What are Medicare Supplements
Medicare Supplement Insurance is a privately offered insurance product that helps pay for health care costs that are not covered directly by Medicare. In exchange for monthly premiums and potentially a deductible, you can get access to valuable benefits that make health care coverage far more affordable. This is what Medicare Supplements are.
Medicare Supplement Insurance
Medicare Supplement Insurance is an inexpensive option that can prove highly beneficial to most Original Medicare participants. Some people refer to Medicare Supplement Insurance as Medigap, because the plans cover the gaps that are left behind by Medicare. If this sounds interesting to you, consider comparing plans in your area.
Medicare Supplement Plans
All of the Medicare Supplement Insurance plans are standardized, therefore they will always offer the same benefits regardless of when or where you decide to enroll. There are ten different plans, each offering a different set of benefits. Some of the plans are cost-sharing plans, which pay a percentage of out-of-pocket costs for a variety of cost categories. The plans use letters as their identifier, and the current plans are plans A, B, C, D, F, G, K, L, M, and N.
Medicare Supplement Common Benefits
Medicare Supplement Insurance plans typically cover deductibles, coinsurance, and copayments. While some plans only cover a portion of said costs, others offer comprehensive coverage. These are some common benefits you can expect to find in a Medicare Supplement Insurance plan.
Part A coinsurance and hospital costs
Part B coinsurance and copayments
3 pints of blood
Part A hospice care coinsurance and copayments
Skilled nursing facility coinsurance
Part A deductibles
Part B deductibles
Part B excess charges
Foreign travel emergency
Cost Sharing Plans
As mentioned before, some plans are cost-sharing plans that only cover a percentage of certain costs. In actuality, cost-sharing plans will cover all of your costs under certain conditions. The main requirement is that you reach an out-of-pocket limit with your plan. The other requirement is that you pay your annual Part B deductible. Once you’ve satisfied those two requirements, the Medigap plan will pay the full cost of any health care services received during that same calendar year.
Who Needs Medicare Supplement Insurance
These plans are best for people who need help paying for their health care expenses. If you have significant savings available, a more comprehensive Medigap plan may be a great option. If your budget is smaller, you would likely be best off with a more basic plan. To determine which plan is best for your unique situation, get in touch with an insurance agent. They will review your health situation and point you toward the best solution possible.
Speak With An Insurance Agent
The best way to find a Medigap plan that fits your needs is to work with a qualified insurance professional. Contact Weinstein Wealth Insurance Solutions to begin comparing Medicare Supplement Insurance plans in your area. With our help, you can get the insurance coverage you need.