As we get older, it’s only natural that our health will start to decline. This is especially true if we don’t take steps to proactively maintain our health through diet, exercise, and regular check-ups. One of the main concerns that people have as they age is whether or not their insurance will cover the costs of necessary procedures and treatments. With Medicare supplement insurance, there are a few things you need to know in order to make sure you’re getting the coverage you need.
What is a Medicare Supplement Insurance?
There are several different types of Medicare Supplement Insurance plans, but they all have one basic goal: to help cover costs that Original Medicare doesn’t cover. This includes things like copayments, deductibles, and coinsurance.
Most Medicare Supplement Insurance plans are sold by private insurance companies and you can choose the plan that best meets your needs. You will pay a monthly premium for your Medicare Supplement Insurance plan in addition to your monthly Part B premium.
Be sure to shop around and compare plans before you enroll, as each company sets its own prices. You may also want to consider whether you want a plan that covers you for prescription drugs; some plans do and some don’t.
If you have any questions about which plan is right for you, contact the insurance company or talk to your doctor or other health care provider.
What Does It Cover?
Original Medicare is a federally run health insurance program that covers seniors and people with disabilities. Medicare Part A covers inpatient hospital stays, while Medicare Part B covers doctor visits and other outpatient care.
If you have a Medicare Supplement Insurance (Medigap) policy, it can help cover some of the costs that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles. Medigap policies are sold by private insurers, and they’re only available to people who have Original Medicare.
There are 10 different types of Medigap policies, each of which covers a different set of benefits. Some Medigap policies cover expenses like foreign travel emergency care, while others provide more basic coverage.
When choosing a Medigap policy, you’ll want to make sure that it covers the benefits you need. You should also compare Medigap policies to see which one offers the best value for your money.
What are the Different Types of Medicare Supplement Insurance Plans?
There are 10 standardized Medicare supplement insurance plans, each identified by a lettered designation (Plan A through N). The plans vary in the level of benefits they provide and the premiums they charge.
Plan A is the most basic supplement plan. It covers only four benefits: Part A coinsurance and hospital costs, Part B coinsurance and copayments, first three pints of blood, and Part A hospice care coinsurance or copayments.
Plan B offers the same benefits as Plan A, plus it also covers Part A deductible and Part B excess charges.
Plan C is sometimes called “Medigap Plan C” or just “Medicare Plan C.” It’s one of the more comprehensive options available and covers everything that Plans A and B do plus it also provides coverage for skilled nursing facility care coinsurance, foreign travel emergency care, and Part B deductible.
Plan D is similar to Plan C, but it does not cover the skilled nursing facility care coinsurance or foreign travel emergency care.
Plan F is considered the most comprehensive option because it pays for all covered benefits except for the Medicare Part B deductible. This means that you would have no out-of-pocket costs for any Medicare-covered services.
How Do You Choose the Right Plan for You?
There are a few things to consider when choosing the right Medicare Supplement Insurance Plan for you. First, you must decide if you want Original Medicare (Parts A and B) or a Medicare Advantage Plan (Part C). If you have other health insurance, you may want to consider a Medigap policy to supplement your coverage. You also need to decide if you want drug coverage under Part D.
Once you know what type of plan you want, you can start comparing plans. Make sure to compare the same type of plan from different insurers. For example, don’t compare an HMO with a PPO. Also, be sure to compare the benefits and costs of each plan. The premium is usually the monthly cost of the plan, but it’s important to look at the out-of-pocket costs as well. This is the money you would pay for deductibles, coinsurance, and copayments.
Some people use online tools to help them compare plans. Others work with an insurance agent or broker who can help them choose a plan.
How Much Does Medicare Supplement Insurance Cost?
There are a lot of factors that can play into how much Medicare Supplement Insurance costs. The first thing you have to look at is what benefits you want your supplement to cover. Some people are willing to pay a little extra for comprehensive coverage, while others only want the bare minimum.
Next, you have to take into account your age and health status. If you’re younger and healthier, you’ll probably be able to get by with a less expensive policy. But if you’re older or have preexisting health conditions, you’ll likely need to pay more for your coverage.
Finally, it’s important to compare prices from different insurance companies before making a decision. Even if two policies seem similar on paper, one company may charge significantly more than another. So it pays to shop around and compare rates before buying a policy.
How to Enroll in Medicare Supplement Insurance
If you’re enrolled in Medicare, you may be able to buy a Medicare Supplement Insurance (Medigap) policy to help pay some of your out-of-pocket costs.
There are 10 standardized Medigap plans available in most states. Plans E, H, I and J are no longer sold, but if you already have one of these plans, you can keep it.
To enroll in a Medigap policy:
1. You must have Medicare Part A and Part B.
2. You must pay the monthly premium for your Medigap policy in addition to the monthly Part B premium that you pay to Medicare.
3. You can buy a Medigap policy from any insurance company that’s licensed in your state to sell one.
4. In most states, you have a 6-month open enrollment period when you first become eligible for Medicare during which you can buy any Medigap policy sold in your state without having to answer health questions. After this enrollment period, you may still be able to buy a Medigap policy, but insurance companies can use medical underwriting to decide whether or not to sell you a policy and what premium rate to charge based on your health history.
Conclusion
There are a number of things to consider when choosing a Medicare supplement insurance plan, but one of the most important is whether or not it will cover the procedures you need. While some plans may require you to first take certain steps before they will cover a procedure, others may not have any such requirement. It’s important to find out what your potential insurer’s policy is on this before you enroll in a plan, so that you can be sure you’re getting the coverage you need.
