Medicare supplement, or Medigap insurance, go right here fills in the gaps left by original Medicare, including deductibles, coinsurance, copays, and specialized benefits. In 47 states, a Medicare supplement plan is available. Medicare Supplement Plan F is the most popular one. It provides coverage for the “excess” services not covered by Medicare Parts A and B. These are: vision care, additional hospital stays, mental health and rehabilitation, oral surgery, specialized pharmaceuticals, home health care, chiropractic services, hearing aids, physical therapy, dialysis, accidental death and dismemberment benefits, chronic care insurance, emergency and accident insurance, and Medicare Supplement Plan J.
There are four types of Medicare supplement plans. Plans are offered through private companies that participate in the Medicare program, government-sponsored programs, Medicare Part A and Part B and regional providers. All of these programs have standardized benefits, features, coverage rules, and pricing. Each type of Medicare supplement plan has different options and limitations.
Most people are familiar with the Medigap policy that covers the deductibles and out-of-pocket expenses. Most people are familiar with the Medicare Supplement plan that provides the additional benefits. However, most individuals do not know about the other two Medicare Parts. The following article provides an overview of all three parts.
Medicare Part A is known as Medicare Advantage. Medicare Advantage policies are standardized and may help keep the premium lower than the standard premium for Medicare. Medicare Advantage policies may also provide coverage for specific services not covered by Medicare. Medigap policies and private insurance companies to offer Medicare Advantage policies with different benefit packages.
Medigap policies pay a set monthly premium that is adjusted for inflation plus applicable taxes. Medicare Supplement Plan F is the fastest paying of all the medigap policies. Plans are standardized so you will pay the same amount for each type of Medicare supplement plan. Medicare Supplement Plan J is the least expensive of all the plans.
Medicare Supplement Plan J is a high deductible policy with guaranteed issue provisions. It pays the lowest out of all the medigap policies. Medicare Supplement Plan K is the most basic and limited type of coverage available. It pays 100% of your hospital costs up to a maximum out of pocket expense.
A few important things to remember when choosing a medical policy are: There is no grace period when purchasing Medicare Parts A & B, and there is a waiting period when purchasing Medicare Parts A & C. It takes time before the insurance company will process your application and approve it. Each company will list their own set of rules and regulations regarding the Medicare Supplement Plan that they offer. The basic benefits offered include regular annual coverage, prescription drugs, medical supplies, gym memberships, travel insurance, accident insurance and vision insurance. To find the complete list of benefits and coverage of a specific Medicare supplement plan that you may be interested in, it would be beneficial to speak to a representative from the insurance company.
When comparing the prices and benefits of Medicare Supplement Plan options it is best to take into consideration the standardized Medicare supplement insurance plans. All insurance companies offer these plans, but some companies may have better prices and/or better options than others. Many private insurance companies also offer options for those with specialized needs and those with a pre-existing medical condition.