A standard Medicare plan only covers about 80 percent of your Part A and Part B medical expenses. While this is certainly helpful, it still leaves Medicare recipients responsible for the remaining 20 percent of medical costs. Given the price-tag of healthcare today, this leftover amount can be considerable, but a Medicare supplement plan, also called a Medigap plan, can help. Below, learn more about supplement plans, their typical coverage options, and their benefits.
About Supplement Plans
To qualify for a supplement plan, you need to have standard Medicare with Part A and Part B coverage. Medicare is available to American adults age 65 or older and to younger individuals with qualifying disabilities. Open enrollment for Medicare begins on the first of the month for eligible recipients. Once you’ve been approved for Medicare, you can start exploring supplement plans.
Supplement plans are not administered by Medicare but by private insurance companies, so costs and coverage options can vary. You pay your monthly Medigap premium directly to the insurer, not to Medicare.
What Is & Isn’t Covered
Medicare supplement plans are designed to help cover certain costs not taken care of by your Part A or B policies. Most plans pay for or reduce the costs of copays and deductibles, as well as any co-insurance you may carry.
A supplement plan essentially expands original Medicare coverage, so most policies do not offer additional benefits beyond the scope of original Medicare. For instance, many supplemental plans do not cover dental or vision costs, hearing aids, or long-term or private nursing care. Also, you cannot get prescription drug coverage through a supplement plan since it’s only offered through Medicare Part D.
Benefits
Supplement plans can drastically reduce your out-of-pocket costs. Since there are plenty of supplemental plans to choose from, you can be sure to find one that fits your needs and budget. They come with no network rules, and you can see any doctor that accepts original Medicare.
Also, most plans are set up to cover you even if you experience significant health problems. A coverage plan typically cannot be canceled as long as the policyholder pays their premium on time. Ultimately, a supplemental plan lowers costs and provides crucial peace of mind.
To start searching for a Medicare supplement plan, contact the health insurance professionals at the Harris Insurance Agency. Located in Centerville, OH, they offer a variety of policies and coverage options to give you the protection you need. They are an independent agency that maintains relationships with multiple providers to make certain that you find the best policies for your goals. Call (937) 387-6672 to schedule an appointment.
