Medicare covers some, but not all, of the cost of medical care; therefore, Medicare Supplement plans are available to help pay for those costs. Medigap or Medicare Supplement Plan may be what you need to enhance your healthcare and you can purchase them with your existing Medicare Plan A or B. In addition to the amount that your Original Medicare does not cover, Medicare Supplement Plans covers:
- Co-payments
- Co-insurance
- Deductibles
Pros and Cons
Medicare can alter the amounts you pay annually, however, Medigap plans are flexible enough to cover them no matter what Medicare decides to do. All Medicare supplement plans are referred to by letters A through N, including Medicare supplement plan G–. Different plans cover different costs and may not have the essential benefits included. The good thing is that another option is available that covers the whole scope of healthcare expenses and benefits.
Something that is important to note is that these plans do not include coverage for prescription medicines, hearing, dental and vision care, or dental implants. But there are prescription drug plans out there that you can look into as well. Medigap only covers one person although you are allowed to select your own doctors, specialists, and hospitals under the plan that you choose.
Another great feature of purchasing a Medicare Supplement Plan is that it can include coverage for medical care in countries outside the United States. This is a great option if you are an avid traveler and want to be covered in any country that you travel to.
You Have All The Options
The government has standardized the names of Medicare Supplement plans, which go by the letters A through N. The term standardized refers to the fact that all plans are all the same. Only pricing, reputation, and customer service make the difference between the two. All doctors, specialists, and hospitals that accept Medicare might be utilized.
Although you can sign up for a Medicare Supplement plan at any time, the open enrollment period is the only time can you be certain of being accepted. This term begins on the first day of the month following the month in which you turn 65 and sign up for Medicare Part B.
After the enrollment period has ended, you will be required to meet specific criteria in order to be approved, and you may be required to pay additional fees once you become a member. Be aware that Medicare Supplement insurance plans will not deny your application because of a pre-existing ailment.
Things to Keep In Mind
A Medicare Advantage Plan and a Medicare Supplement Insurance Plan cannot coexist.
Private companies offer Medicare Advantage plans that are approved by Medicare. Medicare Advantage Plans and Medigap are two completely separate things. It is not possible to obtain a Medicare Supplement Plan once you sign up for Medicare Advantage.
Original Medicare only covers 80 percent of some coverages. One-twentieth of the total cost will be on your shoulders. To determine if a Medigap plan is right for you, compare the price of the various options.
