. Each individual will need to purchase their own policy and have their own monthly premiums. You will also need to have Medicare Part A and Medicare Part B in order to enroll in a Medicare supplement plan. All the plans are renewable yearly.
Another thing to consider is when to purchase your Mutual of Omaha Medicare supplement plan. If your join Medicare Part A and Medicare Part B you have 6 months to get a Medigap plan. You will not be rejected for any existing medical issues you may have at that time. If you wait beyond the 6 month time period, you may find your medical condition may be rejected and you will definitely have higher premiums. So this an important issue for many people with medical problems who want to have medical insurance to cover their medical expenses