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Medicare Supplement Insurance

Medicare Supplement Insurance

Medicare supplement insurance is a very sensitive issue. The insurance commissioners of the states are therefore advising the congress not to meddle with this matter. The congress of late has been intending to lower the national deficit with relation to medicare supplement insurance. Recently the insurance commissioners of the state have unanimously voted for a letter that opposes a change which is against the interest of the beneficiaries. This change charges the beneficiaries of medigap policy a higher cost for their medicare supplement insurance.

Government’s Gain People’s Loss

As we know medicare does not cover total medicare expense. Already seven million beneficiaries of medicare pay premiums every month to meet the extra cost covered by these policies. The leaders are warned against such proposals that might save the government’s money but at the same time would cause serious trouble for the beneficiaries as well as the insurers.

Increase in cost sharing for people who are holding a medigap policy would violate federal laws that require benefits to be renewable and guaranteed. This will also create confusion among seniors who have a set income and who have depended on this insurance for protection against unexpected medical expense. Medigap changes so far had been made where new policies are concerned.

One proposal has been put forward is transferring some expenses to the receivers of medigap benefit. President Obama too had offered one such proposal to cut medigap expenditure so that federal deficit can be reduced. According to the health modification of 2010, change in cost was made in case of two popular medigap plans. The details were left to federal officials and NAIC to handle.

The budget office publishes a report during the end of March2013 calculated an estimate. The estimate suggests that moving on a portion of the cost towards the beneficiaries would be able to save almost $53 billion on spending for medicare by the government. According to president Obama his proposal was a limited version that would be saving a cost of $2.5 billion over the same period. Although the CBO thinks that if beneficiaries were needed to pay from them then the services will be used less and there will be few claims for medicare to pay.

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Medigap Plans are Soft Target

Beneficiaries of medigap have a tendency to utilize maximum medicare services. This seems the reason why medigap plans are targeted. Consumer advocates defends the seniors who have bought the extra coverage as ones who need treatment more than an average medicare person.

If the cost sharing in medigap increases then the insurers will witness a big change in payment structure. They will have to review their premiums on monthly basis and costs in future. They will have to assume about the number of beneficiaries who will be interested in the cost- sharing to reach the mark of total coverage or would not file claims.

It is also a matter of worry to the insurance regulators for someone who is in midway of treatment and comes under the new cost-sharing and co-payment plan. It is obvious that if a person is asked to pay fees that the insurance company has taken care of so far, then it might not be affordable to him and the treatment is likely to stop midway.

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