Why Medicare Supplement?
Medicare Part A & B (referred here as Original Medicare) do not cover everything, though these pay for many healthcare services & supplies. Medicare supplement Plans, offered through private insurers, help cover certain costs that Original Medicare does not cover. These might include coinsurance, yearly deductibles & copayments. Certain Medicare supplement plans also help with coverage for a few services that Original Medicare does not pay for, such as emergency overseas travel or Part B excess charges.
Can I get Medicare supplement plan without having Original Medicare?
Medicare Supplement Plans supplement Original Medicare, you can not get Medicare Supplement Plans unless you are enrolled in Original Medicare. Original Medicare will pay first, and your Medigap policy fills in the cost gap. For example, for a Hospital visit if you are charged $10,000/- Original Medicare will pay 80% or $8000/- and Medicare Supplement Plan or Medigap plan might pay remaining 20% or $2000/-, depending on the plan coverage as you have the option of multiple different types of Medicare Supplement Plans. As these plans help cover the gaps in Original Medicare these plans are also commonly called as Medigap Plans.
What are different Medicare Supplement Plans and what do these plans cover?
Medicare Supplement (Medigap) Plans are standardized. The chart below explains the plan coverage. A check mark means the Medigap Plan covers 100% of the described benefit, a percentage denotes the percentage coverage and blank means the plan does not cover that benefit.
What is not covered by Medigap Plans?
Medigap plans generally do not cover Long-term care (care in a nursing home), Routine vision or dental care, Hearing aids, Eyeglasses, Private-duty nursing & Prescription drugs. Also, Medicare Supplement Plans are not Medicare Advantage Plans, you may want talk to our knowledgeable agents if you need information about Medicare Advantage plans.
We can assist you in getting Long Term Care Plans, Vision & Dental Plans, Hearing Plans & Prescription drug plans. Talk to our knowledgeable Agents if you need assistance with any of the above.
What else do I need to know about Medicare Supplement Plans?
To recap you must have Medicare Part A and Part B to get a Medicare Supplement plan.
A Medicare Supplement plan can only cover one person, so if you are married, you and your spouse would need to buy separate policies.
You can usually use your Medicare Supplement plan with any provider that accepts Medicare. However, some types of Medigap plans known as Medicare SELECT plans require you to only use doctors and hospitals in provider network.
Not all types of Medicare Supplement plans may be available in your zip code.
Premium amounts may vary by plan and location, even for the same standardized benefits.
In general, Medicare Supplement plans are guaranteed renewable as long as you continue to pay your premium.