Understanding Medicare Supplement Plans
What Is “Medicare Supplement”?
A Medicare supplement plan is a health insurance plan expanding coverage normally received under the two plans, Medicare Parts A & B. Together, these two plans are called Original Medicare.
How Do I Qualify For Medicare Supplement Insurance?
If you are a senior (age 65+) or a disabled citizen already enrolled in Original Medicare, you may qualify. The various parts and types of Medicare can become very complicated. Different rules, costs, and coverages apply.
Receiving Medicare Supplement Insurance
Many times, Medicare supplement insurance is referred to as a “Medigap.” In other words, it is an additional insurance that covers the “gap” in your Original Medicare. When you get billed, Medicare pays a portion of those bills before Medicare Supplement covers its portion of the remainder. Medigap may not cover the full remainder and you may have to pay for the difference.
If you are disabled and younger than 65-years-old, you can still benefit from Medicare Supplement. You simply need to have a qualifying health condition, impairment or disability.
It is important to note that Original Medicare (Part A and Part B) may still cover everything you need. If you are satisfied with your coverage, you may not require Medicare Supplement.
Original Medicare may address some, or all, of your following needs:
• Doctor Visitations
• Preventative diagnostics and tests
• Home care services
• Inpatient hospital services
• Medical supplies and equipment
What Are The Supplemental Coverage Types?
Medicare Supplement is also good for emergencies. If you encounter a medical emergency within the first 60 days outside the country, your Medigap plan will handle 80 percent of your costs. Once you have satisfied a certain deductible, most Medigap plans will also cover your medically necessitated care.
At Chermol Medicare & Insurance Solutions, we offer numerous Medicare Supplement plans for purchase. All of your health insurance needs should be satisfied. Simply consult one of our top policy advisors today.
When Is The Right Time To Apply For Medicare Supplement Insurance?
You should always apply for a Medicare Supplement insurance policy during the ‘window.’ This refers to your six-month “open enrollment” period. The window starts the month you become age 65. You must already be enrolled in Medicare Part B at that time.
Too often, too many people fail to apply at the right time. If you do not apply during your window, you will not have another opportunity to do so. While it is true that you can apply for supplemental insurance after open enrollment ends, the process will be significantly more difficult. If you are burdened by certain health problems, purchasing a health supplement policy will be extremely hard.
You may even have to pay a higher premium than you would have if had you applied during your open enrollment period.
Of course, not all people require Medicare supplement plans. Medicare Part A and Part B can provide sufficient coverage for many people. However, there are typically various co-payments, deductibles and other treatment expenses associated with your health care services. Which is why Medicare supplement insurance plans help to defray many of these costs.
In total, there are ten Medicare supplement insurance plans. Each plan is lettered (A, B, C, D, F, G, K, L, M and N). However, not every plan is available in every state. It is also important to note that all Medicare supplement insurance plans are separate from Original Medicare plans. Plan A and Plan B under Original Medicare are different than Medicare Supplement’s Plan A and Plan B.
Monthly premiums vary by state.
If you plan to enroll in a Medicare supplement plan, ensure that you are already enrolled in Original Medicare Part A and Part B. Because these Medicare supplement plans are sold by insurers, you must consult an insurance agent about the coverage provided. Again, not all states hold all plans, nor are those states required to do so.
One of the issues with Original Medicare is that it does not cover costs accrued outside the country. Fortunately, there are Medigap plans that do. Plans C, D, E, F, G, H, I, J, M and N will all cover a portion of costs incurred outside the U.S.