Medicare Supplements

Medicare Supplement is a type of healthcare insurance policy that helps pay some of the out-of-pocket costs not provided by Medicare. Since Medicare doesn’t cover all of the medical expenses, many beneficiaries decide to purchase a Medicare Supplement plan, also known as Medigap, to cover the expenses left behind by Medicare.

These Medical expenses are generally 20 percent of physical therapy, ER, doctor visits, diagnostic tests, and other expenses. For instance, a beneficiary that stays overnight in the hospital will be charged a deductible of $1,260 by Medicare for each night they spent in the hospital. And these deductibles can build up after the year.

What does Medicare Supplement Insurance Cover?

Medicare Supplements help pay deductibles, coinsurance, copays for your Original Medicare, as well as additional out-of-pocket costs for medical care such as doctor’s services, lab costs, hospitalization, durable medical equipment, and more. After Medicare pays its part of the health costs, your Medigap policy will also pay its own part of the remaining costs.

There is a vast range of Medigap plans that differ in costs and coverage from basic to comprehensive plans. Note that Medigap policies do not include dental prescription drugs, private-duty nursing, dental, vision, hearing aids, or any out-of-pocket costs for Medicare Part D plans.

Do you need a Medicare Supplement?

You may not need a Medigap policy if you have other health coverage policies that have already covered the gap. You probably don’t need a Medigap insurance policy if:

  • You have a Medicare Advantage Plan.
  • You have group health insurance through your employer.
  • You purchase a Qualified Medicare Beneficiary (QMB) program that helps pay for Medicare premiums, coinsurance, copayments, and deductibles.

Who is Eligible for Medicare Supplement?

Folks that are age 65 or older and registered for Medicare Part A and Part B may qualify for Medigap. You can apply for a Medigap plan at any time of the year, but during the six-month Open Enrollment Period, you can purchase any Medigap plan provided by your state, and you’ll get the coverage even if you have pre-existing health conditions. You are also eligible for Medigap plans if you are not yet 65 but qualify for Medicare due to disability or certain diseases.

In summary...

The decisions surrounding Medigap are complex and need to be studied very carefully before deciding the right plan for you. At Great Nation Insurance, we have a staff of Medicare experts who can look at your specific situation and make suggestions based on your needs. Call us today!

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