Medicare Supplement is another option that private insurance company is offer.
Medicare Supplement Plans
Gaps in healthcare coverage can lead to difficulty getting care or high out-of-pocket costs. Medicare Supplement Plans—also called “Medigap”—were created to help cover these gaps in Original Medicare, such as deductibles, copays, and coinsurance.
Here’s how it works: Original Medicare pays its share first, and your Medicare Supplement plan helps pay the remaining costs based on the plan you choose.
Medicare Supplements are medical-only coverage and can be used nationwide, as long as the provider accepts Medicare. If your situation is considered an emergency by Medicare, exceptions may apply.
Types Of Medicare Supplement Plans
Medicare standardized all Supplement plans in 1990, designating each type of plan with a letter. Medicare Supplement plan are named as follows A, B, C, D, F, G, K, L, M, or N.
No matter which private insurance company provides the policy, plans with the same letter will offer the same benefits. The main difference between Medicare Supplement plans from insurance company to insurance company is premium. Based on the amount of coverage you want your Medicare Supplement plan to have, with other factors, will determine your premium. Beneficiaries should shop and compare plans to find the plan to meet their needs and budget.
Here are some items not covered by any Medicare Supplement Plan :
- Routine dental, hearing, and vision exams
- Glasses or contacts
- Hearing aids
- Retail prescription drugs
- Long term care or custodial care
With Medicare Supplement plans you must remember that if Original Medicare does not cover services your Medicare Supplement, otherwise stated in your plan, will not cover the service either.
How To Enroll into A
Medicare Supplement Plan
Medicare Supplement plans don’t follow the same enrollment periods as other Medicare options. To join a Supplement plan, you must either have a Guaranteed Issue right or complete underwriting. Guaranteed Issue means the insurance company must accept your application due to certain life events. If you don’t qualify, you’ll go through underwriting.
Your first Guaranteed Issue window is your Medicare Supplement Open Enrollment, which starts when your Medicare Part B becomes active and lasts for six months. For most people, this is at age 65, but if you delay Part B because you’re working, your enrollment window begins later.
Since rules can vary and several Guaranteed Issue situations exist, it’s important to review your options with a licensed Medicare agent as your enrollment window approaches.
