Medigap Insurance (Medicare Supplementary Insurance)
Policy designed to act as a supplement to Medicare. The supplementation is in the form of additional benefits to that provided by Medicare. The additional benefits are in the form of payment for medical expenses incurred but excluded by Medicare's deductibles, by limitations on approval medical charges, by limitations on length and type of care in nursing facilities, and by limitations imposed by various cost-sharing requirements. Most of these policies pay substantially less than 100% of the expenses not covered under Medicare. Insurance companies that sell Medigap policies are required by law to have an open enrollment period of six months for those individuals who first enroll in Medicare Part B at age 65 or older. Insurance companies can, however, exclude preexisting conditions from the data of initial coverage, but for no more than six months. Insurance companies are restricted by the National Association of Insurance Commissioners to the selling of 10 standard Medigap insurance policies. Each policy is mandated to provide a basic amount of benefits.
Popular Insurance Terms
Same as term Ceding Company: insurance company that transfers a risk to a reinsurance company. ...
Property and/or liability coverage for a municipality. Municipalities are responsible for maintenance of through ways as well as a myriad of public services. Liability insurance for ...
Complete coverage for hospital and physician charges subject to deductibles and coinsurance. This coverage combines basic medical expense policy and major medical policy. ...
Exceptions and limitations of coverage; that is, the maximum amount of insurance coverage available under a policy. ...
Early type of no-fault automobile insurance developed by two law professors, Robert Keeton and Jeffrey O'Connell. Its basic premise is that for many accidents it is impossible to place the ...
Coverage primarily for the liability of an individual or organization that results from negligent acts and omissions, thereby causing bodily injury and/or property damage to a third party. ...
Amendment to the law that requires companies that manage retirement plans to permit terminating participants to directly transfer any plan distribution to the individual retirement account ...
Procedure in employee benefit plans to calculate life insurance and retirement benefits to which an employee is entitled. ...
Entitlement to pension benefits without a reduction, even though an employee is no longer in the service of an employer at retirement. For example, under the ten year vesting rule, an ...
Have a question or comment?
We're here to help.