What to Look For When Choosing a Medicare Supplemental Policy
If you are a senior, you may be considering subscribing to a Medicare Supplement Plan. These plans are designed to provide additional coverage beyond what is offered by traditional Medicare. In this article, we will cover what you need to know about Medicare Supplement Plans so that you can make an informed decision.
What Are Medicare Supplement Plans?
Medicare Supplement Plans (also known as Medigap plans) are supplemental health insurance policies that are sold by private companies and designed to fill in the “gaps” left by traditional Medicare coverage. These plans can help reduce your out-of-pocket costs for medical care such as copayments, coinsurance, and deductibles.
How Does a Medicare Supplement Plan Work?
When you enroll in a supplement plan, you pay a premium each month in addition to your Part A and Part B premiums. The amount of the premium varies depending on the plan and the provider you choose. Once enrolled, your plan will help cover some of the costs associated with doctor visits, hospital stays and other medical services that are not covered by traditional Medicare. Depending on the plan, it may even cover things like vision or dental care
The 10 Different Types of Plans
Medicare Supplement Plans come in 10 different varieties (Plans A through N). Each plan provides different levels of coverage for things such as hospital stays, doctor visits, emergency services, and more. It’s important to note that not all plans are available in all states. You should contact your state’s insurance department to determine which plans are available in your area.
What Does Each Plan Cover?
Each type of Medicare Supplement Plan covers different types of expenses. Plan A covers basic benefits like Part A coinsurance and hospitalization costs up to 365 days after your initial Medicare benefits have been exhausted. Plan B covers the same basic benefits as Plan A but also includes Part B coinsurance or copayment expenses. The other 8 plans (C through N) cover both Part A and Part B coinsurance/copayment expenses as well as other services such as skilled nursing facility care, foreign travel exchange costs, preventative care expenses, and more depending on the plan you select.
Costs of Coverage
The cost of coverage varies depending on the type of plan you select as well as the company from which you purchase it from. Generally speaking, most people pay around $100 per month for their coverage but this can vary significantly based on factors such as age, location, gender, and medical history. Additionally, some insurers offer discounts for couples who purchase coverage together or those who opt for electronic billing instead of paper billing options.
As a senior citizen looking into purchasing a Medicare Supplement Plan it is important to understand what each plan covers so that you can make an informed decision about which one best meets your needs and budget constraints. The 10 different types of plans offer varying levels of coverage so be sure to research each option carefully before making your selection. With the right information and guidance , selecting a plan can be simple and stress-free.