It generally pays for out-of-pocket costs that remain after enrollment, such as deductibles, copayment and insurance. For this reason, it is often referred to as Medigap. Besides out-of-pocket costs, supplemental insurance also covers the cost of some health care services that Original Medicare does not.
In the past, Medigap also covered the cost of prescription medication, but this is no longer the case for new policyholders. People who enroll in plans after January 1, 2006, no longer have access to prescription medication coverage under this plan. Consequently, they may need to get a Part D plan to cover these costs.
Knowing what supplemental insurance does not cover is of equal importance. These include the following:
When you purchase a Medigap policy, it covers expenses after Original Medicare has already kicked in and paid its covered amount. This can result in paying nothing for the health services received. One glaring exception stems from the fact that Medigap does not always cover the cost of the Part B deductible. You also do pay a monthly premium for Medigap. Be sure to discuss this with a legal or medical professional to determine what your options are.
If you develop new health conditions or pre-existing ones worsen, you may worry that the insurance company will cancel the plan. The Medicare.gov website states that these plans are guaranteed renewable, as long as you pay your premium.
You must first qualify for Original Medicare, which includes Part A and Part B. People may qualify for Medicare by age, such as when they become 65 years or older. Some people with disabilities and serious health conditions, such as renal failure, may also qualify. If you have a spouse, both persons must qualify separately and purchase separate policies.
Any insurance company approved by Medicare to sell Medigap is a good option. At HealthPlans.com, we begin the plan comparison process with your zip code. That way, we can confidently connect you with Medical supplemental insurance plans in your area. Get a supplemental Medicare quote Today.
Before making a decision, the best person to discuss your options with is your doctor. If you work with financial advisers for retirement or long-term disability planning, these professionals may also offer assistance. Otherwise, consider these indicators that you need Medigap: