You might already have Medicare Part A and Part B that pay for most of your health care services and supplies. But the thing is, it does not pay for everything and hence why you need a Medicare Supplement plan also known as Medigap. It is offered through private insurance companies. These plans pay some of your hospital and medical expenses which the original Medicare does not cover like coinsurance, copayments, and the yearly deductibles. Some of these plans also cover services like emergency overseas travel coverage.
How does a Medicare supplement plan work with Medicare?
As the name suggests, a Medicare supplement plan supplements the benefits of your original Medicare. You must be enrolled for the original Medicare to become eligible for the Medigap coverage. However, these plans are not meant to provide standalone benefits.
You may or may not be eligible to get the Medicare Supplement coverage if you are under 65 years of age because of ALS, end-stage renal disease or disability. If you are already enrolled in the original Medicare and you are under 65, check with your insurance department to find out if you are eligible for the Medicare supplement plan.
If you are enrolling for the Medicare Supplement Plan to pay for your prescription drugs, you must know that these plans do not include the prescription drug coverage. You might have to enroll in the standalone Medicare prescription drug plan for this purpose. If you have the original Medicare and you sign up for the Medicare supplement plan, then your original Medicare will pay first and then your Medigap policy will fill the remaining cost gaps.
What does a Medicare Supplement not cover?
- Long-term care such as care in a nursing home
- Dental care or routine vision care
- Hearing aids
- Private duty nursing
- Prescription drugs
Facts about Medicare supplement Plans
- You must have Medicare Part A and Part B to be eligible for the Medicare Supplement Plan.
- The plan can only covers one person. If you are married, you and your spouse will need separate plans.
- Your Medicare supplement plan can be generally used with any provider who accepts Medicare.
- Depending on the state you live in, you might not have all types of Medicare supplement plans available.
- The cost can vary depending on the location, plan and some standardized benefits.
Wondering if the Medicare supplement plans are right for you? Before that, you must do your own homework and get information on the types of plans available out there.